VAT Flashcards
Enumerate the schedules in BIR Form 2550Q page 2
Schedule 1: Sales & Output VAT, per industry
Schedule 2: Purchase of Capital Goods < P1M
Schedule 3: Purchase of Capital Goods > P1M
Schedule 4: Input Tax Attr. to Sales to Govnt (incl indirect)
Schedule 5: Input Tax Attr. to EXEMPT Sales
Schedule 6: Tax Withheld Claimed as Tax Credit
Schedule 7: Advanced VAT payments
Schedule 8: VAT Withheld on Sales to Government
Enumerate the line items in BIR Form 2550Q page 1
15 Vatable Sales
16 Sales to Govnt
17 Zero- rated Sales
18 Exempt Sales
19TOTAL SALES/RECEIPTS & OUTPUT VAT
20 Less: ALLOWABLE INPUT VAT
20A Input Tax Carried Over Previous Qtr
20B Input Tax Deferred on CG in Previous Qtr
20C Transitional Input Tax
20D Presumptive Input Tax
20E Others
20F Total ABCDE
21 Current Transactions
21 A/B Purchase of CG < P1M
21 C/D Purchase of CG > P1M
21 E/F Domestic Purchases of Goods
21 G/H Importation of Goods
21 I/J Domestic Purchases of Services
21 K/L Importation of Services
21 M Purchases Not Qualified for Input Tax
21 N Others
21 P Total Current Purchases
22 Total AVAILABLE INPUT TAX
23 Deductions from Input Tax
23 A Input Tax Deferred on purch CG > P1M
23 B Input Tax on Sale to Govt Closed to expense
23 C Input Tax on Exempt Sales
23 D VAT Refund / TCC Claimed
23 E Others
23 F Total (23A-23E)
24 Total Allowable Input Tax ( 22 less 23)
25 Net VAT Payable (19 less 24)
26 Less: Tax Credits/Payments
26 A Monthly VAT Payments (2 mos)
26 B Creditable VAT Withheld (Sch 6)
26 C Advance Payments (Sugar/Flour) Sch 7
26 D VAT Withheld on Sales to Govt
26E VAT paid in return previously filed (if amended return)
26F Advance Payments Made
26G Others
26H Total Tax Credits/Payments
27 Tax Still Payable (25 less 26H)
28 Add: Penalties (Surcharge, Interest, Compromise)
29 Total Amount Payable / (Overpayment)
The monthly VAT Return 2550 M is filed on/before ..
Not later than the 20th day following the close of the month.
The monthly VAT Return 2550Q is filed on/before..
This return is filed not later than the 25th day following the close of each taxable quarter. The term “taxable quarter” shall mean the quarter that is synchronized to the income tax quarter of the taxpayer (i.e. Calendar quarter of Fiscal Quarter)
Deductions from Input Tax
23A Deferred Input Tax on Purch CG >P1M 23B Input Tax on Sale to Govt Closed to Expense 23C Input Tax Alloc. to Exempt Sales 23D VAT Refund / TCC Claimed 23E Others 23F Total
Tax Credits
VAT paid in prev. 2 months VAT paid in return previously filed if amended return Advanced payments to BIR Final withholding VAT on sales to govt Advanced VAT
Advanced VAT on refined sugar
P1,400 per 50kg bag x 12% (other than cane sugar)
Advanced VAT on Flour by Millers
Invoice Price x Earmark Rate%
+Est. Custom’s Charges
————————————————
Landed Cost
x 105%
————————————————
Total
x 75%
————————————————
Advanced VAT base
x 12%
————————————————
Advanced VAT
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Transport of naturally grown & planted timber products
Harvested m3 x P1,400 x 12% = Advanced VAT
VAT-exempt Sales Thresholds
- Casual sales
- Socialized H&L package - P450,000
- Socialized residential lots - P180,000
- Real prop. for low-cost housing - P2,000,000
- Residential lot - P1,500,000
- Residential H&L - P2,500,000
- Lease of residential units
VAT-exempt transactions
-
23 Less: Tax Credits - - - - - -Total
26A Monthly VAT Payments - prev 2mos (*if quarter return)
23A Creditable VAT Withheld
23B Advance Payments for Sugar and Flour Industries
23C VAT Withheld on Sales to Govt
23D Advance Payments Made
23F Others
23G Total Tax Credits/Payments
21 Total Allowable Input Tax
17 Less Allowable Input Tax 18 Current Transactions 19 Total Available Input Tax 20 Less Deductions from Input Tax 21 Total Allowable Input Tax
