1. Which is incorrect with respect to business taxes?

a. VAT is a top-up tax on sales

b. Percentage tax is an expensed tax
c. VAT is due quarterly but is paid monthly
d. Percentage tax is an explicit consumption tax

2. Which of the following transactions has no consumption tax?

a. Importation
b. Domestic consumption from VAT suppliers
c. Domestic consumption from non-VAT suppliers
d. Exportation

3. Which of these importations is subject to VAT?

a. Lumber
b. Flour
c. Canned tuna
d. Wine

4. The sale of which of the following is exempt from business tax?

a. Urea fertilizer
b. Hybrid corn seeds
c. Herbicides
d. Chicken dung

5. Which of the following ingredients is exempt from the VAT on

importation?
a. Ingredients in the manufacture of Improvised Explosive Devices
b. Ingredient used in the manufacture of human foods
c. Ingredients used in the manufacture of pet feeds
d. Ingredients used in the manufacture of poultry or livestock feeds

6. Which of the following agricultural products is not exempt from

business tax on sales?
a. Ginseng
b. Coffee beans
c. Tobacco leaf
d. Tea leaf

7. Mabiga Cooperative is an agricultural cooperative which processes

the coffee production of its members for sale to NesFe Corporation,
a coffee processing company selling bottled instant cofee. Mabiga
imported a coffee drier from Colombia Coffee Machineries
Corporation. After 3 years of active use, Mabiga disposed the drier
to Pedro Mabanag, a member.

Which of the following is subject to VAT?

a. Importation of coffee drier from Colombia
b. Sale of coffee drier to Mr. Mabanag
c. Sale of coffee to NesFe Corporation
d. Sale of coffee by members to Mabiga Cooperative
8. Ammacian Corporation imported goods from abroad for domestic sale.
The details of the importation is given below:

Peso value of supplier’s invoice P 2,000,000

Other cost incurred to bring the goods to Philippine 70,000
port
Other inland costs prior to release of goods from 85,000
Customs
Customs duties 10%
Freight cost to bring merchandise to Ammacian’s
warehouse

Compute the Customs duties on the dutiable value.

a. P 207,000 c. P 215,500
b. P 200,000 d. P 208,500

9. Compute the VAT on importation on the landed cost.

a. P 258,600 c. P 282,600
b. P 283,440 d. P 284,460

10. Which is subject to business tax?

a. Business for subsistence
b. Privilege stores
c. Non-resident sellers
d. All of these

11. Which is considered pure consumption tax?

a. VAT on importation
b. Percentage tax
c. Value Added Tax on sales
d. Excise tax

12. Who is statutory liable to pay the VAT on importation?

a. The non-resident seller
b. The resident buyer
c. Both seller and buyer
d. The Bureau of Customs

13. A business taxpayer had the following summarized transactions

during the quarter:

Cash sales P 400,000

Sales on credit (account sales) 600,000
Installment sales (P30,000 collected) 100,000
Sales returns and allowances 20,000
Quota discounts 10,000
Advances for goods not yet delivered 20,000
Purchase of goods, including of P72,000 VAT
passed on by sellers 672,000

Compute the gross selling price.

 a. P1,100,000 c. P1,030,000
b. P1,080,000 d. P1,010,000

14. A lending investor had the following data during a month:

Cash collection for loan principal P 400,000

Cash collection for interest 50,000
Cash collection for penalties 6,000
Uncollected loan principal 300,000
Billed but uncollected interest 2,000
Billed but uncollected penalties 1,000

What is the gross receipt?

a. P 456,000 c. P 59,000
b. P 450,000 d. P 56,000

15. Geneva Corporation, a VAT lessor which leases commercial spaces

to various businesses, received P1,284,000 rentals from various
clients, net of 5% withholding tax. What is the gross receipt?
a. P 1,200,000 c. P 1,284,000
b. P 1,351,579 d. P

16. A VAT registered seller made the following sales of goods during
a month:

Selling price Fair value

To customer A P 150,000 P 180,000
To customer B 200,000 190,000
To customer C 102,000 150,000
Total sales P 452,000

Compute the output VAT.

a. P 60,000 c. P 62,400
b. P 54,240 d. P 63,600

17. A VAT-registered seller made the following sales to the following

entities:

Selling price Fair value

City of San Fernando P 134,000 P 200,000
ABC Trading Company 100,500 150,000

What is the output VAT?

