Question: ANSWER THIS BASE ON PHILIPPINE SETTING Use the following data for the next four (4) questions: World Power Corp. imported an article from Japan. The
ANSWER THIS BASE ON PHILIPPINE SETTING
Use the following data for the next four (4) questions:
World Power Corp. imported an article from Japan. The invoice value of the imported
articles
was$7,000 ($1-P-50), however, customs officials valued the imported article for
P500,000.
The following additional costs were incurred in connection with the importation:
Insurance
P15,000
Freight from Japan
10,000
Postage
5,000
Wharfage
7,000
Arrastre charges
8,000
Brokerage fee
25,000
Facilitation fee
3,000
The imported article was imposed P50,000 customs duty and P30,000 excise tax.
The Company likewise spent P50,000 for trucking fee from the customs warehouse to its warehouse in Quezon city. The carrier is a vat-registered entity.
- The VAT on importation is:
a. P60,000
b. P78,000
c. P60,000
d. P80,000
- Based on the preceding number, if the imported article was sold for P800,000 (exclusive of vat), the VAT payable is:
a. P24,000
b. P12,000
c. P36,000
d. P30,000
- Assume the BOC did not provide the valuation for the imported article, the vat on importation is:
a. P60,000
b. P42,000
c. P60,600
d. P80,000
- Based on the preceding number, if the imported article was sold for P800,000, VAT exclusive, the VAT payable is:
a. P24,000
b. P12,000
c. P36,000
d. P30,000
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