VAT Payable PROBLEM 5: Corona imported merchandise for resale. Using the following information, determine the VAT on the importation before the same can be release from customs custody. CIF (cost, insurance, freight) value Charges/expenses incurred in claiming the goods: Wharfage Arrastre Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges Freight from customs to warehouse (VAT exclusive) REQUIRED: Determine the following: a) VAT on importation b). The VAT payable assuming the goods were subsequently sold for P350,000 TOTAL CREDITABLE INPUT VAT VAT on Importation VAT on Transfer Cost (Freight from customs to warehouse (5000x12%)) APPLICABLE EXCISE TAX CIF (cost, insurance, freight) value Customs duty Add: Wharfage Arrastre Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Total Cost Before Excise Tax Excise Tax Rate (20%) Excise Tax VAT ON IMPORTATION Total Cost Before Excise Tax Add: Excise Tax Total Landed Cost Multiply by VAT Rate