A VAT taxpayer had the following sales in december 2020 and with their correponding input VAT from purchases directly attributable to each sale. Compute the VAT. Sales to private entitiesExport salesSales to governmentSales of exempt goodsSales (Invoice Price) Input Tax1,680,000.00448,000.00280,000.00150,000.0090,000.0044,400.0026,000.0011,400.00

VAT is Value Added Tax charged in the Phillipines @ 12% rate on…

Answered: es to private 1,680,000 90,00 tities

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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Taxpayer started a calendar-year business on 1 August 2020. On that date, Taxpayer paid $9,600 in rent for the period 1 August 2020 through 31 July 2021. Determine the maximum amount that Taxpayer may deduct in 2020 under both the cash and accrual methods of accounting.
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A non-VAT taxpayer recorded the following for the first three quarters of 2021.1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income taxation at the beginning of the year and it was able to switch to a VAT registration during August?2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?
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