ABC Company imported merchandise for resale. Using the following information, determine the value added tax on...
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ABC Company imported merchandise for resale. Using the following information, determine the value added tax on the importation before the same can be release from customs custody. CIF (cost, insurance, freight) value Charges/expenses incurred in claiming the goods: Wharfage Arrastre Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges: Freight from customs to warehouse (vat exclusive) P 229,195 1,540 2,295 4,090 330 3,000 2,550 5,000 REQUIRED: Determine the following: a) Vat on importation b) The value added tax payable assuming the goods were subsequently sold for P 350,000. ABC Company imported merchandise for resale. Using the following information, determine the value added tax on the importation before the same can be release from customs custody. CIF (cost, insurance, freight) value Charges/expenses incurred in claiming the goods: Wharfage Arrastre Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges: Freight from customs to warehouse (vat exclusive) P 229,195 1,540 2,295 4,090 330 3,000 2,550 5,000 REQUIRED: Determine the following: a) Vat on importation b) The value added tax payable assuming the goods were subsequently sold for P 350,000.
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Determining VAT on Importation for ABC Company a VAT on Importation To calculate the VAT on importat... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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