Mr. Pineda imported goods from the USA as follows: Invoice cost of the importation ($1 = P51).. Freight.. Insurance. Wharfage . Brokerage fee to Customs Broker.. Trucking expense from the Bureau of Customs to the warehouse of importer (The carrier is a vat-registered entity).. The imported article was imposed P50,000 customs duty and P35,000 excise tax. (a) How much is the VAT on importation? $ 5,000 P 10,000 37,500 1,800 2,250 7,500 (b) Assuming that the imported article was sold for P728,000 vat-inclusive, the VAT payable is
Mr. Pineda imported goods from the USA as follows: Invoice cost of the importation ($1 = P51).. Freight.. Insurance. Wharfage . Brokerage fee to Customs Broker.. Trucking expense from the Bureau of Customs to the warehouse of importer (The carrier is a vat-registered entity).. The imported article was imposed P50,000 customs duty and P35,000 excise tax. (a) How much is the VAT on importation? $ 5,000 P 10,000 37,500 1,800 2,250 7,500 (b) Assuming that the imported article was sold for P728,000 vat-inclusive, the VAT payable is
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 20P
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Transcribed Image Text:Mr. Pineda imported goods from the USA as follows:
Invoice cost of the importation ($1 = P51)..
Freight..
Insurance.
Wharfage .
Brokerage fee to Customs Broker..
Trucking expense from the Bureau of Customs to the warehouse
of importer (The carrier is a vat-registered entity)..
The imported article was imposed P50,000 customs duty and P35,000 excise tax.
(a) How much is the VAT on importation?
$ 5,000
P 10,000
37,500
1,800
2,250
7,500
(b) Assuming that the imported article was sold for P728,000 vat-inclusive, the VAT
payable is
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