Nicanor is a VAT registered processor of fruits. The following data were provided for purposes of determining the taxpayer’s VAT payable: Sales from processed fruits (invoice amount) P 672,000 Purchases and Payments: Purchased of fruits from farmers - 200,000 Purchased of raw sugar from millers - 60,000 Purchased of bottles (invoice amount) - 22,400 Purchased of can containers (VAT exc) - 50,000 Payments of paper containers (VAT exc) - 5,600 Purchased of cardboard for boxes (invoice amount) -3,360 Payments of for hauling services from VAT registered - 60,000 Question: Based on the foregoing facts, how much is the presumptive input VAT?
Nicanor is a VAT registered processor of fruits. The following data were provided for purposes of determining the taxpayer’s VAT payable:
Sales from processed fruits (invoice amount) P 672,000
Purchases and Payments:
Purchased of fruits from farmers - 200,000
Purchased of raw sugar from millers - 60,000
Purchased of bottles (invoice amount) - 22,400
Purchased of can containers (VAT exc) - 50,000
Payments of paper containers (VAT exc) - 5,600
Purchased of cardboard for boxes (invoice amount) -3,360
Payments of for hauling services from VAT registered - 60,000
Question: Based on the foregoing facts, how much is the presumptive input VAT?
Note: Write only the amount without comma, no peso sign and round off to the nearest peso (e.g. write 100000 only if the answer is One Hundred Thousand Pesos). If your answer is Zero, write 0 only.
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