In 2021, Hope Trading, the supplier of Faith Merchandising sold merchandise item worth P600,000 VAT exclusive. All the purchases of Hope were sold to Lovely Corporation with a selling price of P1,120,000 VAT inclusive. All parties are VAT registered and the sold items are applicable to recognition of 12% VAT? How much is the VAT payable of Hope Incorporated to BIR?

Answer rating: 100% (QA)

The VAT payable by Hope Trading to the Bureau of Internal Revenue BIR can be calculated ... View the full answer