1.

S1 - In case of sale of goods, output VAT accrues even if the seller is not yet paid of the selling price. S2 - In sale of service, the seller is required to report the output tax only upon collection. Hence, no VAT is to be reported unless collection is made.

S2 is true

Both are true

S1 is true

Both are false

2.

S1 - Foreign tax paid is deductible in full against the computed estate tax due. 52 - A non-resident citizen cannot claim credit on the foreign estate tax payment.

Both are true

Both are false

S1 is true

S2 is true

3.

1st statement - Nicanor is a VAT-registered taxpayer. He sold goods to ABC Corp. based in Canada amounting to $50,000. The transaction is a zero-rated sale. 2nd statement - Nicanor is a Non-VAT-registered taxpayer. He sold goods to ABC Corp. based in Canada amounting to $50,000. The transaction is a zero-rated sale.

Both are true

Both are false

Only 2nd statement is true

Only 1st statement is true

4.

ABC Taxi Corp. is engaged in operation of taxi cabs. Its gross sales is Php 5 Million. The fares are:

VAT-exempt

Subject to 12% VAT

Subject to 1% percentage tax

Subject to 0% VAT

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