Tim Corp.has the following sales during the 1 st quarter of 2022: Sales Traceable Input VAT Sale
Fantastic news! We've Found the answer you've been seeking!
Question:
- Tim Corp.has the following sales during the 1st quarter of 2022:
Sales Traceable Input VAT
Sale to private entities P 2,500,000 P 120,000
Sale of Exempt Goods 1,500,000 40,000
Sale to government 1,000,000 60,000
Total P 5,000,000 P 220,000
In addition, total input tax on the purchase of depreciable capital goods at the start of the quarter amounting to P160,000 was not directly attributable to any of the above sales. It has a useful life of 7 years. Also, VAT of P30,000 was remitted to the BIR during the first two months of the quarter.How much is the VAT still payable?
Expert Answer:
Posted Date:
