etermine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
etermine the following: What is the applicable business tax for the taxpayer? How much is the correct business tax due? Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 9DQ
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Problem 1
The taxpayer started operating a grocery store during 2018. He submits the following data:
Merchandise Inventory P 469,000
Gross sales 2,814,000
Purchases from VAT registered entities (net) 1,563,000
Purchases from non-VAT registered entities 312,000
Determine the following:
- What is the applicable business tax for the taxpayer?
- How much is the correct business tax due?
- Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
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