Question: VAT (Philippines) 1. Make a diagram or flowchart 2. Start from a Value Added Tax-Exempt person transacting to a Value Added Tax-registered person. From the

VAT (Philippines)

1. Make a diagram or flowchart

2. Start from a Value Added Tax-Exempt person transacting to a Value Added Tax-registered person. From the Value Added Tax registered, two transactions happen 1) Export sale and 2)Local sale.

3. Compute the Input Value Added Tax, Output Value Added Tax and Value Added Tax payable in each transaction, if applicable

4. Presentations similar to real business transactions will be appreciated.

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