ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject
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Question:
ABC Corporation has the following sales during the 1st quarter of 2021:
Sale to private entities subject to 12%
Php 1,000,000
Sale to private entities subject to 0%
1,000,000
Sale exempt from VAT
1,000,000
Sale to government
1,000,000
The following input taxes were passed on by ABC Corp.'s VAT suppliers:
Input tax on taxable goods
50,000
Input tax on zero-rated sale
30,000
Input tax on sale of exempt goods
20,000
Input tax on sale to government
40,000
Input tax on depreciable capital goods not attributable to any specific activity 40,000
Total available input tax due for the quarter is:
Posted Date: