00 Php 120,000 March Php 1,000,000 Php 120,000 Total Php 4,000,000 Php 480,000 2nd April Php 2,000,
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ABC Corp., a VAT-registered taxpayer, disclosed the following information for the year 2019:
|
Quarter |
Period |
Capital Goods |
Input Tax |
1st |
January |
Php 2,000,000 |
Php 240,000 |
|
February |
Php 1,000,000 |
Php 120,000 |
|
|
March |
Php 1,000,000 |
Php 120,000 |
|
|
Total |
Php 4,000,000 |
Php 480,000 |
|
2nd |
April |
Php 2,000,000 |
Php 240,000 |
|
May |
Php 2,000,000 |
Php 240,000 |
|
|
June |
Php 2,000,000 |
Php 240,000 |
|
|
Total |
Php 6,000,000 |
Php 720,000 |
The capital goods (depreciable assets’ useful life is 10 years).
Question: How much is the total creditable input tax for 1st Quarter?
Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only. DO NOT INDICATE ANY NEGATIVE SIGN.
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