SUMMARY OF TRANSACTIONS

VATable sales to private entities

Exempt Sales
Export (0-rated) sales
Total Sales

Purchase of goods from VAT suppliers related to:

VATable sales to private entities
Exempt Sales
Export (0-rated) sales

Purchase of services from VAT suppliers related to:

VATable sales to private entities
Exempt Sales
Export (0-rated) sales

Purchase of capital goods

DATA FOR JAN AND FEB AVAILABLE DATA FOR MACH
AVAILABLE IN 2550M AVAILABLE IN
SASLES AND PUCHASE JOURNAL

JANUARY FEBRUARY MARCH TOTAL

600,000.00 400,000.00 720,000.00 1,720,000.00
100,000.00 250,000.00 130,000.00 480,000.00
150,000.00 100,000.00 150,000.00 400,000.00
850,000.00 750,000.00 1,000,000.00 2,600,000.00

200,000.00 200,000.00 370,000.00 770,000.00

85,000.00 - 120,000.00 205,000.00
- - - -
285,000.00 200,000.00 490,000.00 975,000.00

50,000.00 100,000.00 - 150,000.00

30,000.00 80,000.00 - 110,000.00
10,000.00 - - 10,000.00
90,000.00 180,000.00 - 270,000.00

1,800,000.00 3,000,000.00 4,800,000.00

3 years useful life 6 years useful life
Machine Lifting Equipment
You may refer to the previously filed monthly VAT Returns when preparing quarterly VAT return.
However, if it is not available, or not given in the problem, you need to do a manual computation.

We used T-account for the computation of VAT payable for January and February, and 1st Quarter,
although you may also utilize your own technique or you may simply follow the long method
(the one with step by step procedures). No formart of computation is required as long as you get
the correct answer.

JANUARY VAT PAYABLE

Input Tax
Related to Vatable sales 30,000.00 72,000.00
Related to ZERO% sales 1,200.00
Depreciable capital goods 5,294.12
36,494.12 72,000.00
₱ 35,505.88

Depreciable capital goods

(1,800,000 x 12%)/ 36 months 6,000.00
Attributable to Vatable and export ₱ 5,294.12

FEBRUARY VAT PAYABLE

Input Tax
Related to Vatable sales 36,000.00 48,000.00
Related to ZERO% sales -
Depreciable capital goods 8,000.00
44,000.00 48,000.00
₱ 4,000.00
Depreciable capital goods

January purchase 6,000.00

February purchase
(3,000,000 x 12%)/60mo 6,000.00
12,000.00
x 500,000/750,000
₱ 8,000.00

1st QUARTER VAT PAYABLE

Input Tax
Related to Vatable sales 110,400.00 206,400.00
Related to ZERO% sales 1,200.00
Depreciable Capital Goods 24,461.54
Payment made in Jan 35,505.88
Payment made in Feb 4,000.00
 175,567.42 206,400.00
₱ 30,832.58

Depreciable capital goods

No of months
January purchase 6,000.00 3 18,000.00
February purchase 6,000.00 2 12,000.00
Total input tax from purchase of capital goods 30,000.00
x 2,120/ 2600
Input Tax attributable to Vatable and export sales ₱ 24,461.54

ADDITIONAL INFO:

When filing for quarterly return you will actually pay the amount still payable or the amount due for the last mont
Thus, VAT STILL PAYABLE= AMOUNT PAYABLE FOR MARCH ONLY.
Well let's check :)

VAT PAYABLE FOR MARCH

Input Tax related to Vata ₱ 44,400.00 86,400.00 Output Tax related to Vatable Sales
10,440.00
₱ 31,560.00
₱ 54,840.00 ₱ 86,400.00 30,832.58
₱ 31,560.00 ₱ 727.42

From Jan ₱ 6,000.00

From Feb 6,000.00
Input Tax f ₱12,000.00 23C recognized in our Return
Capital Goods Less: Input Tax allocable to Ex
Input Tax allocable to Exemp

Input tax Directly attributable (

Input tax not directly attributab

CASE CLOSED

Kung walang mga cents sakto

Pero kung meron cents mag c
Output tax
Related to Vatable Sales only

Output tax
Related to Vatable Sales only

Output tax
Related to Vatable Sales only
unt due for the last month of the quarter.

to Vatable Sales

this difference maybe attributable to rounding-off difference

but to be sure, lets trace it!

