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All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ XIII. TAXATION LAW (R.A. No. 8424, as amended by R.A. No. 10963, R.A. No. 11534) ▸ J. Value-Added Tax (VAT) (R.A. No. 8424, as amended, R.R. No. 16-2005, as amended) ▸ 2. Elements of VATable Transactions

Question

Value-Added Tax (VAT) - Elements of VATable Transactions

Identify whether the following transactions are subject to Value-Added Tax (VAT). Provide a brief explanation for your answer.

  1. Company A, a registered VAT taxpayer, sold a property to an individual for Php 2 million. The property is classified as a residential lot.
  2. ABC Corporation, a VAT-registered company, purchased raw materials worth Php 500,000 from a non-VAT registered supplier.
  3. John, a freelance graphic designer, provided design services to a VAT-registered company for a fee of Php 50,000.
  4. Mr. Santos sold 100 shares of stocks listed in the Philippine Stock Exchange through a licensed stockbroker.
  5. XYZ Corporation, a non-VAT registered company, imported goods worth Php 1 million from a foreign supplier.


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Bar Review Question: Value-Added Tax (VAT) - Elements of VATable Transactions Identify whether the following transactio