A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayers P1,200,000 How much is the value-added tax refundable?

A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayers P1,200,000 How much is the value-added tax refundable?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included:

Sales, exports P4,000,000

Purchases from VAT taxpayers P1,200,000

How much is the value-added tax refundable?

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