nual sales of P6,000,000 of tobacco products by a resident business seller to foreign business buyers What type od consumption tax?
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Annual sales of P6,000,000 of tobacco products by a resident business seller to foreign business buyers
What type od consumption tax?
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- Sale of personal clothing for P10,000 by a foreign non-business seller to a resident non-business buyerWhat is the type of consumption tax?1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- Based on the below data, answer as required: WITHIN OUTSIDE Gross Income P8,000,000 P4,000,000 Business Expenses 5,000,000 3,000,000 Sale of land and warehouse (cost P2M) 3,000,000 A. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? B. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?Mahigos owns the following businesses: Annual Gross Receipts Annual Gross Sales Restaurant 1,350,000 1,000,000 Barbershop 625,000 600,000 Seller of marine food products 1,875,000 2,000,000 Purchases of goods from VAT suppliers totaled P1,200,000 (related to VAT business if applicable). How much is the VAT payable or percentage tax for the year? Group of answer choices P318,000 P108,000 P93,000 P48,000Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation?* a. P 158,400 b. P 145,200 c. P 129,600 d. P 0
- A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not included: Sales, exports P4,000,000 Purchases from VAT taxpayersP1,200,000 How much is the value-added tax refundable?The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business P450,000 Dividends from domestic corporation 80,000 From Other Countries Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total Foreign Income Tax paid is P60,000 and Philippine quarterly income tax paid is P42,000. A. Compute for the income tax still due and payable if Tacurong is a domestic corporation. B. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.A, a VAT Taxpayer, had the following data during the quarter:Export Sales, P3,000,000Domestic Sales (VAT Inclusive), P3,360,000Purchases of goods for export, P1,500,000Purchases of goods for domestic sales, VAT exclusive, P1,500,000Purchases of supplies on domestic sales, VAT exclusive, P500,000Input Tax attributable to export sales are being claimed as refund. How much is the VAT Payable?
- A retailer has a gross sale of P1,400,000 with cost of sales of P560,000 and allowable deductions of P150,000 November 2021. Its total assets of P180,000 as of November 30, 2021. Corporate Tax Rate is 25%. If the company can realize 25% increase in its gross sales for December 2021, what is the possible tax implications?A VAT registered trader had the following transactions: Sales of good to private entities, net of VAT 2,500,000 Purchases of goods sold to private entities, gross of 12% VAT 896,000 Sales to GOCC, net of VAT 1,000,000 Purchases of goods sold to GOCC net of VAT 700,000 How much is the output tax?Oracle Corp, a U.S. corporation, earns $25 million of taxable income from U.S. sources and $10 million of taxable income from foreign sources. What amount of taxable income does Oracle report on its U.S. tax return? a. $25 million. b. $35 million. c. $25 million less any tax paid on the foreign income. d. $35 million less any tax paid on U.S. income.