Ginebra Corporation imported an article from U.S. The invoice value of the imported article was $125,000 ($1=P50). The following were incurred in connection with the importation:

Insurance    P 15,000

Freight         30,000

Postage        2,000

Wharfage dues     5,000

Arrastre charges   4,000

Brokerage fee          7,000

Facilitation fee         50,000

Customs duty          50,000

Excise tax                45,000

Other charges         2,000

The company also spent P12,000 for trucking from the customs warehouse to its warehouse in Mandaluyong City. The imported article was sold for P8,000,000.

Determine the following:

1. Input VAT on importation
2. VAT payable 

Answer rating: 100% (QA)

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