Taxation, 2012 Bar — Question 43

MULTIPLE CHOICE

Which statement is FALSE under the VAT law? a) A VAT-registered person will be subject to VAT for his taxable transactions, regardless of his gross sales or receipts; b) A person engaged in trade or business selling taxable goods or services must register as a VAT person, when his gross sales or receipts for the year 2011 exceed P1.5 Million; c) A person who issued a VAT-registered invoice or receipt for a VAT-exempt transaction is liable to the 12% VAT as a penalty for the wrong issuance thereof; d) Once a doctor of medicine exercises his profession during the year, he needs to register as a VAT person and to issue VAT receipts for professional fees received.

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