Well based on our 2550Q, the amounts in cents started in

23C Input Tax allocable to Exempt Sales (Sch.5).

recognized in our Return 43338.46

: Input Tax allocable to Exempt Sales In January 14505.88
ut Tax allocable to Exempt Sales In Febuary 13600
15232.58

t tax Directly attributable (120,000 x 12%) 14,400.00

t tax not directly attributable(12,000 x 130K/1M) 1,560.00
15,960.00
E CLOSED -₱ 727.42

g walang mga cents sakto yan.

kung meron cents mag cummulative computation ka pa din para mas safe.
(To be filled up by the BIR)
DLN: PSIC:

Quarterly Value-Added BIR Form No.

Republika ng Pilipinas
Kagawaran ng Pananalapi
Kawanihan ng Rentas Internas
Tax Return
(Cumulative For 3 Months)
2550Q
February 2007 (ENCS)
Fill in all applicable spaces. Mark all appropriate boxes with an “X”.
1st 3rd 3 Return
1 For the X Calendar Fiscal 2 Quarter X From 01 01 21 4 Amended Ye 5 Short
Year Ended Period Return? s Period Yes
( MM / YYYY )
12 2 0 2 1 2nd 4th (mm/dd/yy) To 03 31 21 X No Return? X No
6 TIN 7 RDO 8 No. of sheets 9 Line of
902 060 908 005 Code
06 8 attached 0 Business
RETAIL SALE OF FOOD PRODUCTS
10 Taxpayer's Name (For Individual)Last Name, First Name, Middle Name/(For Non-individual) Registered Name 11 Telephone Number
DIOLATA, PEAYAH, IGARLINO 0 9 20 4 025734
12 Registered Address 13 Zip Code
PERALTA ST., TALISAY, SORSOGON, V 4700
14 Are you availing of tax relief under Special Law If yes, specify
or International Tax Treaty? Yes X No
Part II Computation of Tax (Attach additional sheets, if necessary)
Sales/Receipts for the Quarter (Exclusive of VAT) Output Tax Due for the Quarter
15 Vatable Sales/Receipt- Private (Sch.1) 15A 1,720,000.00 15B 206,400.00 see Sch.1
16 Sale to Government 16A 0 16B 0
17 Zero Rated Sales/Receipts 17 400,000.00
18 Exempt Sales/Receipts 18 480,000.00
19 Total Sales/Receipts and Output Tax Due 19A 2,600,000.00 19B 206,400.00
20 Less: Allowable Input Tax
20A Input Tax Carried Over from Previous Quarter 20A 0
20B Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Quarter 20B 0
20C Transitional Input Tax 20C 0
20D Presumptive Input Tax 20D 0
20E Others 20E 0
20F Total (Sum of Item 20A, 20B,20C,20D &20E) 20F 0
21 Current Transactions Purchases
21A/B Purchase of Capital Goods not exceeding P1Million (see sch.2) 21A 0 21B 0
21C/D Purchase of Capital Goods exceeding P1Million (see sch.3) 21C 4,800,000.00 21D 576,000.00 see Sch.3
21E/F Domestic Purchases of Goods Other than Capital Goods 21E 975,000.00 21F 117,000.00
21G/H Importation of Goods Other than Capital Goods 21G 0 21H 0
21I/J Domestic Purchase of Services 21I 270,000.00 21J 32,400.00
21K/L Services rendered by Non-residents 21K 0 21L 0
21M Purchases Not Qualified for Input Tax 21M 0
21N/O Others 21N 0 21O 0
21P Total Current Purchases (Sum of Item 21A,21C,21E,21G,21I,21K,21M&21N) 21P 6,045,000.00
22 Total Available Input Tax (Sum of Item 20F, 21B,21D,21F,21H,21J,21L&21O) 22 725,400.00
23 Less: Deductions from Input Tax
23A Input Tax on Purchases of Capital Goods exceeding P1Million
deferred for the succeeding period (Sch.3) 23A 546,000.00 see Sch.3
23B Input Tax on Sale to Govt. closed to expense (Sch.4) 23B 0
23C Input Tax allocable to Exempt Sales (Sch.5) 23C 43,338.46 see Sch.5
23D VAT Refund/TCC claimed 23D 0
23E Others 23E 0
23F Total (Sum of Item 23A, 23B,23C,23D & 23E) 23F 589,338.46
24 Total Allowable Input Tax (Item 22 less Item 23F) 24 136,061.54
25 Net VAT Payable (Item 19B less Item 24) 25 70,338.46
26 Less: Tax Credits/Payments
26A Monthly VAT Payments - previous two months 26A 39,505.88
26B Creditable Value-Added Tax Withheld (Sch. 6) 26B 0
26C Advance Payments for Sugar and Flour Industries (Sch.7) 26C 0
26D VATwithheld on Sales to Government (Sch.8) 26D 0
26E VAT paid in return previously filed, if this is an amended return 26E 0
26F Advance Payments made (please attach proof of payments - BIR Form No. 0605) 26F 0
26G Others 26G 0
26H Total Tax Credits/Payments (Sum of Item 26A,26B,26C,26D,26E, 26F & 26G) 26H 39,505.88
27 Tax Still Payable/(Overpayment)(Item 25 less Item 26H) 27 30,832.58
28 Add: Penalties Surcharge Interest Compromise
28A 0 28B 0 28C 0 28D 0
29 Total Amount Payable/(Overpayment) (Sum of Item 27 & 28D) 29 30,832.58
I declare, under the penalties of perjury, that this return has been made in good faith, verified by me, and to the best of my knowledge, and belief,
is true and correct, pursuant to the provisions of the National Internal Revenue Code, as amended, and the regulations issued under authority thereof.