a. P 34,080 c. P 42,000
b. P 28,080 d. P 40,500

18. The following pertain to a VAT-registered taxpayer in July 2016:

Fees from senior citizens, before 20% discount P 225,000

 Fees from PWD, before 20% discount 75,000
Fees received from regular customers 340,000
Total fees P 640,000

Compute the output VAT assuming the given figures are exclusive of
VAT.
a. P 48,000 c. P
b. P 40,800 d. P 69,312

19. DEF Realty Corporation, a VAT-registered realty dealer, sold the

following residential properties during the month:

Zonal Assessed Selling

Value Value Price
Residential lot P 1,500,000 P 1,200,000 P 1,700,000
Residential dwelling 3,500,000 1,500,000 3,200,000

Compute the output VAT.

a. P 0 c. P 624,000
b. P 580,000 d. P 420,000

20. Sarangani, a VAT-taxpayer made a sale of real property with a

fair value of P3,000,000 at a selling price of P2,000,000. The sale
qualified for installment reporting of output VAT. Sarangani is due
to receive the following amounts (net of VAT) in the coming month:

Installment P 200,000
Interest 12,000
Penalty 4,000
Total P 216,000

What is the reportable output VAT on the scheduled collection?

a. P 37,920 c. P 25,920
b. P 36,000 d. P 24,420

21. A VAT-registered taxpayer has its own sales operations but also
sells goods through consignees. It also sells goods on consignment
for a commission. The following were the results of operations for
the month ended April 30, 2016:

Sales of own inventories P 500,000

Sales made through consignees 150,000
Sales made for consignors 100,000
Commission income from consignors 20,000
Commissions paid to consignees 30,000

Compute the output VAT.

a. P 96,000 c. P 80,400
b. P 92,400 d. P 62,400
22. Mr. Misamis, a VAT-registered taxpayer, ceases business operation
in May 2015. His business properties upon termination of business
operation include the following:

Cash P 50,000
Accounts receivables 120,000
Investments 180,000
Inventories 200,000
Property, plant and equipment 800,000
Total assets P 1,350,000

Compute the Output VAT on deemed sales.

a. P 162,000 c. P 24,000
b. P 120,000 d. P 0

23. Mr. Kudos, a VAT-registered lawyer, had a residence with a zonal

value of P2,000,000 and assessed value of P1,500,000. The same was
foreclosed by a bank for his failure to pay his bank loan.

What would be the output VAT on the foreclosure of the property?

a. None, because the same is a capital asset
b. None, because the same is below the threshold on residential
dwellings
c. P 240,000, because the deemed sales is based on fair value
d. P 180,000, because deemed sales on foreclosure sales is based on
the lower of cost or fair value

24. Mr. Digong sold a commercial land with a selling price of

P2,100,000 but with a zonal value of P2,240,000 and assessed value
of P 1,500,000.

What is the output VAT?

a. P 268,800 c. P 240,000
b. P 252,000 d. P 225,000

25. Assuming the same data in the previous problem except that the
commercial land was sold for P2,464,000, what would be the output
VAT.
a. P 295,680 c. P 264,000
b. P 268,800 d. P 240,000

26. Guimaras Company made the following export and domestic sales
during the month:

Export destination Terms Payment

Export for Hong Kong FOB destination $ 100,000
Export for Thailand FOB destination P 450,000
Export to Japan FOB shipping point ¥ 800,000

Domestic sales
Sales to an PEZA FOB destination P2,000,000
Sales to a non-VAT customer 500,000
 Sales to a VAT customer 1,000,000

The exchange rates were as follows: $1 = P45; ¥1 = P0.50.

Compute the output VAT for the month.

a. P 474,000 c. P 180,000
b. P 420,000 d. P 120,000

27. Which is not a deemed sale transaction?

a. Exchange of inventory for stocks
b. Exchange of property, plants and equipment for stocks
c. Exchange of inventory for property
d. Exchange of stocks for property

28. A non-VAT retail business exceeded the VAT threshold on October

31, 2016. On that date, it had the following lists of goods on hand
which it acquired from VAT suppliers:

Snacks foods and grocery items P 76,500

Frozen meat and eggs 30,200
Fruits and vegetables 20,360
Shampoos, soaps and detergents 12,100
Baked bread 6,040

Compute the transitional input VAT.

a. P 0 c. P 9,493
b. P 2,904 d. P 10,140

29. A VAT taxpayer had the following data regarding its sales and
input VAT during a particular quarter:

Sales Amount Traceable input VAT

Regular sales P 800,000 P 40,000
Export sales 400,000 18,000
Sales to government 200,000 15,000
Exempt sales 100,000 8,000
Total P 1,500,000 P 81,000

Non-traceable input VAT totaled P 24,000. Input VAT applied for tax
refund totaled P 6,000.

