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1. A lessor has 15 residential units for P14,500 a month.

During the taxable year, his accumulated gross


receipts amounted to P2,610,000. Compute business tax.
a. P313,200 c. P279,643
b. P78,300 d. P0

2. Assuming, from the immediately preceding facts, the lessor has 20 residential units with the same
monthly rent per unit and his accumulated gross receipts during the taxable year amounted to
P3,480,000. Compute the business tax.
a. P417,600 c. P372,857
b. P104,400 d. P0

3. A lessor has 15 residential units for P15,500 a month. During the taxable year, his accumulated gross
receipts amounted to P2,790,000. Compute the business tax.
a. P334,800 c. P298,929
b. P83,700 d. P0

4. Assuming, from the immediately preceding facts, the lessor has 20 residential units with the same
monthly rent per unit and his accumulated gross receipts during the taxable year amounted to
P3,720,000. Compute the business tax.
a. P446,400 c. P398, 571
b. P111,600 d. P0

5. A lessor rents his 2 commercial and 10 residential units for monthly rent of P60,000 and P15,000 per
unit, respectively. During the taxable year, his accumulated gross receipts amounted to P3,240,000
(P1,440,000 from commercial units and P1,800,000 from residential units). Compute the business
tax.
a. P388,800 c. P172,800
b. P43,200 d. P0

6. Assuming, from the immediately preceding facts, the lessor has 5 commercial units and his
accumulated gross receipts during the taxable year amounted to P5,400,000 (P3,600,000 from
commercial units and P1,800,000 from residential units). Compute the business tax.
a. P432,000 c. P486,000
b. P648,000 d. P0

7. A lessor rents his 5 commercial and 10 residential units for monthly rent of P60,000 and P15,500 per
unit, respectively. During the taxable year, his accumulated gross receipts amounted to P5,460,000
(P3,600,000 from commercial units and P1,860,000 from residential units). Compute the business
tax.
a. P655,200 c. P487,800
b. P432,000 d. P585,000

8. Determine the amortization duration for each capital goods acquired on different occasions as
follows:
Amortization
Month of Purchase Amount 12% Input Tax Useful Life
period
January 2018 P500,000 P220,000 6 years
February 2018 8,500,000 1,220,000 4 years
December 2021 10,000,000 1,220,000 5 years
January 2022 10,000,000 1,220,000 5 years

9. Which is incorrect with respect to business taxes?


a. VAT is a top-up tax on sales
b. Percentage tax is an expensed tax
c. VAT is due quarterly but is paid monthly
d. Percentage tax is an explicit consumption tax

10. Which of the following transactions has no consumption tax?


a. Importation
b. Domestic consumption from VAT suppliers
c. Domestic consumption from non-VAT suppliers
d. Exportation

11. Which of these importations is subject to VAT?


a. Lumber
b. Flour
c. Canned tuna
d. Wine

12. The sale of which of the following is exempt from business tax?
a. Urea fertilizer
b. Hybrid corn seeds
c. Herbicides
d. Chicken dung

13. Which of the following ingredients is exempt from the VAT on importation?
a. Ingredients in the manufacture of Improvised Explosive Devices
b. Ingredient used in the manufacture of human foods
c. Ingredients used in the manufacture of pet feeds
d. Ingredients used in the manufacture of poultry or livestock feeds

14. Which of the following agricultural products is not exempt from business tax on sales?
a. Ginseng
b. Coffee beans
c. Tobacco leaf
d. Tea leaf

15. Mabiga Cooperative is an agricultural cooperative which processes the coffee production of its
members for sale to NesFe Corporation, a coffee processing company selling bottled instant cofee.
Mabiga imported a coffee drier from Colombia Coffee Machineries Corporation. After 3 years of
active use, Mabiga disposed the drier to Pedro Mabanag, a member.

Which of the following is subject to VAT?


a. Importation of coffee drier from Colombia
b. Sale of coffee drier to Mr. Mabanag
c. Sale of coffee to NesFe Corporation
d. Sale of coffee by members to Mabiga Cooperative

16. Ammacian Corporation imported goods from abroad for domestic sale. The details of the
importation is given below:

Peso value of supplier’s invoice P 2,000,000


Other cost incurred to bring the goods to Philippine port 70,000
Other inland costs prior to release of goods from Customs 85,000
Customs duties 10%
Freight cost to bring merchandise to Ammacian’s warehouse

Compute the Customs duties on the dutiable value.


a. P 207,000 c. P 215,500
b. P 200,000 d. P 208,500

17. Compute the VAT on importation on the landed cost.


a. P 258,600 c. P 282,600
b. P 283,440 d. P 284,460

18. Which is subject to business tax?


a. Business for subsistence
b. Privilege stores
c. Non-resident sellers
d. All of these

