Situation 2 EVC made the following sales during the 12-month period: Sales, VAT taxable transactions Sales,...

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Situation 2 EVC made the following sales during the 12-month period: Sales, VAT taxable transactions Sales, VAT zero-rated transactions Sales, VAT exempt transactions Total Is EVC required to register as VAT or not? Why or why not? Situation 3 P2,500,000 1,000,000 500,000 P 4,000,000 A prospective client approaches you to inquire from you whether he will be subject to VAT or not. He claims that his sales of fresh fruits and fish for the last twelve (12) months exceed the VAT threshold. His friend who is not an Accountant tells him that he will be subject to VAT and he has to register under the VAT system. What advice will you give him? Situation 4: If a VAT-registered person issues a VAT invoice or VAT official receipt for a VAT-Exempt transaction, but fails to display prominently on the invoice or receipt the words "VAT-exempt sale", what will happen to the transaction? Situation 2 EVC made the following sales during the 12-month period: Sales, VAT taxable transactions Sales, VAT zero-rated transactions Sales, VAT exempt transactions Total Is EVC required to register as VAT or not? Why or why not? Situation 3 P2,500,000 1,000,000 500,000 P 4,000,000 A prospective client approaches you to inquire from you whether he will be subject to VAT or not. He claims that his sales of fresh fruits and fish for the last twelve (12) months exceed the VAT threshold. His friend who is not an Accountant tells him that he will be subject to VAT and he has to register under the VAT system. What advice will you give him? Situation 4: If a VAT-registered person issues a VAT invoice or VAT official receipt for a VAT-Exempt transaction, but fails to display prominently on the invoice or receipt the words "VAT-exempt sale", what will happen to the transaction?

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Situation 2EVC is required to register as VAT because its total sales for the 12month period exceede... View the full answer