Alex is in the course of trade selling real property. During the month of February, it...
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Alex is in the course of trade selling real property. During the month of February, it had the following data (per sales document, inclusive of vat) Cash sales P560,000 Sales on deferred payment basis (initial payments exceeds 25% of selling price) 336,000 The real property sold for cash had a zonal value of P600,000 exclusive of vat and the property sold under deferred payment basis had a fair market value of P200,000, exclusive of vat. How much is the output vat on the sale of real property? Alex is in the course of trade selling real property. During the month of February, it had the following data (per sales document, inclusive of vat) Cash sales P560,000 Sales on deferred payment basis (initial payments exceeds 25% of selling price) 336,000 The real property sold for cash had a zonal value of P600,000 exclusive of vat and the property sold under deferred payment basis had a fair market value of P200,000, exclusive of vat. How much is the output vat on the sale of real property?
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To calculate the output VAT on the sale of real property we need to determine the taxable portions o... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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