ANNA Corporation imported goods from the United States. The goods were subjected to customs duties in the

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Question:

ANNA Corporation imported goods from the United States.

The goods were subjected to customs duties in the amount of P36,000.00 representing 8% of the dutiable value of the goods,

excise tax of P5,000.00 and

the following charges: freight, P4,200.00; insurance, P9,000.00; postage, P2,500.00; customs brokerage fees, P9,800.00; wharfage dues, P3,000.00; arrastre charges, P2,000.00; processing fees, P4,000; and facilitation fee, P3,500.00. Trucking charges from the customs warehouse to the company’s establishment in Novaliches amounted to P4,704.00, inclusive of VAT.

Required: Compute the following : (a) the value-added tax due on the importation; and (b) the value-added tax payable assuming the imported goods are sold for P600,000.00, exclusive of VAT, and packaging materials with a total invoice price of P896.00 were used for the goods sold.

Philippines Tax Laws