exercises_compiled CHAPTER 2 for LAW 107 complete

CHAPTER 2 t. 1. Resident foreigners are not subject to the VAT on importation. 2. All agricultural or aquaculture inputs are VAT exempt. 3. The sale of processed agricultural products is vatable. 4. The importation of books and newspapers is VAT-exempt. 5. The importation of life-saving equipment is VAT-exempt. 6. The lease of aircrafts or vessels from non-residents is exempt from final withholding VAT. 7. The purchase of services from foreign consultants is exempt from final withholding VAT. 8. The importation of fuel, goods, and supplies by international carriers is VAT-exempt. 9. The importation of agricultural machineries by farmers is VAT-exempt. 10. The importation of agricultural machineries by agricultural cooperatives is VAT-exempt. 11. The VAT on importation is payable only by those engaged in business. 12. The final withholding VAT on importation of services is payable even by those not engaged in business. 13. The VAT on importation and final withholding VAT can be 14. In economic reality, the VAT on importation and final withholding VAT are taxes to be paid by non-resident sellers. True 15. Qualified exempt importation is exempt from VAT only if made by an exempt person. 1. Which is subject to VAT? 2. Which agricultural products is VAT-exempt on importation? 3. Which importation is subject to VAT? 4. Which is not subject to VAT on importation? 5. Which of the following is subject to the VAT on importation when imported? 6. Which non-food agricultural products is exempt from VAT on importation? 7. Which of the following is not exempt from VAT? 8. Which seedling is vatable? 9. Which agricultural produce is exempt from VAT? 10. Which is vatable? 11. Which is VAT-exempt? - 12. Which is VAT-exempt? 13. Which is subject to VAT on importation? ................................................continued.....................................................