BUSTAX

1. In the context of VAT in the Philippines, what is the main purpose of the VAT invoice or official receipt?
a. To provide proof of payment for goods or services.

b. To serve as the basis for claiming input tax credits.
c. To comply with business registration requirements.
d. To avoid penalties related to underpayment of income tax.
2. Which of the following transactions is subject to VAT at the rate of 0% (zero-rated) under the Philippine VAT law?
a. Sale of goods within the Philippines to domestic consumers
b. Sale of books and educational materials
c. Export of goods to a foreign country
d. Lease of residential units with monthly rent exceeding PHP 15,000
3. How does the Philippine VAT system treat input taxes on capital goods with a purchase price of at least PHP 1
million?
a. Input taxes on such capital goods must be spread evenly over 60 months.
b. Input taxes can be claimed as a credit in the month the capital goods are purchased.
c. Input taxes on capital goods are not claimable
d. Input taxes on such capital goods must be spread evenly over 12 months.
4. The amount of funeral expense, that may be deducted from the gross estate is
a. 5% of the gross estate or P200,000 whichever is lower
b. Actual funeral expenses or P200,000 whichever is lower
c. 5% of the gross estate or the actual funeral expense or P200,000, whichever is the lowest
d. No funeral expense may be deducted
5. One of the following is not an exemption or exclusion from the gross estate
a. Capital or exclusive property of the surviving spouse
b. Properties outside the Philippines of a non-resident Chinese decedent
c. Share of stock of San Miguel Corporation of a non-resident Mexican
d. The merger of usufruct in the owner of the naked title
6. Mr. A, made the following transfers inter-vivos:
To B To C To D To E
Cost P 100,000 P 100,000 P 100,000 P 100,000
FMV, time of transfer 140,000 100,000 100,000 80,000
Consideration received 100,000 140,000 80,000 10,000
FMV time of death of Mr. A 120,000 200,000 70,000 90,000
The amount to be included in the gross estate of Mr. A is? P480,000
True or false:
7. Statement 1: The family home includes the house and the lot where the house stands
Statement 2: The value of the house and the lot where it stands, if a Family Home, is deductible from the estate of
the decedent. TRUE,TRUE
8. Statement 1: If the property is inherited before the marriage, it will belong to both spouses while if it is inherited
during marriage, it is exclusive.
Statement 2: Unless stipulated, the property relations shall be governed by conjugal partnership of gains for
marriage on or before August 3, 1988. FALSE, TRUE
9. Statement 1: Unless stipulated, the property relations shall be governed by absolute community of property for
marriage on or after August 3, 1988.
Statement 2: Under the regime of absolute community of property, property for personal and exclusive use of
either spouse shall be treated as exclusive property for estate taxation purposes. TRUE, TRUE
10. A decedent left the following properties:
Land in Italy (with P1M unpaid mortgage) P2,000,000

Land in Laguna, Philippines 500,000
Franchise in USA 100,000
Receivable from debtor in Philippines 70,000
Receivable from debtor in USA 100,000
Bank Deposits in USA 80,000
Shares of Stocks of PLDT, Philippines 75,000
Shares of Stocks of ABC, foreign corporation, 75% of the business 125,000
in the Philippines
Other personal properties 300,000
Zonal value of the land in Laguna 750,000
If the decedent is a non-resident citizen, his gross estate is? P3,600,000
11. Using the previous data, if the decedent is a non-resident alien, his gross estate is? P1,195,000
12. If in the preceding number there is reciprocity, the gross estate is? P3,600,000
13. Mr. A, an American, single and residing in USA, died in June 2023 leaving the following:
Land in Makati P2,000,000

Land in Manila 3,000,000
Gross Estate, USA 5,000,000
Deductions claimed by the estate: 70,000
Actual funeral expense 100,000
Judicial expense 80,000
Claims against the estate 75,000
Transfer of the land in Makati to the Philippine Government (in 125,000
decedent’s will)
Additional info:
• The land in Manila when inherited 3 ½ years ago had a value of P2,400,000 with a mortgage thereon of
P400,000 which, was paid prior to Mr. A’s death.
• The land in Makati, when inherited 4 ½ years ago, had a value of P1,500,000.
The Net Estate subject to estate tax is? P8,625,000

₱8,550,000
14. Mr. A, Filipino married to Mrs. B, died in July 2023, leaving the following:
1. Real properties – conjugal P5,000,000

2. Real property – exclusive (Mr. A) 1,200,000
3. Real property – exclusive (Mr. A) – (lot where the family home 10,400,000
stands)
4. Family home - conjugal 6,000,000
5. Allowable ordinary deductions - conjugal 1,600,000
The net taxable estate is? P10,600,000
15. Mr. X, a VAT registered owner of amusement place, have the following sale for the period:
Sale of tickets 1,000,000
Sale of snacks within the amusement place 250,000
Sale of roasted chicken near the amusement place 360,000
Winnings on Jai alai under straight bets (cost of ticket 5,000) 230,000
How much is the total percentage tax due of Mr. X? P37,500

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1. In the context of VAT in the Philippines, what is the main purpose of the VAT invoice or official receipt?

a. To provide proof of payment for goods or services.

6. Mr. A, made the following transfers inter-vivos:

The amount to be included in the gross estate of Mr. A is? P480,000

10. A decedent left the following properties:

Land in Italy (with P1M unpaid mortgage) P2,000,000

If the decedent is a non-resident citizen, his gross estate is? P3,600,000

Land in Makati P2,000,000

The Net Estate subject to estate tax is? P8,625,000

1. Real properties – conjugal P5,000,000

The net taxable estate is? P10,600,000

How much is the total percentage tax due of Mr. X? P37,500

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