Value-Added Tax (VAT) Quiz

NET VAT remitted to BIR is computed as: OUTPUT VAT minus INPUT VAT.

• TRUE

• FALSE.

Aling Rose Sari-Sari Store has two places of business, its main store and a branch. Aling Rose shall pay the annual BIR registration fee for the main store only but not for the branch.

• TRUE

• FALSE. It will need to pay tax for both main and branch store.

Company A, a VAT-registered business, had total sales of P3,000,000 and total purchase of P1,200,000 (both exclusive of VAT) during 2022.

How much is the OUTPUT VAT? Answer with NO COMMA and NO SPACE.

Company A, a VAT-registered business, had total sales of P3,000,000 and total purchase of P1,200,000 (both exclusive of VAT) during 2022.

How much is the INPUT VAT? Answer with NO COMMA and NO SPACE.

Company A, a VAT-registered business, had total sales of P3,000,000 and total purchase of P1,200,000 (both exclusive of VAT) during 2022.

How much is the NET VAT to be remitted to the BIR? Answer with NO COMMA and NO SPACE.