Compute the total Output VAT.

a. P 180,000 c. P 120,000
b. P 168,000 d. P 96,000

30. Compute the total creditable input VAT.

a. P 99,000 c. P 91,200
b. P 95,400 d. P 85,200

31. Compute the VAT still due.

a. P 81,000 c. P 34,800
 b. P 76,800 d. P 24,800

32. A non-VAT taxpayer secured the services of a foreign consultant

to solve one of its recurring business problems. It contracted to
pay P1,000,000 for the consultancy services. Compute the final
withholding VAT and the creditable input VAT.
a. P 0; P 0 c. P 120,000; P 120,000
b. P 0; P 120,000 d. P 120,000; P 0

33. The sale of a VAT registered taxpayer for the last 12 months
failed to exceed the VAT threshold. It made the following sales
during the month:

Sales of rice P 80,000

Sale of flour 20,000
Sale of fertilizers and seeds 40,000
Total P 140,000

Compute the output VAT.

a. P 0 c. P 7,200
b. P 2,400 d. P 16,800

34. A non-VAT professional service provider which exceeded the VAT

threshold had the following revenue and collections during the
quarter:

Total collections, inclusive of P13,440 advances P 268,800

Total revenue 392,000

Compute the total output VAT.

a. P 0 c. P 28,800
b. P 27,360 d. P 42,000

35. An international carrier generated the following receipts:

Incoming Outgoing
Passengers P 1,000,000 P 2,000,000
Cargoes, mails; excess baggage 500,000 400,000

Compute the percentage tax.

a. P 72,000 c. P 12,000
b. P 60,000 d. P 0

36. Mr. and Mrs. Smith have the following children:

 Damulag, the family’s cook, 23 years old deaf-mute
 MJ, 21 years old and working as part-time office assistant
 Pretty Boy, 16 years old young artist of ABS-CBN
 Minnie, 14 year old BS. Biology student at Harvard University
 Doraymund, 12 year old Math genius studying at the elite
University of Kalinga
 Mr. and Mrs. Smith has salaries from employment of P150,000 and
P100,000, respectively. Mrs. Smith paid P3,000 health insurance for
the family.

Compute the taxable income of Mr. and Mrs. Smith, respectively.

a. P75,000; P50,000 c. P50,000; P47,600
b. P50,000; P47,600 d. P25,000; P50,000

37. Intrepid, Inc. showed the following computation of its taxable

income in 2016.

Gross income P 4,000,000

Less: Other deductions from gross income 2,000,000
Net operating loss carry over 1,000,000
Taxable income P 1,000,000

This was the first time Intrepid, Inc. reports taxable income since
its inception in 2010. Intrepid, Inc. paid P200,000 MCIT in the last
two years. During the current year, taxes withheld by clients
evidenced by BIR Form 2307 totaled P25,000.

Compute the 2016 income tax payable of Intrepid, Inc.

a. P300,000 c. P100,000
b. P275,000 d. P75,000

38. Atlas, Inc. reported the following in 2016:

Taxable income P 400,000

NOLCO claimed 600,000
Estimated 2010 income tax paid 100,000
Capital gains, net of tax 50,000
Passive income, net of tax 180,000
Exclusions from gross income 120,000
Exempt income 200,000
Dividends declared 400,000
Appropriation for plant expansion 300,000

Paid up capital and retained earnings grew by P 500,000 and P700,000

in 2016. Atlas, Inc. was assessed for improperly accumulating
profit. Compute the improperly accumulated earnings tax.
a. P 90,000 c. P 73,000
b. P 70,000 d. P 40,000

39. All of these are exempt from transfer tax, except?

a. General renunciation of share in the conjugal property by the
surviving spouse
b. Transfer of the usufruct in the owner of the naked title
c. Proceeds of group insurance received by heirs of the decedent
d. Transfer under special power of appointment

40. Non-resident decedent can claim deduction for

a. Medical expenses
 b. Family home
c. Standard deduction
d. Transfer for public purpose

41. On November 1, 2010, Gwen died leaving the following properties:

Agricultural land, inherited February 2, 2008 P 1,200,000

House and lot 2,000,000
Cash 2,800,000
Car 500,000
Other personal properties 1,000,000
Total properties P 7,500,000
Mortgage on the agricultural land P 500,000
Other indebtedness 1,200,000
Deductible expenses and losses 400,000
Total ordinary deductions P 2,100,000

Gwen paid P300,000 in mortgage before his death. The prior estate
paid the estate tax on the agricultural which was then valued at
P1,000,000.

