Lucio imported brand new luxury car from Europe for personal use of Lucia. Total Landed cost was P13,000,000 exclusive of customs duties of P2,600,000,excise tax of P1,800,000, wharfage of 100,000, storage cost of 300,000 and facilitation cost of P1,200,000. How much is the VAT payable on this importation?

Lucio imported brand new luxury car from Europe for personal use of Lucia. Total Landed cost was P13,000,000 exclusive of customs duties of P2,600,000,excise tax of P1,800,000, wharfage of 100,000, storage cost of 300,000 and facilitation cost of P1,200,000. How much is the VAT payable on this importation?

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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