Calculate the VAT payable/refundable for January 2020
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3(b) ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the
Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company
has recorded the following transactions in January 2020:
- Sales to local customers - $1,500,000 (VAT inclusive)
- Sales to local customers - $1,200,00 (VAT exclusive)
- Sales to exempt suppliers - $100,000
- Export Sales - $700,000
- Purchases $800,000 (VAT inclusive)
- Purchases $600,000 (VAT exclusive)
- Value of Imports of $60,000. VAT paid at Customs $18,000
- Prior month adjustment relating to volume discounts – Reduction in Output Tax
of $6,000.
Calculate the VAT payable/refundable for January 2020
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- 1. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we apply the 8% rate in the computation of income tax? 2. A, Canadian citizen living in Manila, has the following income in 2019: interest income from loan granted to resident of Cebu amounting to 50,000; salary for services rendered in Italy of 100,000; sale of personal property with gain of 300,000 (located in Manila); rental income from properties located in Japan of 100,000. What is the income tax due of A under the GTR? 3. Asta, non-resident alien not engaged in business in the Philippines, has the following income for 2019: Business income in USA of 7,000,000 and; Other income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta? 4. In 2019, A, employee of MCDO Corp, has an annual salary of 2.5M only. Can A avail the 8%?SAN JOSE, an operator of 10 buses with provincial operations from Manila- San Mateo. It has also 5 cargo trucks. For 2018, the gross receipts from bus operations is P 1,300,000 and gross receipts from cargo truck is P 1,200,000. SAN JOSE is a non-VAT registered tax payer. How much is the total business taxes due?Vermont Company, which has a June 30 fiscal year-end and reports under ASPE, sells ice cream. Itbought manufacturing equipment on July 1, 2019 with cash at a purchase price of $250,000. Notincluded in this $250,000 is an additional $50,000 for freight and $5,000 for transit insurance. All thesecosts are subject to tax, and Vermont Company is in a province with 5% GST and 5% PST (combinedtax rate of 10%).The manufacturing equipment is estimated to have a useful life of 10 years with a $50,000 residualvalue. Vermont Company employs straight line depreciation. At the end of its 2020 fiscal year,depreciation was recorded, and the manufacturing equipment was ascertained to have undiscountedfuture net cashflows of $240,000. On June 30, 2021, Vermont Company sold the manufacturingequipment for $225,000.RequiredPrepare all required journal entries in good form for 2019, 2020 and 2021
- The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of whichare taxable, some of which are exempted for the month of March 2019 first purchases during the month:1 - Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 420002- goods purchased in the amount of 180000 tax exempt second obtained from sales during the month- 63000 BD with Total tax of the sale of goods subject to VAT2 - 190000 dinars obtained from the sale of tax-exempt goods required preparation of M Summarize VAT for March 2019 explaining the amount of VAT.OMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021.The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%. Part CJohn Peter is aware that there is no Capital Gains tax in Jamaica.…OMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the company spent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021. The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%.
- Q2 (a) On 7 June 2022, Yuna Sdn Bhd (Yuna), a Malaysian tax resident company, registered for sales tax and imported taxable goods equivalent to RM400,000 for its business from a supplier in Thailand. The goods imported were subject to import duty of 10% and sales tax of 10% On 14 August 2022, Yuna issued an invoice for RM180,000 for the supply of manufactured goods (jackfruit juices) to Jojo Supermarket Sdn Bhd received the full payment on 6 November 2022. The sales tax rate on jackfruit juices is 5% Required: (i) Calculate sales tax payable for Yuna Sdn Bhd on the goods imported. (ii) Briefly explain how it would be different from (a) (i) if Yuna Sdn Bhd was not registered for sales tax purposes. (iii) Calculate the Yuna Sdn Bhd sales tax payable and the total invoice amount on the sale of goods. (iv) State in which taxable period the sale by Yuna Sdn Bhd should be accounted for, and state the due date to remit the sales tax to the Royal Malaysian Customs Dept.13 These statements are presented to you for evaluation:Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000.Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase.In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true.The following tax expenses related to business were paid by Palmyra Trading in 2022:Business taxes, other than VAT, P20,000Documentary stamp taxes, P1,000Automobile registration fees, P3,000Import duty taxes, P50,000Postage stamp taxes, P500Stock transaction tax, P2,500Income tax, P600,000Value-added tax, P240,000Donor’s tax, P8,000How much is the amount of taxes deductible from gross income? a. P73,500 b. P73,000 c. P74,500 d. P76,000
- The following tax expenses related to business were paid by Palmyra Trading in 2022: Business taxes, other than VAT, P20,000 Documentary stamp taxes, P1,000 Automobile registration fees, P3,000 Import duty taxes, P50,000 Postage stamp taxes, P500 Stock transaction tax, P2,500 Income tax, P600,000 Value-added tax, P240,000 Donor’s tax, P8,000 How much is the amount of taxes deductible from gross income? P73,500 P74,500 P76,000 P73,000A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.001. A, resident citizen, has the following income for year 2019: Compensation income of 1,000,000 and Other income of 200,000. What is the income tax due? 2.The minimum wage in Marawi City is 550 per day. A, a laborer, earns 900 per day. He worked for 280 days in 2019. How much is the ANNUAL income tax due of A? 3. Asta, non-resident citizen has the following income for 2019: Business income in USA of 7,000,000 and; Compensation income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta?