19. Which is considered pure consumption tax?


a. VAT on importation
b. Percentage tax
c. Value Added Tax on sales
d. Excise tax

20. Who is statutory liable to pay the VAT on importation?


a. The non-resident seller
b. The resident buyer
c. Both seller and buyer
d. The Bureau of Customs

21. A business taxpayer had the following summarized transactions during the quarter:

Cash sales P 400,000


Sales on credit (account sales) 600,000
Installment sales (P30,000 collected) 100,000
Sales returns and allowances 20,000
Quota discounts (ftr event – only allowed for Inc Tax) 10,000
Advances for goods not yet delivered 20,000
Purchase of goods, including of P72,000 VAT
passed on by sellers 672,000
Compute the gross selling price.
a. P1,100,000 c. P1,030,000
b. P1,080,000 d. P1,010,000

22. A lending investor had the following data during a month:


Cash collection for loan principal P 400,000
Cash collection for interest 50,000
Cash collection for penalties 6,000
Uncollected loan principal 300,000
Billed but uncollected interest 2,000
Billed but uncollected penalties 1,000

What is the gross receipt?


a. P 456,000 c. P 59,000
b. P 450,000 d. P 56,000

23. Geneva Corporation, a VAT lessor which leases commercial spaces to various businesses, received
P1,284,000 rentals from various clients, net of 5% withholding tax. What is the gross receipt?
a. P 1,200,000 c. P 1,284,000
b. P 1,351,579 d. P0

24. A VAT registered seller made the following sales of goods during a month:
Selling price Fair value
To customer A P150,000 P180,000
To customer B 200,000 190,000
To customer C 102,000 150,000
Total sales P452,000

Compute the output VAT.


a. P 60,000 c. P 62,400
b. P 54,240 d. P 63,600

25. A VAT-registered seller made the following sales to the following entities:
Selling price Fair value
City of San Fernando P 134,000 P 200,000
ABC Trading Company 100,500 150,000

What is the output VAT?


a. P 34,080 c. P 42,000
b. P 28,080 d. P 40,500

26. The following pertain to a VAT-registered taxpayer in July 2016:


Fees from senior citizens, before 20% discount P 225,000
Fees from PWD, before 20% discount 75,000
Fees received from regular customers 340,000
Total fees P 640,000

Compute the output VAT assuming the given figures are exclusive of VAT.
a. P 48,000 c. P
b. P 40,800 d. P 69,312

27. DEF Realty Corporation, a VAT-registered realty dealer, sold the following residential properties
during the month:
Zonal Assessed Selling
Value Value Price
Residential lot (old law - exempt) P 1,500,000 P 1,200,000 P 1,700,000
Residential dwelling 3,500,000 1,500,000 3,200,000

Compute the output VAT.


a. P 0 c. P 624,000
b. P 580,000 d. P 420,000

Notes:
Item v entity specific
GSP: SP v FV; Higher
If: SP – inclusive
If: FV – exclusive
Jump to 32 and 33

28. Sarangani, a VAT-taxpayer made a sale of real property with a fair value of P3,000,000 at a selling
price of P2,000,000. The sale qualified for installment reporting of output VAT. Sarangani is due to
receive the following amounts (net of VAT) in the coming month:
Installment P 200,000
Interest 12,000
Penalty 4,000
Total P 216,000

What is the reportable output VAT on the scheduled collection? (Installment: Just use the higher
amount)
a. P 37,920 c. P 25,920
b. P 36,000 d. P 24,420

29. A VAT-registered taxpayer has its own sales operations but also sells goods through consignees. It
also sells goods on consignment for a commission. The following were the results of operations for
the month ended April 30, 2016:

Sales of own inventories P 500,000


Sales made through consignees 150,000
Sales made for consignors 100,000
Commission income from consignors (OV from Service) 20,000
Commissions paid to consignees 30,000

Compute the output VAT.


a. P 96,000 c. P 80,400
b. P 92,400 d. P 62,400
30. Mr. Misamis, a VAT-registered taxpayer, ceases business operation in May 2015. His business
properties upon termination of business operation include the following:

Cash P 50,000
Accounts receivables 120,000
Investments 180,000
Inventories 200,000
Property, plant and equipment 800,000
Total assets P 1,350,000

Compute the Output VAT on deemed sales.


a. P 162,000 c. P 24,000
b. P 120,000 d. P 0

Retirement: Just check for IV sources, then counter: FV or COST - Lower

31. Mr. Kudos, a VAT-registered lawyer, had a residence with a zonal value of P2,000,000 and assessed
value of P1,500,000. The same was foreclosed by a bank for his failure to pay his bank loan.

