Question: Which of the following input taxes shall not be applied for conversion into Tax Credit Certificate

(TCC)?
Input tax on locally purchased goods which are exported
Input tax on locally purchased goods which are sold to Asian Development Bank.
Unutilized advance VAT payment made by seller of refined sugar
Unamortized input tax on purchase of capital goods
Question: Export of Marikina shoes is subject to:
12% VAT
0% VAT
exempt
specific tax
Question: Which of the following statements is correct. VAT is:
not an expense
a tax credit
not part of the gross selling price
on purchases, is a part of the cost of inventory.