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  • Assignment 3 - Vat Return

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    Romaica Ella Ambida
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    The document provides instructions for completing a Value Added Tax (VAT) return form for the period of April 1, 2020 to June 30, 2020. It lists relevant transaction information, including VATable sales of 10 million PHP, zero-rated sales of 5 million PHP, exempt sales of 5 million PHP, an overpayment from the prior quarter of 100,000 PHP, domestic purchases totaling 4 million PHP, and input tax amounts. The recipient is to input this information into the BIR Form 2550Q VAT return, compute any VAT payable, and submit the completed form.

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    The document provides instructions for completing a Value Added Tax (VAT) return form for the period of April 1, 2020 to June 30, 2020. It lists relevant transaction information, including VATable sales of 10 million PHP, zero-rated sales of 5 million PHP, exempt sales of 5 million PHP, an overpayment from the prior quarter of 100,000 PHP, domestic purchases totaling 4 million PHP, and input tax amounts. The recipient is to input this information into the BIR Form 2550Q VAT return, compute any VAT payable, and submit the completed form.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    67 views1 page

    Assignment 3 - Vat Return

    Uploaded by

    Romaica Ella Ambida
    The document provides instructions for completing a Value Added Tax (VAT) return form for the period of April 1, 2020 to June 30, 2020. It lists relevant transaction information, including VATable sales of 10 million PHP, zero-rated sales of 5 million PHP, exempt sales of 5 million PHP, an overpayment from the prior quarter of 100,000 PHP, domestic purchases totaling 4 million PHP, and input tax amounts. The recipient is to input this information into the BIR Form 2550Q VAT return, compute any VAT payable, and submit the completed form.

    Copyright:

    © All Rights Reserved
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    of 1

    INSTITUTE OF ACCOUNTS BUSINESS AND FINANCE

    1st Sem
    Department of Accountancy 2020
    TRANSFER AND BUSINESS TAXATION

    ASSIGNMENT 3 – VALUE ADDED TAX RETURN

    Instructions:
    1. Download excel file of BIR Form 2550Q Version 2007 at www.bir.gov.ph.
    2. Input ALL the necessary information in the return (see below).
    3. Compute the VAT payable, if any. Disregard any penalty, if any.
    4. Submit in Canvas.

    Relevant information:

    YOU are single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila.

    As a VAT-registered taxpayer engaged in trading, the BIR RDO No. 032 – Manila assigned YOU Taxpayer
    Identification No. 123-456-789-0000.

    You made the following transactions during the period April 1, 2020 to June 30, 2020 for the calendar
    year 2020.

    1. VATable sales to regular costumers – Php 10,000,000.00


    2. Zero-rated sale – Php 5,000,000.00
    3. Exempt-sale – Php 5,000.000.00
    4. 1st quarter VAT return showed an overpayment of Php 100,000.00.
    5. Domestic purchase of goods - Php 2,000,000.00
    6. Domestic purchase of service – Php 2,000,000.00
    7. Input tax directly attributable to zero-rated sale which was applied for refund - Php 100,000.00
    8. Input tax directly attributable to exempt sale – Php 100,000.00
    9. VAT payments for the months if April and May amounted to Php 100,000.00

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