What would be the output VAT on the foreclosure of the property?


a. None, because the same is a capital asset
b. None, because the same is below the threshold on residential dwellings
c. P 240,000, because the deemed sales is based on fair value
d. P 180,000, because deemed sales on foreclosure sales is based on the lower of cost or fair value

32. Mr. Digong sold a commercial land with a selling price of P2,100,000 but with a zonal value of
P2,240,000 and assessed value of P 1,500,000.

What is the output VAT?


a. P 268,800 c. P 240,000
b. P 252,000 d. P 225,000

Same rule applies to residential property.

33. Assuming the same data in the previous problem except that the commercial land was sold for
P2,464,000, what would be the output VAT.
a. P 295,680 c. P 264,000
b. P 268,800 d. P 240,000

34. Which is not a deemed sale transaction?


a. Exchange of inventory for stocks
b. Exchange of property, plants and equipment for stocks
c. Exchange of inventory for property
d. Exchange of stocks for property

35. A non-VAT retail business exceeded the VAT threshold on October 31, 2016. On that date, it had the
following lists of goods on hand which it acquired from VAT suppliers:
Snacks foods and grocery items P 76,500
Frozen meat and eggs 30,200
Fruits and vegetables 20,360
Shampoos, soaps and detergents 12,100
Baked bread 6,040

Compute the transitional input VAT.


a. P 0 c. P 9,493
b. P 2,904 d. P 10,140

H: Actual v Transitional

36. A VAT taxpayer had the following data regarding its sales and input VAT during a particular quarter:

Sales Amount Traceable input VAT


Regular sales P 800,000 P 40,000
Export sales 400,000 18,000
Sales to government 200,000 15,000
Exempt sales 100,000 8,000
Total P 1,500,000 P 81,000

Non-traceable input VAT totaled P 24,000. Input VAT applied for tax refund totaled P 6,000.

Compute the total Output VAT.


a. P 180,000 c. P 120,000
b. P 168,000 d. P 96,000

37. Compute the total creditable input VAT.


a. P 99,000 c. P 91,200
b. P 95,400 d. P 85,200

38. Compute the VAT still due.


a. P 81,000 c. P 34,800
b. P 76,800 d. P 24,800

39. A non-VAT taxpayer secured the services of a foreign consultant to solve one of its recurring
business problems. It contracted to pay P1,000,000 for the consultancy services. Compute the final
withholding VAT and the creditable input VAT.
a. P 0; P 0 c. P 120,000; P 120,000
b. P 0; P 120,000 d. P 120,000; P 0

40. The sale of a VAT registered taxpayer for the last 12 months failed to exceed the VAT threshold. It
made the following sales during the month:

Sales of rice P 80,000


Sale of flour 20,000
Sale of fertilizers and seeds 40,000
Total P 140,000

Compute the output VAT.


a. P 0 c. P 7,200
b. P 2,400 d. P 16,800

41. A non-VAT professional service provider which exceeded the VAT threshold had the following
revenue and collections during the quarter:

Total collections, inclusive of P13,440 advances P 268,800


Total revenue 392,000

Compute the total output VAT.


a. P 0 c. P 28,800
b. P 27,360 d. P 42,000

Mandatory registration: within 12 months

42. Which of the following is subject to value added tax?


a. Importation of grapes and apples
b. Sale of seaweeds
c. Sale of fire wood and charcoal
d. Sale of husked rice, corn grits and molasses

43. All of the following entities are VAT-exempt, except?


a. Notre Dame, a proprietary hospital
b. Philippine Airlines, a domestic air carrier
c. Bank of the Philippine Islands, a commercial bank
d. Tagbilaran University, a proprietary educational institution

44. Which is subject to VAT?


a. Life insurance companies
b. Operators of hotels, motels and inns
c. International air or sea carrier
d. Agricultural, credit or multi-purpose cooperative

45. Which is not subject to output VAT?


a. Sale of residential lot for P1,500,000
b. Direct export sales of goods
c. Cessation of status as VAT taxpayer with respect to all goods or properties on hand
d. Sale of residential dwelling for P2,800,000

46. Which is not a transaction deemed sales?


a. Withdrawal of goods by the proprietor for personal use
b. Corporate merger or consolidation
c. Retirement from or cessation of business
d. Declaring business properties as property dividends
47. Which is not a zero-rated sale of goods or service?
a. Transmission of messages message originating from the Philippines to abroad other than news
services, embassies and diplomatic calls.
b. Sale of gold to the Bangko Sentral ng Pilipinas
c. Sale of electricity from hydropower and solar power plants
d. Transport of passengers by air or sea from Philippines to abroad

48. Which is correct statement?


a. If the monthly aggregate acquisition cost of capital goods exceeds P1,000,000, the input VAT
shall be allocated over a period of 60 months starting from the month of purchase.
b. The export sales of non-VAT taxpayers are exempt from VAT.
c. The excess of input VAT over standard input VAT on government sales is a taxable gain subject
to income tax.
d. Monthly VAT is due 25 days from the end of each month with the quarterly VAT payable 20 days
from the end of each quarter.

