J, VAT registered taxpayer, had the following data on importation in 2022: Invoice cost (exchange rate $1: P46), $56,500 Custom duties, 12% Freight, P200,000 Insurance, P280,000 Other charges before release from customs house, P70,000 Facilitation fee, P100,000 Freight from customs house to warehouse (net of VAT), P120,000 The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after its delivery to the warehouse. How much is the VAT Payable?
J, VAT registered taxpayer, had the following data on importation in 2022: Invoice cost (exchange rate $1: P46), $56,500 Custom duties, 12% Freight, P200,000 Insurance, P280,000 Other charges before release from customs house, P70,000 Facilitation fee, P100,000 Freight from customs house to warehouse (net of VAT), P120,000 The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after its delivery to the warehouse. How much is the VAT Payable?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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J, VAT registered taxpayer, had the following data on importation in 2022:
Invoice cost (exchange rate $1: P46), $56,500
Custom duties, 12%
Freight, P200,000
Insurance, P280,000
Other charges before release from customs house, P70,000
Facilitation fee, P100,000
Freight from customs house to warehouse (net of VAT), P120,000
The imported goods were sold for P6,650,000 (inclusive of VAT) 10 days after its
delivery to the warehouse.
How much is the VAT Payable?
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