Which is not replaced by VAT?Select one:a.Common carrier's taxb.Sales tax on original salec.Contractor's taxd.Compensating tax

Which one of the following statements regarding Value Added Tax (VAT) is incorrect?Select one:a.VAT is levied at 15% on the supply by a vendor of goods or services in the course or furtherance of any entity carried on by a vendorb.VAT is levied for purposes of generating services for the governmentc.VAT is often referred to as tax on consumption of goods or servicesd.VAT is tax added to the cost of a product or services

A value-added tax (VAT) is __________ national tax levied on the value added in the production of a good (or service) as it moves through the various stages of production.Group of answer choicesa directan indirectan income taxnone of the options

Which is NOT VAT-Exempted?Select one or more:a.Export sales by individuals who are VAT- registeredb.Sale of nonfood agricultural products in their original statec.Sales by agricultural cooperatives duly registered with Cooperative Development Authority to their members as well as sale of their produce, whether in its original state or processed form, to non-members.d.Services of agricultural contract growers and milling for others of palay into rice, corn into grits and sugar cane into raw

Which one of the following statements regarding value added tax (VAT) is not true? Select one:a.VAT on credit sales is credited to the VAT output account.b.There are two rates of VAT for taxable supplies.c.VAT on the telephone account is credited to the VAT output accountd.VAT on cash purchases is debited to the VAT input account.

Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period.Purchases, all from VAT suppliers,Exclusive of VAT                                      Php 750, 000Sales, exclusive of any tax:           Exports, VAT business                                    850, 000Exports, non-VAT business                             600, 000Domestic sales, VAT business                          200, 000Domestics sales, non-VAT business                  250, 000How much is VAT payable on domestic sales?Select one:a.Php 0b.Php 27, 000 c.Php 53, 000 d.Php 14, 400