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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)

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Expert Solution

Value Added Tax, or VAT, is a tax applied on the sale of goods and services in the Philippines. When applicable, VAT may be applied to transactions at each stage of a sales cycle – from manufacturer to the final buyer.

The 12% VAT is applied on the taxable gross selling price of goods and properties and on the gross value of receipts from services and lease of properties. There is also a 0% VAT Rate which is applied on export sales and 0% VAT-rated sales.

1. Manufacturing of goods - Invoice 1000, 120 is VAT

2. Processing Industries - Invoice 1200, 144 is VAT

3. Packaging Industries - Invoice 500, 60 is VAT

4. Reackaging Industries - Invoice 700, 84 VAT

5. Perfume Industry - Invoice 200, 24 VAT

6. Leather goods - Invoice 300, 36 VAT

7. Plastic cans - Invoice 400, 48 VAT

8. Toys Industry - Invoice 600, 72 VAT

9. Notebooks - Invoice 900, 108 VAT

10. Exports - Invoice 800, 0 VAT (Exports are liable to 0% VAT)


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