Compute the vanishing deduction.

a. P403,200 c. P330,400
b. P388,800 d. P302,400

42. Mr. and Mrs. Coyiuto got married on February 14, 2001. The
spouses stipulated the conjugal partnership of gains for their
property relation. Mr. Coyiuto died leaving the following
properties:

Mr. Coyiuto died leaving the following properties:

 P800,000 cash inclusive of Mr. Coyiuto’s P200,000 SSS benefits
 P200,000 claim from insolvent persons, from the salary of Mr.
Coyiuto accruing after marriage
 P400,000 second hand car, inherited by Mrs. Coyiuto in 2000
 P2,000,000 house and lot, purchased out of Mr. Coyiuto’s salary
savings
 P300,000 pieces of jewelry, inherited by Mr. Coyiuto from his
father
 P500,000 agricultural land purchased by Mrs. Coyiuto out of her
PCSO winnings during the marriage

Compute Mr. Coyiuto’s gross estate.

a. P4,200,000 c. P3,800,000
b. P4,000,000 d. P3,600,000

43. Zeus is fast getting ultra-rich. He is now deeply concerned about

managing his wealth to minimize his future estate tax. Which of the
following estate planning alternative is the least possible strategy
you can suggest him?
 a. Zeus shall invest P100,000 annually to a Personal Equity
Retirement Fund (PERA).
b. Zeus and his wife shall invest in life insurance and designate
the same as irrevocable to their children.
c. Set-up an irrevocable trust fund for his children and contributes
therein P100,000 yearly until his death.
d. Transfer his properties to his children while he is still living
so that the same is subject to a 6% capital gains tax instead of
the transfer tax.

44. Which of the following donation is exempt?

a. Donation to the government for public purpose
b. Donation to the Philippine Inventor’s Commission
c. Donation to accredited non-profit institutions
d. Donation to the Board of Accountancy

45. The following are deductible by a non-resident alien donor,

except
a. Donation to the government for public purpose
b. Indebtedness assumed by done
c. Dowry exemption
d. Donation to accredited non-profit institutions

46. Which of the following is subject to value added tax?

a. Importation of grapes and apples
b. Sale of seaweeds
c. Sale of fire wood and charcoal
d. Sale of husked rice, corn grits and molasses

47. All of the following entities are VAT-exempt, except?

a. Notre Dame, a proprietary hospital
b. Philippine Airlines, a domestic air carrier
c. Bank of the Philippine Islands, a commercial bank
d. Tagbilaran University, a proprietary educational institution

48. Which is subject to VAT?

a. Life insurance companies
b. Operators of hotels, motels and inns
c. International air or sea carrier
d. Agricultural, credit or multi-purpose cooperative

49. Which is not subject to output VAT?

a.Sale of residential lot for P1,500,000
b.Direct export sales of goods
c.Cessation of status as VAT taxpayer with respect to all goods or
properties on hand
d. Sale of residential dwelling for P2,800,000

50. Which is not a transaction deemed sales?

a. Withdrawal of goods by the proprietor for personal use
b. Corporate merger or consolidation
c. Retirement from or cessation of business
 d. Declaring business properties as property dividends

51. Which is not a zero-rated sale of goods or service?

a. Transmission of messages message originating from the Philippines
to abroad other than news services, embassies and diplomatic
calls.
b. Sale of gold to the Bangko Sentral ng Pilipinas
c. Sale of electricity from hydropower and solar power plants
d. Transport of passengers by air or sea from Philippines to abroad

52. Which is correct statement?

a. If the monthly aggregate acquisition cost of capital goods
exceeds P1,000,000, the input VAT shall be allocated over a
period of 60 months starting from the month of purchase.
b. The export sales of non-VAT taxpayers are exempt from VAT.
c. The excess of input VAT over standard input VAT on government
sales is a taxable gain subject to income tax.
d. Monthly VAT is due 25 days from the end of each month with the
quarterly VAT payable 20 days from the end of each quarter.

