Question
1) A VAT-registered online seller of goods sold Php11.2Million worth of luxury bags, inclusive of taxes. Unfortunately, there was one bogus buyer who already received
1) A VAT-registered online seller of goods sold Php11.2Million worth of luxury bags, inclusive of taxes. Unfortunately, there was one bogus buyer who already received the bag but did not pay its price which is Php1.2Million. Thus, she was able to collect only P10Million during the year. How much is the Output VAT to be reported by the online seller?
2) RDC, a manpower agency, received a total of Php2,000,000, inclusive of taxes, from all its clients during the year. 80% of which represents the salary of security guards (supported by acknowledgment receipts) and the remaining pertains to agency fee (supported by acknowledgment receipts). Assuming there are no other expenses incurred by the agency. How much is its VAT payable for the year?
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1 The Output VAT to be reported by the online seller can be calculated by multiplying the sales amou...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
