A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter. During the third quarter of 2022, it had P75,000 worth of purchases which it sold for P145,800. Should the taxpayer be a non-VAT taxpayer, how much is the minimum invoice to achieve the same level of profit, net of percentage tax?
A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter. During the third quarter of 2022, it had P75,000 worth of purchases which it sold for P145,800. Should the taxpayer be a non-VAT taxpayer, how much is the minimum invoice to achieve the same level of profit, net of percentage tax?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 1CE
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A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter. During the third quarter of 2022, it had P75,000 worth of purchases which it sold for P145,800.
Should the taxpayer be a non-VAT taxpayer, how much is the minimum invoice to achieve the same level of profit, net of percentage tax?
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