53. Wendy shows the following input VAT during a quarter:

Deferred input VAT P 150,000

Allocation of current input VAT:
- To Regular sales P 200,000
- To Zero-rated sales 300,000
- To Sales to the government* 100,000
- To Exempt sales 50,000

*equivalent to 8% of sales to government

Compute the creditable input VAT.

a. P800,000 c. P587,500
b. P650,000 d. P350,000

54. Wholesale traders of which of the following is allowed

presumptive input VAT?
A. Raw sugar C. Mackerel
B. Packed noodles D. Processed milk

a. All, except A c. All of these

b. All, except B d. None of these

55. Rural Bank of Gumaca, Inc. (RBG) shows the following receipts
during a quarter:

Interest income from more than 5 year loans P 1,000,000

Interest income from less than 5 year loans 6,000,000
Gain on sale of ROPA 400,000
Rental income from ROPA 200,000
Service fees 800,000
Dividend income 100,000
 Assuming RBG is not a cooperative bank, compute the gross receipt
tax.
a. P408,000 c. P385,000
b. P415,000 d. P208,000

56. Phil Co. raised its total outstanding shares by 40% to

70,000,000. This was made by conducting an initial public offering
through the Philippine Stock Exchange. The IPO shares were offered
and sold for P20 per share. The stock transaction tax is
a. P16,000,000 c. P7,000,000
b. P8,000,000 d. P4,000,000

57. Which is a correct statement?

a. Distraint and levy should not be implemented simultaneously so as
not to violate the proprietary interest of the taxpayer.
b. Assessment must be made by the BIR within 5 years from the date
the return is filed. Collection shall be enforced within 3 years
from the date of such assessment.
c. VAT taxpayers shall issue receipts regardless of the amount of
the sale.
d. Distrait and levy can be effected even in the absence of a prior
assessment.

58. Remy was unjustly assessed by the BIR. The following relates to
Remy’s protest:

Date of receipt of final assessment November 12, 2009

Date protest was filed to the BIR December 8, 2009
Date supporting documents were submitted January 26, 2010
Date of denial was received June 5, 2010

Which of the following statement regarding deadlines is false?

a. The last day to file protest is December 12, 2009.
b. The last day to submit supporting documents is February 6, 2010.
c. The last day to appeal to the CTA is on July 22, 2010.
d. If the BIR should not act on the protest until the lapse of 180
days from the submission of the supporting documents, the
taxpayer should appeal to the CTA within 30 days from the lapse
of the 180 day period.

59. The following relates to a taxpayer’s claim for refund:

Date of erroneous payment of tax April 15, 2009

Date of claim for refund was filed with the BIR December 16, 2010
Date of receipt of BIR denial April 9, 2011

The last day to appeal to the Court of Tax Appeals is

a. January 16, 2011 c. April 15, 2011
b. April 9, 2011 d. May 9, 2011
60. Mr. Marcos is a resident of Magsaysay, Baguio City. He disclosed
the following properties and income during 2010:

House and lot P 3,000,000

Salary 400,000
Professional fees 800,000

How much shall Mr. Marcos pay in community tax for 2011?
a. P5,005 c. P4,205
b. P1,685 d. P 0

61. All of these are incorrect statement, except?

a. Tax condonation operates retrospectively.
b. Tax amnesty is a general pardon involving total and unconditional
relinquishment of government right to enforce tax collection.
c. Tax as to incidence can be specific or ad valorem.
d. Professional tax is a local tax.

62. A resident decedent, head of family, left the following:

Personal properties P 1,000,000
Real properties (including family P1.5M family home) 2,000,000
Deductions claimed (including funeral expenses of
P200,000, and P 600,000 medical expenses) 900,000
Compute the taxable net estate?
a. P 2,100,000 c. P 250,000
b. P 1,100,000 d. P 100,000

63. For donor’s tax purposes, this is not a stranger

A. Daughter of godson
B. Grandson of the sister of the donor’s mother
C. Son-in-law
D. Granddaughter of the donor’s sister

64. Mr. and Mrs. J. Cruz donated a conjugal parcel of land to their
son who was getting married within six (6) months after the date of
donation. The fair market value of the property at the time of
donation was 500,000. Its fair market value at the time of marriage
was 550,000. The donated property was subject to 100,000 mortgage.
This was assumed by the donee.

