OPADA, HEIDI P.

TAXATION- 2 12/07/2021
RCA CORPORATION
OUTPUT TAX
Net sales (25,000,000- 2,500,000) = (22,500,000 x 12%) /112% ₱2,410,714
Services rendered to clients (6,250,000x 12%) /112% 669,643
Deemed Sale:
Value goods in payment of debt, exclusive of VAT (4,200,000 x 12%) 504,000
Car as property dividends, exclusive of VAT (1,500,000 x 12%) 180,000
TOTAL ₱3,764,357

Less: INPUT TAX

Purchase of raw materials from
VAT registered person (16,800,000x12%) /112% 1,800,000
Purchase of Supplies (1,400,000x12%) /112% 150,000
Utilities inclusive of VAT (750,000x12%) /112% 80,357
Purchase of Capital Goods (5,300,000x12%) /112% 567,857
VAT on Importation 702,000
TOTAL ₱ (3,300,214)
VAT Payable ₱464,143

VAT ON IMPORTATION
Invoice price ₱4,200,000
Customs duties 800,000
Freight 200,000
Other charges- BOC 150,000
Facilitation fee 500,000
Landed Cost ₱5,850,000
X12%
VAT on Importation ₱702,000