Value-Added Tax Quiz

What is Value-Added Tax (VAT)?

• A tax on investments

• A form of sales tax

• A tax on income

• A tax on property

Who is liable to pay VAT?

• The buyer only

• The government

• The seller

• The consumer

What is the general threshold for VAT registrable persons?

• ₱5,000,000

• ₱3,000,000

• ₱2,000,000

• ₱1,000,000

Which of the following is NOT a type of VAT?

• VAT on importation of goods

• VAT on sale of services

• VAT on capital gains

• VAT on sale of goods

What is the VAT rate on the sale of goods?

• 15%

• 5%

• 10%

• 12%

Which of the following transactions is exempt from VAT?

• Sale of real estate

• Sale of electronics

• Sale of agricultural products

• Sale of luxury goods

What is the lock-in period for optional VAT registration?

• 5 years

• 3 years

• 1 year

• 2 years

What is the VAT rate on export sales?

• 10%

• 12%

• 5%

• 0%

Which of the following is a VAT taxpayer?

• Non-profit organizations

• Individuals with no sales

• VAT-registered persons

• Government entities

What is the VAT treatment for services rendered to international shipping?

• Subject to 5% VAT

• Subject to 12% VAT

• Exempt from VAT

• Subject to 0% VAT