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Exercises Exercie A : Determine whether or not the following are subject to VAT Transaction VAT-subject? 1. Sale of bread by a bakery 2. Sale of residential lot by a real estate dealer Sale of residential house and lot by the owner who resides in such property Sale of food and drinks by restaurant and other eating places Importation of raw materials for business purpose Importation of computer for personal use Sale of office supplies by a non-profit institution Warehousing services by a government owned or controlled operation 9. Sale of food and drinks in a club operated by a non-profit organization 10. Sale of drinks by Coca-Cola Company Exercie B Instruction: Place R if the person or entity is required to register as VAT. Otherise place N. 1 |VAT-exempt person under Sec 109 who did not register as VAT taxpayer. Individual engaged in business w sales or receipt do not exceed P100,000 during the 12 month period. Non-stock, non profit organization whose gross sales or receipts do not exceed P3,090,000 Multipurpose Cooperative Radio and TV broadcasting whose annual sales exceeded P10,000,000. PEZA and other ecozones registered enterprises enjoying preferential rate of 5% in lieu of all taxes. SBMA and other freeport zone registered enterprise enjoying preferential rate of 5% in lieu of all taxes Exercie C Instruction: Place Z. if the transaction is a subject to a zero percent VAT. Sale of precious metal other than gold to the BSP Sale of gold to the BSP Sale to export processing zones. sale of goods or property to SBMA, PEZA, ADB and IRRI Sale of raw material to export oriented BOI-registered enterprise whose export sale exceed 70% Sale to bonded manufacturing warehouse of export oriented manufacturers. Sale to diplomatic missions and other agencies/instrumentalities granted tax immunities of locally manufactured or assembled or repacked products Paid in Philippine peso. Sale of fuel to an international shipping which was used in transporting goods from Manila to Japan Actual exports 10 Retirement of business Exercise 4: Sales during the year: Subject to: A B C D 12% P900,000 P1,000,000 P950,000 P1,500,000 0% 1,000,000 1,900,000 950,000 2,000,000 Exempt 4,100,000 2,100,000 3,100,000 1,000,000 Total P6,000,000 P5,000,000 P5,000,000 P4,500,000 Which is/ are subject to VAT