Question: On March 31, 2020, a VAT-registered realty developer sold a condominium unit at a selling price of P3,705,000. The buyer paid P125,000 downpayment and the

On March 31, 2020, a VAT-registered realty developer sold a condominium unit at a selling price of P3,705,000. The buyer paid P125,000 downpayment and the balance in 36 monthly installments. The property has a Zonal Value of P4,000,000 and Assessed Value of P3,000,000 at the date of sale.

What is the Output VAT on the sale of the property for the year 2020?

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