How much is the taxable net gift of Mr. J. Cruz?

A. 440,000 C. 215,000
B. 240,000 D. 190,000

65. Monkey is a first cousin of both Zeus and Mark. Zeus and Mark are
“loving” friends. Zeus wants to donate P100,000 cash to Mark. What
is the best tax strategy to minimize from donor’s tax? 
a. Zeus shall donate the property in his will and testament to avoid
donor’s tax.
b. Zeus may directly donate the P100,000 to Mark since donation up
to the first P100,000 is tax-exempt.
 c. Zeus shall first donate the property to Monkey under condition
that Monkey shall donate the same to Mark.
d. Zeus shall split the donation over several years to minimize the
annual donor’s tax.

66. A dealer in securities has the following data for the quarter:
Sales, shares held as inventory 5,000,000
Sales, shares held as investment 1,500,000
Cost, shares held as inventory 2,000,000
Cost, shares held as investment 500,000
Supplies expense, net of VAT 100,000
Rent expense, net of VAT 200,000
How much is the VAT payable?
A. 470,000 C. 270,000
B. 324,000 D. Not subject to VAT

67. Mr. Juan Cruz, VAT-exempt, issued VAT invoice to Mr. S. Santos,
VAT-registered trader. As a consequence, Mr. Juan Cruz would:
a. be liable to VAT without the benefit of input tax credit
b. not be liable to VAT because he is VAT-exempt
c. be liable to percentage tax, VAT, and a surcharge of 50%
d. not be liable to any business tax but may be liable to income tax

68. Beneco is a holder of franchise to distribute and sell

electricity. In a particular quarter, its gross receipts amounted to
P2,000,000 from distribution and sale of electricity. It has also
receipts from the lease of its auditorium amounting to P600,000.

The value-added tax or percentage tax due for the quarter is:
a. P40,000 percentage tax c. P52,000 percentage tax
b. P72,000 value-added tax d. P312,000 value-added tax

69. Chavit, a Filipino citizen, promoted a Philippine boxing

championship in Manila featuring Mark, the champion and Zeus, his
challenger. Gate receipts amounted to P3,000,000 and additional
receipts from television coverage was P2,000,000. The amusement tax
due is:
A. Exempt C. P300,000
B. P500,000 D. P600,000

70. Gloria, a security dealer, purchased P500,000 shares of Tabako

Corp. The corporation’s shares are listed and are traded in the
local stock exchange. Gloria sold the shares for P350,000 through
the local stock exchange. The percentage tax on the sale is:
A. P 0 C. P1,750
B. P3,500 D. P2,500

71. Victory Bus Lines had the following receipts during the quarter:

Gross receipts, without tax:

Transport of passengers P 1,000,000
 Transport of goods 1,500,000
Transport of cargoes 500,000

The output VAT and OPT due for the quarter are:

Output VAT OPT due Output VAT OPT due

A. P240,000 P 30,000 C. P 0 P 90,000
B. 360,000 0 D. 360,000 30,000

64. The lease of property, real or personal, is subject to:

I. 7% gross receipts tax if the lessor is a bank.

II. 12% VAT if the lessor is not a bank.

A. Yes to I and II C. Yes to I only

B. No to I and II D. Yes to II only

72. Tarlac Company voluntarily registered to VAT. It has the

following inventory at the start of the year:

Processed foods from VAT sellers P 11,200

Processed foods from non-VAT sellers 90,000
Agricultural food products 200,000

Compute the transitional input VAT.

A. P 0 C. P2,000
B. P1,200 D. P6,000

73. Moses, Inc., a VAT registered trader, compiled the following

payments on purchases during the year:

Payments for merchandise from VAT suppliers P 134,400

Payments merchandise from non-VAT suppliers 82,400
Landed cost of merchandise withdrawn from the BOC 224,000

What is the creditable input VAT?

A. P 0 C. P38,400
B. P41,280 D. P50,108

74. A VAT-registered customer ordered the following from a non-VAT-

registered supplier:

Eggs P 100,000
Dried fish 150,000
Marinated fish 200,000

Under current revenue regulations, what is the output VAT?

A. P 0 C. P24,000
B. P12,000 D. P36,000
75. A manufacturer of perfume oils which newly registered as VAT
taxpayers during the quarter shall not be allowed which of the
following?
A. Transitional input VAT
B. Presumptive input VAT
C. Regular input VAT
D. None of these