How much is the total VAT on local sales and importation?

The following data taken from its books are presented to you by Fish Fresh, Canned and Dried, VAT-registered company.

Sale of locally produced canned sardines                                                                       P1,000,000

Sale of newly hauled fresh sardines                                                                               P1,500,000

Sale of canned sardines to a Subic Bay Metropolitan Authority accredited enterprise       P500,000

Sale of locally produced dried fish                                                                                P700,000

Importation of fresh fish from Alaska, USA                                                                  P2,000,000

Importation of canned sardines from Portugal                                                               P3,000,000

Answer rating: 100% (QA)

Assuming the VAT rate is 12 we can calculate the total ... View the full answer