How much of the following transactions is subject to consumption tax?* Importation of flowers by local merchant - P900,000* Importation of husked rice by a local merchant -P1,200,000* Importation of books by a local merchant - P300,000* Importation of lumber by local non-merchant -P3,200,000P4,400,000O P4,100,000P2,400,000O P900,000

Consumption Tax Consumption tax is a tax that is applied to the purchase of goods or services.…

Answered: How much of the following transactions…

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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How much of the following is subject to consumption tax * Importation by PEZA of goods for activities conducted within PEZA — P4,000,000 * Sale ofgoods by a local merchant to a PEZA registered enterprise — P 200,000 * Sale of by cooperative of its products and services to cooperative members — P 300,000 0 php 200,000 php 300,000 php 4,500,000
A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero
Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *SellerBuyerBoth Seller and BuyerAnswer not given Which is wrong? * International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country. International carrier's transport of passenger is exempt from tax. Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts. All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * SellerBuyerBoth Seller and BuyerAnswer not given
mr. a is an importer-trader. on one occasion he imported articles to be sold. data on the importation follows. invoice cost of the importation p1,000.000 freight 10,000 insurance 15,000 customs duty 100,000 customs brokerage fee 20,000 processing fee 10,000 excise tax and others legitimate expenses of importation prior to removal from customs custody 90,000 how much was the landed cost tax base of the value- added tax? how much was the value-added tax on the importation?
A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals inclusive of tax, then the distributor sold them to a store for a value of 1,035,000 riyals inclusive of tax, and the entire merchandise was sold to consumers for an amount of 1,150,000 riyals.Required :1- Calculating the value of the value-added tax that must be transferred to the General Authority of Zakat and Income and who will transfer it? (If you know that the tax rate is 15%)2- What is the amount of VAT transferred by the distributor to the direct authority?3- Write the journal entries in the distributor's accounts?
1. Which is subject to value added tax? a. Sheep c. Cut sheep meat b. Sheep wool d. All of these 2. Which agricultural a. Charcoal b. Wood product is VAT-exempt on importation c. Lumber d. Corn 3. Which importation is subject to VAT? a. Importation from abroad b. Purchase of goods from economic zones in the Philippines c. Both A and B d. Neither A nor B 4. Which is not subject to VAT on importation? a. Importation of goods for personal use b. Importation of goods for business use c. Purchase of goods from Ecozone entities d. Purchase of goods from other domestic sellers. 5. Which of the following is subject to the VAT on importation when imported? c. Mushroom a. Books b. Table sugar d. ordinary salt 6. Which non-food agricultural products is exempt from VAT on importation? a. Chicken manure c. Live hogs d. Cattle b. Eggs. 7. Which of the following is not exempt from VAT? c. Orchids d. Kiwi fruits a. Grapes b. Oranges
Based on the below data, answer as required: WITHIN OUTSIDE Gross Income P8,000,000 P4,000,000 Business Expenses 5,000,000 3,000,000 Sale of land and warehouse (cost P2M) 3,000,000 A. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? B. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
How much is the amount reported as Other Income? Sale on Account to Government (VAT Inc) 672,000.00 Input VAT paid pertaining to the sale 32,000.00 5,000 10,000 Other:
A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains tax.
A virtual connection with a state based on sales volume or number of transactions. This now means, in most states, that if your business meets a threshold of $100,000 in sales in that state, it may now require you to collect sales tax on transactions digital business base economic nexus home base virtual tax base
If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if the taxpayer is a resident foreign corporation.
3 GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST Free. Calculate net GST payable position. Receipts $ 660,000 Sales of Motor Vehicles 35,000 Rent received on residential property 5,000 Interest on Deposits 1,100,000 Sale of commercial building 6,600 Employee contribution for provision of car Payments $ 330,000 Motor Vehicles purchased 10,500 Maintenance cost on the residential apartments 150,000 Salary paid to employees 1,500 Rates 400 Water bill 55,000 Repairs to motor vehicles please provide the sectin under which the calculation are made and also case law example if applicable,

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