VAT PHILIPPINES - Presentations similar to real business transactions will be appreciated.

Make a fictitious case flowchart:

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

2. Compute the Input VAT, Output VAT and VAT payable in each transaction (put in a table).

3. Write an explanation about the case and the computation.

Solutions

Expert Solution

(1) Vat exempt person to Vat Registred person

Not taxable as seller is not required to collect Vat

Vat - 0

(2) VAT registered dealer to _ local sale

Sales TAXABLE @12%

eg sale value - 100

Vat payable - 12

Input - 12 for local registered dealer

(3) Vat registered dealer - Export

Sales not taxable - export incentives

Output - 0

Input - 0

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

What are the examples of businesses in the Philippines that has VAT? Give 10 examples with...

What are the examples of businesses in the Philippines that has VAT? Give 10 examples with computed invoice/receipts. (Like SM and the receipt is 112, 12 is vat)

List 10 businesses (real business in the Philippines eg. Insular Life) subject to other percentage taxes...

List 10 businesses (real business in the Philippines eg. Insular Life) subject to other percentage taxes and their percentage rates.

VAT (Philippines) 1. Make a diagram or flowchart 2. Start from a Value Added Tax-Exempt person...

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.

Explain the implications of a 5% VAT removal on real estate and excise tax on petroleum...

Explain the implications of a 5% VAT removal on real estate and excise tax on petroleum on the following line i.horizontal equity ii. vertical equity iii Efficiency

These are review questions for my final assistance would be appreciated. Which of these transactions would...

These are review questions for my final assistance would be appreciated. Which of these transactions would not be part of the cash flows from the operating activities section of the statement of cash flows? credit purchase of inventory sales of product, for cash cash paid for purchase of equipment salary payments to employees Which of these transactions would be part of the financing section? inventory purchased for cash sales of product, for cash cash paid for purchase of equipment dividend...

using the Harbeger triangle, explain why removal of VAT on real estate and excise tax on...

using the Harbeger triangle, explain why removal of VAT on real estate and excise tax on petroleum products is considered as idle. use diagram where appropriate

Please write the answer at least 250 words. BUSINESS PRESENTATIONS Have you ever given a business...

Please write the answer at least 250 words. BUSINESS PRESENTATIONS Have you ever given a business presentation before? How about one at school? Why should even experienced speakers plan their presentations when addressing a business audience instead of just "winging it"?

Highlight the potential opportunities, risks, and challenges of doing business in the Philippines Issues to consider...

Highlight the potential opportunities, risks, and challenges of doing business in the Philippines Issues to consider and/or include: A. Brief overview of the country and demographics of the Philippines B. The political and legal environment. political stability? Legal issues? C. The economic environment. Stability? Growing economy? Hard hit by this recession? D. Cultural issues. E. Any other important issues. Cite your sources.

Highlight the potential opportunities, risks, and challenges of doing business in the Philippines Issues to consider...

Highlight the potential opportunities, risks, and challenges of doing business in the Philippines Issues to consider and/or include: A. Brief overview of the country and demographics of thePhilippines B. The political and legal environment. political stability? Legal issues? C. The economic environment. Stability? Growing economy? Hard hit by this recession? D. Cultural issues. E. Any other important issues.

Michelle owns appreciated property and she wants to use this property to start a business with...

Michelle owns appreciated property and she wants to use this property to start a business with her son, Lance. Michelle is considering making a contribution of the property to a newly organized corporation in exchange for 100 percent of the corporate stock. She then contemplates giving half of the stock to Lance in exchange for his promise to manage the business. (1) Do you think this transaction will qualify for Section 351 Treatment? (2) Suppose Michelle promises that she won't...

Subjects