Taxation, 2012 Bar — Question 40

MULTIPLE CHOICE

Which statement is correct? A bar review center owned and operated by lawyers is: a) Exempt from VAT, regardless of its gross receipts during the year because it is an educational center; b) Exempt from VAT, provided that its annual gross receipts do not exceed P1.5 Million in 2011; c) Subject to VAT, regardless of its gross receipts during the year; d) Subject to VAT, if it is duly accredited by TESDA.

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