ABC Corporation is a VAT-registered business with a total assets of more than P100 million. Its income tax due during the year amounted to P2,500,000. Its net taxable income is 50% of sales. Total purchases during the year is P10,080,000 inclusive of VAT. If the cost of sales is 30% of sales, how much is the net VAT payable for the year?

Answer rating: 100% (QA)

net VAT payable for the year Gross Sales Gross Sales Cost of Sales 1 Cost of Sales Gross S... View the full answer