Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
VALUE ADDED TAX RETURN Instructions: Download file of BIR Form 2550Q Version 2007 at www.bir.gov.ph Input ALL the necessary information in the return (see below).
VALUE ADDED TAX RETURN
Instructions:
- Download file of BIR Form 2550Q Version 2007 at www.bir.gov.ph
- Input ALL the necessary information in the return (see below).
- Compute the VAT payable, if any. Disregard any penalty, if any.
Relevant information:
YOU are single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila.
As a VAT-registered taxpayer engaged in trading, the BIR RDO No. 032 Manildewqaa assigned YOU Taxpayer Identification No. 123-456-789-0000.
You made the following transactions during the period April 1, 2020 to June 30, 2020 for the calendar year 2020.
- VATable sales to regular costumers Php 10,000,000.00
- Zero-rated sale Php 5,000,000.00
- Exempt-sale Php 5,000.000.00
- 1st quarter VAT return showed an overpayment of Php 100,000.00.
- Domestic purchase of goods - Php 2,000,000.00
- Domestic purchase of service Php 2,000,000.00
- Input tax directly attributable to zero-rated sale which was applied for refund - Php 100,000.00
- Input tax directly attributable to exempt sale Php 100,000.00
- VAT payments for the months if April and May amounted to Php 100,000.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started