49. Wendy shows the following input VAT during a quarter:


Deferred input VAT P 150,000
Allocation of current input VAT:
- To Regular sales P 200,000
- To Zero-rated sales 300,000
- To Sales to the government* 100,000
- To Exempt sales 50,000

*equivalent to 8% of sales to government

Compute the creditable input VAT.


a. P800,000 c. P587,500
b. P650,000 d. P350,000

50. Wholesale traders of which of the following is allowed presumptive input VAT?
A. Raw sugar C. Mackerel
B. Packed noodles D. Processed milk

a. All, except A c. All of these


b. All, except B d. None of these

51. Rural Bank of Gumaca, Inc. (RBG) shows the following receipts during a quarter:

Interest income from more than 5 year loans P 1,000,000


Interest income from less than 5 year loans 6,000,000
Gain on sale of ROPA 400,000
Rental income from ROPA 200,000
Service fees 800,000
Dividend income 100,000

Assuming RBG is not a cooperative bank, compute the gross receipt tax.
a. P408,000 c. P385,000
b. P415,000 d. P208,000

52. Which is a correct statement?


a. Distraint and levy should not be implemented simultaneously so as not to violate the
proprietary interest of the taxpayer.
b. Assessment must be made by the BIR within 5 years from the date the return is filed. Collection
shall be enforced within 3 years from the date of such assessment.
c. VAT taxpayers shall issue receipts regardless of the amount of the sale.
d. Distrait and levy can be effected even in the absence of a prior assessment.

53. A dealer in securities has the following data for the quarter:
Sales, shares held as inventory 5,000,000
Sales, shares held as investment 1,500,000
Cost, shares held as inventory 2,000,000
Cost, shares held as investment 500,000
Supplies expense, net of VAT 100,000
Rent expense, net of VAT 200,000

How much is the VAT payable?


a. 470,000 c. 270,000
b. 324,000 d. Not subject to VAT

54. Mr. Juan Cruz, VAT-exempt, issued VAT invoice to Mr. S. Santos, VAT-registered trader. As a
consequence, Mr. Juan Cruz would:
a. Be liable to VAT without the benefit of input tax credit
b. Not be liable to VAT because he is VAT-exempt
c. Be liable to percentage tax, VAT, and a surcharge of 50%
d. Not be liable to any business tax but may be liable to income tax

55. Beneco is a holder of franchise to distribute and sell electricity. In a particular quarter, its gross
receipts amounted to P2,000,000 from distribution and sale of electricity. It has also receipts from
the lease of its auditorium amounting to P600,000.

The value-added tax or percentage tax due for the quarter is:
a. P40,000 percentage tax c. P52,000 percentage tax
b. P72,000 value-added tax d. P312,000 value-added tax

56. Tarlac Company voluntarily registered to VAT. It has the following inventory at the start of the year:
Processed foods from VAT sellers P 11,200
Processed foods from non-VAT sellers 90,000
Agricultural food products 200,000

Compute the transitional input VAT.


a. P 0 c. P2,000
b. P1,200 d. P6,000

57. Moses, Inc., a VAT registered trader, compiled the following payments on purchases during the year:
Payments for merchandise from VAT suppliers P 134,400
Payments merchandise from non-VAT suppliers 82,400
Landed cost of merchandise withdrawn from the BOC 224,000

What is the creditable input VAT?


a. P 0 c. P38,400
b. P41,280 d. P50,108

58. A VAT-registered customer ordered the following from a non-VAT-registered supplier:


Eggs P 100,000
Dried fish 150,000
Marinated fish 200,000

Under current revenue regulations, what is the output VAT?


a. P 0 c. P24,000
b. P12,000 d. P36,000

59. A manufacturer of perfume oils which newly registered as VAT taxpayers during the quarter shall
not be allowed which of the following?
a. Transitional input VAT
b. Presumptive input VAT
c. Regular input VAT
d. None of these

60. ABC Corporation sold capital goods on installment on October 1, 2018. It is agreed that the selling
price, including the VAT, shall be payable in five (5) equal monthly installments with the first
installment to be paid on October 1, 2018. The data pertinent to the sold assets are as follows:
Selling price P5,000,000 (exclusive of VAT)
Passed-on VAT P 600,000
Original Cost of Asset P 3,000,000
Accumulate Depreciation at the time of sale P 1,000,000
Unutilized Input Tax (Sold Asset) P 100,000

Required:
Seller: Records on October 1, 2018
Buyer: October 1, 2018