2. SAN JOSE has the following data (VAT exclusive): Taxable sales is P 1,200,000 Exempted sales is P 400,000 Zero rated sales is P 200,000 Input tax (cannot be directly determined / attributable to any of the above sales) is P 80,000. What is the VAT payable if the company choose to claimed the input tax from zero rated sales as tax refund?

2. SAN JOSE has the following data (VAT exclusive): Taxable sales is P 1,200,000 Exempted sales is P 400,000 Zero rated sales is P 200,000 Input tax (cannot be directly determined / attributable to any of the above sales) is P 80,000. What is the VAT payable if the company choose to claimed the input tax from zero rated sales as tax refund?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 36P

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Harris has the following data (VAT exclusive): Taxable sales are P 1,200,000Exempted sales are P 400,000Zero-rated sales are P 200,000Input tax (cannot be directly determined / attributable to any of the above sales) is P80,000.What is the VAT payable if the company chooses to claim the input tax from zero-rated sales as taxrefund?
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