Which of the following is wrong? A. If the seller is a non-VAT registered seller, the government shall withhold a 3% finalpercentage tax on the sale before payment. B. The final withholding system on the sales to the government and GOCC will no longerbe applicable starting 2021. C. VAT treatment on sales to government is the same as VAT treatment on sale to non-government taxpayer except for the mandatory withholding of 5% by the government agency who avail the goods or services offered by the seller D. None of the choices.
Which of the following is wrong? A. If the seller is a non-VAT registered seller, the government shall withhold a 3% finalpercentage tax on the sale before payment. B. The final withholding system on the sales to the government and GOCC will no longerbe applicable starting 2021. C. VAT treatment on sales to government is the same as VAT treatment on sale to non-government taxpayer except for the mandatory withholding of 5% by the government agency who avail the goods or services offered by the seller D. None of the choices.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is wrong?
A. If the seller is a non-VAT registered seller, the government shall withhold a 3% finalpercentage tax on the sale before payment.
B. The final withholding system on the sales to the government and GOCC will no longerbe applicable starting 2021.
C. VAT treatment on sales to government is the same as VAT treatment on sale to non-government taxpayer except for the mandatory withholding of 5% by the government agency who avail the goods or services offered by the seller
D. None of the choices.
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