VAT tax credits

1. In cases of deductions and exemptions on income tax returns, doubts shall be resolved
strictly against the taxpayer
2. Sale by a real estate dealer

Installment output/input tax on payment of June 2, 2018:

249,600
3. The following are basic principles of a sound tax system

fiscal adequacy, administrative feasibility and theoretical justice

4. Cirrolytix, a VAT taxpayer, had the following data for the first three months of taxable
year 2018:

There was a deferred input tax of P20,000 at the end of the previous year. The
value-added tax payable at the end of March is:
P114,000
5. Which of these importations is deemed a tax?
Motor vehicle registration fee
6. Which of the following is an element of a taxpayer's suit?
Illegal disbursement of public funds
7. The Constitution does not prohibit indirect taxes. What the Constitution provides is that
Congress shall evolve a progressive system of taxation. Resort to indirect taxes should
be minimized but not avoided because it is difficult, if not impossible, to avoid them
regressive taxes do not violate Sec 28 (1), Art VI of the Constitution
8. One Punch Corp., a VAT-registered stockbroker (not dealer in securities) who owns
shares of stock as investments had the following selected data on gross receipts, costs
and expenses (value-added taxes not included), for January 2018:
 The value-added tax payable and the other percentage tax due for the month are:
VAT Payable
Percentage Tax due

56,400
5,000
9. Which of these theories is based on the reciprocal duties of protection and support
between the State and its inhabitants?
Benefits-Received Theory
10. A & G Construction, a VAT registered public works contractor had the following
transactions:

The tax payable for the quarter:

None
11. Kingsman Incorporated had the following data arising out of sales and purchases in
January, 2018:

The value-added tax payable for the month:

P0
12. Our tax laws are both:
 Civil and prospective
13. What is the system of taxation that is adopted in the Philippines?
Semi-global and semi-schedular tax system
14. Settled is the rule that in tax matters, the government is not estopped by the errors or
mistakes committed by its agents or officers. This should be construed to mean that
the power to tax is plenary and comprehensive
15. Which of the following principles is not in accord with a sound tax system?
Retroactivity of tax rulings
16. Which of these importations is deemed a tax?
Motor vehicle registration fee
17.