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Furniture Inc. reported the following sales during the year: Domestic sales 75% P150,000,000 Foreign sales: Taiwan (payment in Philippine Peso) 15% P30,000,000 USA (payment in

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Furniture Inc. reported the following sales during the year: Domestic sales 75% P150,000,000 Foreign sales: Taiwan (payment in Philippine Peso) 15% P30,000,000 USA (payment in USD) 10% $ 400,000 The total creditable input VAT related to the said sales amounted to P14,000,000. The net VAT payable would be

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