1. Mr. Amiable imported various merchandise from abroad. The importation was invoiced at $ 5,000. Mr. Amiable...
Question:
1. Mr. Amiable imported various merchandise from abroad. The importation was invoiced at $ 5,000. Mr. Amiable also incurred the following costs of importation: Insurance P 4,000 Freight 15,000 Wharfage fee 4,000 Arrastre charge 7,000 Brokerage fee 8,000 Facilitation fee 5,000 Mr. Dolinger was also assessed P 24,000 and P 18,000, respectively, for customs duties and excise tax. The applicable exchange rate was P51 : $1. What is the VAT on importation?
2. Mr. Peace, a VAT-registered food retailer, imported the following from China: Landed cost Fruits P 750,000 Vegetables P540,000 Frozen meat P150,000 Marinated milkfish P300,000 Total P1,740,000 Compute the VAT on importation
3. Love imported various personal and household effects with a value aggregating P500,000. P420,000 of these was subjected to a 8% customs duty by the BOC. What is the VAT on importation?
4. Pacman imported a brand-new Jaguar, 2018 model for his wife. Total landed costs is P15,000,000, exclusive of P3,000,000 custom duties, P2,000,000 excise tax, and P1,000,000 facilitation fee. Vat payable is how much?
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr