PROBLEM 8-9

Requirement: Compute for the VAT Payable / (Excess Input VAT)

OUTPUT TAX
Domestic Sales (330,000/1.12*12%) 35,357.14
Other Domestic Sales (274,966/1.12*12%) 29,460.64
Export Sales (200,000*0) 0 64,817.79
LESS: INPUT TAX
Purchase of Goods (374,000/1.12*12%) 40,071.43
Purchase of Supplies (69,848/1.12*12%) 7,483.71
Purchase of Services (154,000/1.12*12%) 16,500.00
Purchase of Goods for Export (55,000/1.12*12%) 5,892.86 69,948.00
VAT Payable / (Excess Input VAT) - 5,130.21
PROBLEM 8-10

Requirement: Compute for the VAT on Importation and VAT Payable

CIF Value 229,195.00
Add: Charges/Expenses incurred in claiming the goods
Wharfage 1,540.00
Arrastre 2,295.00
Custom Duty 4,090.00
Brokerage Fee and Documentary Stamps 330.00
Marino Cargo Insurance 2,550.00
Tax Base 240,000.00
Multiplied by: VAT Rate 12%
VAT on Importation 28,800.00

Sales 350,000.00
Multiplied by: VAT Rate 12%
Output Tax 42,000.00
Less: Input Tax
Input VAT on Importation 28,800.00
Input VAT on Transfer Cost (5,000*12%) 600.00 29,400.00
VAT Payable 12,600.00
PROBLEM 8-13

Requirement A: Compute for the Presumptive Input VAT

Presumptive (Tomatoes: 85,000*4%) 3,400.00

Requirement B: Compute for the VAT Payable / (Excess Input Tax)

Output VAT (800,000*12%) 96,000.00
Less: Input VAT
Presumptive (Tomatoes: 85,000*4%) 3,400.00
Presumptive (Olive Oil: 67,200/1.12*12%) 7,200.00
Can Containers (25,000*12%) 3,000.00
Paper Labels (12,000*12%) 1,440.00
Cardboard for Boxes (8,960/1.12*12%) 960.00 16,000.00
VAT Payable / (Excess Input VAT) 80,000.00