John is a real estate dealer. He sold a piece of land in installments. Data on the property and on the date of sale are as follows: 

Selling Price, 

VAT not included P 4,000,000 

Zonal Value 2,000,000 

Fair Market Value 5,000,000 

Installment Selling Price 4,000,000 

Terms of Payment 

May 2, 2017 (date of sale) 1,000,000 

May 2, 2018 3,000,000 

He had expenses of operations paid to VAT taxpayers, value-added tax not included as follows: 

May 9, 2017 20,000 

May 18, 2018 60,000 

How much is the output tax on May 2, 2017 and 2018 respectively?

Answer rating: 100% (QA)

Step 1 Output Vat Value added tax is the tax amount which is cal... View the full answer