solved: The following transactions are exempt from VAT, except: a….


The following transactions are exempt from VAT, except: a….The following transactions are exempt from VAT, except: a. Importation of prescription drugs for diabetes, high cholesterol, and hypertension.b. Sale of prescription drugs for cancer, mental illness, tuberculosis and kidney diseases.c. Salary paid by a hospital to a registered medical technologist who performed laboratory services for inpatients.d. Sale of cough syrup by the pharmacy of a hospital to outpatients. Statement 1: A taxpayer whose gross sales or receipts exceeded the amount of P3,000,000 shall pay VAT even if he is not VAT registered; consequently, he is also entitled to input taxes.Statement 2: Importer of goods for personal use is not subject to VAT if he is not-VAT registered a. Both statements are trueb. Both statements are falsec. Only statement 2 is trued. Only statement 1 is true  LawSocial ScienceTax law TAX 344

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