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EOPT Act 2024 Quizzer

Quiz by Jims

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25 questions
Show answers
  • Q1

    EOPT stands for:

    End of Paying Taxes

    Ease of Paying Taxes

    Easier way of Paying Taxes

    Ease of Processing Taxes

    30s
  • Q2

    "Sales invoice" or "Official Receipts" shall now be referred as "Invoice".

    TRUE

    FALSE

    30s
  • Q3

    Under RR 3-2024 Output VAT credit on uncollected receivables, a seller of goods or services may deduct the output VAT pertaining to uncollected receivables from its output VAT on the next quarter after the lapse of the agreed upon period to pay.

    FALSE

    TRUE

    30s
  • Q4

    Which of the following is not a classfication of Tax Refund/Claims?

    High

    Small

    Low 

    Medium

    30s
  • Q5

    For VAT invoices requirements, the following should be available for VAT to still be allowed to be used as input VAT credit on the part of the purchaser, except one of the following:

    Signature of the purchaser

    Amount of sales

    Date of Transaction

    Amount of VAT

    30s
  • Q6

    Filing of tax returns shall only be done electronically.

    TRUE

    FALSE

    30s
  • Q7

    On the Scope of Verification of Sales under Medium Risk, the amount of sales and total receipts/invoices issued as a proof of verification should be atleast:

    20%

    10%

    50%

    30%

    30s
  • Q8

    Claims filed by first-time claimants are considered high risk and shall remain as such for the succeeding:

    One (1) VAT refund claims

    Four (4) VAT refund claims

    Three (3) VAT refund claims

    Two (2) VAT refund claims

    30s
  • Q9

    The following are the risk factors for verification of VAT refund claims, except:

    Frequency of filing VAT refund claims 

    Amount of VAT refund claim

    Tax Compliance history

    Tax System used by the company

    30s
  • Q10

    The reduced civil penalty rate for Micro and Small Taxpayers is:

    5%

    10%

    50%

    25%

    30s
  • Q11

    Under EOPT, the legal interest imposable to covered taxpayers as to penalties is:

    4%

    12%

    6%

    5%

    30s
  • Q12

    VATable sales shall be measured using accrual basis, with VAT Invoice as its primary supporting document.

    FALSE

    TRUE

    30s
  • Q13

    In invoicing and accounting requirements for VAT registered persons, the following information should see in VAT Invoice, except:

    VAT is shown as a separate line item

    Zero-rated Sale is written or printed

    VAT Exempt Sale is written or printed

    Percentage of VAT is shown as a separate line item

    30s
  • Q14

    The following are consequences of issuance of VAT invoice by a non-VAT registered person, except:

    Liable to pay other percentage tax in addition to VAT

    Surcharge of 50%

    Cannot benefit from input tax credit

    Payment of penalty of at least Php 1,000.00

    30s
  • Q15

    In RR 7-2024 Registration Requirements: Section 4, All books of accounts and accounting records shall be preserved for a period of?

    15 years

    5 years

    20 years

    10 years

    30s

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