VAT example
The following data were provided by Halo Mango Delight, a VAT taxpayer, for October, November, and December 2021 (VAT excluded): Compute the Value added tax of the store for the 4th Quarter of 2021. (Show computation in solving the problem).
VAT ratio = 12%.
Gross Sales P 1,700,000.00
Purchases from VAT Suppliers 640,000.00
Purchased from Non-VAT Suppliers 50,000.00
VAT ratio = 12%.
Gross Sales P 1,700,000.00
Purchases from VAT Suppliers 640,000.00
Purchased from Non-VAT Suppliers 50,000.00
Correct answer:
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