Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

I. "ALL business transactions" in the Philippines are either subject to VAT or OPT (not both).
II. When a transaction is VAT exempt (A- AA of Sec 109), the transaction is subject to zero rated VAT or 0% VAT.
A. True True
B. True False
C. False False
D. False True