A domestic manufacturing company made the following sales to various entities during the current period as follows: Gross sales to ABC Company, a resident domestic company, P600,000 Gross sales to DEF Company, an export-oriented domestic company, P700,000 Gross sales to GHI Enterprises, a non-resident foreign company, US$15,000 Gross sales to JKL Corporation, an export-oriented domestic company, P500,000 Gross sales to MNO Company, a non-resident foreign company, US$13,000 The exchange rate at the time of sale was US$1 = P40 The export sale of DEF Company is 65% of its total annual production during the period GHI Enterprises paid in foreign currency and the transaction was properly accounted in accordance with BSP rules and regulations The export sale of JKL Corp is 80% of its total annual production during the period. MNO Company paid in equivalent Philippine peso What amount is subject to 12% VAT and 0%? What is the amount of output VAT for the period?
A domestic manufacturing company made the following sales to various entities during the current period as follows:
Gross sales to ABC Company, a resident domestic company, P600,000
Gross sales to DEF Company, an export-oriented domestic company, P700,000
Gross sales to GHI Enterprises, a non-resident foreign company, US$15,000
Gross sales to JKL Corporation, an export-oriented domestic company, P500,000
Gross sales to MNO Company, a non-resident foreign company, US$13,000
The exchange rate at the time of sale was US$1 = P40
The export sale of DEF Company is 65% of its total annual production during the period
GHI Enterprises paid in foreign currency and the transaction was properly accounted in accordance with BSP rules and regulations
The export sale of JKL Corp is 80% of its total annual production during the period.
MNO Company paid in equivalent Philippine peso
What amount is subject to 12% VAT and 0%? What is the amount of output VAT for the period?
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