30 GENELITA G. BUENVIAJE 31
President/Vice President/Principal Officer/Accredited Tax Agent/ Treasurer/Assistant Treasurer
Authorized Representative/Taxpayer (Signature Over Printed Name)
(Signature Over Printed Name)

ACCREDITED TAX AGENT 902-050-905-000

Title/Position of Signatory TIN of Signatory Title/Position of Signatory

Tax Agent Acc. No./Atty's Roll No.(if applicable) Date of Issuance Date of Expiry TIN of Signatory
Part III Details of Payment
Drawee Bank/ Date
Particulars Agency Number MM DD YYYY Amount Stamp of
32 Cash/Bank 32A 32B 32C 32D Receiving Office/AAB
Debit Memo and Date of Receipt
33 Check 33A 33B 33C 33D (RO's Signature/
34 Tax Debit Bank Teller's Initial)
34A 34B 34C
Memo
35 Others 35A 35B 35C 35D

Machine Validation (if filed with an accredited agent bank)/Revenue Official Receipt Details (If not filed with an Authorized Agent Bank)
 BIR Form 2550Q - F
Schedule 1 Schedule of Sales/Receipts and Output Tax (Attach additional sheet, if necessary)
Amount of Sales/Receipts
Industries Covered by VAT ATC
For the Quarter
WHOLESALE AND RETAIL VT010 1,720,000.00

To Item 15A/B 1,720,000.00

Schedule 2 Purchases/Importation of Capital Goods (Aggregate Amount Not Exceeding P1 Million) (Attach additional sheet, if necessary)
Date Amount
Description
Purchased (Net of VAT)
(A) (B) (C)

Total (To Item 21A/B)

Schedule 3 Purchases/Importation of Capital Goods (Aggregate Amount Exceeds P1 Million) (Attach additional sheet, if necessary)
A) Purchases/Importations This Quarter
Recognized Life
Date Amount Input Tax (In Months)
Description Est. Life (in months)
Purchased (Net of VAT) (Cx12%) Useful life or 60 mos.
(whichever is shorter)
(A) (B) (C ) (D) (E) (F)
1/1/2021 MACHINE 1,800,000.00 216,000.00 36 36
1/2/2021 LIFTING EQUIPMENT 3,000,000.00 360,000.00 72 60

Total (To Item 21C/D) 4,800,000.00 576,000.00

B) Purchases/Importations Previous Quarters

Recognized Life (In

Date Amount Balance of Input Tax from
Description Est. Life (in months) Months)
Purchased (Net of VAT) Previous Period
Remaining Life
(A) (B) (C ) (D) (E) (F)

Total
C) Total Input Tax Deferred for future period from current and previous purchases (To Item 23A)
* - D divided by F multiplied by Number of months in use during the quarter
Schedule 4 Input Tax Attributable to Sale to Government
Input Tax directly attributable to sale to government
Add: Ratable portion of Input Tax not directly attributable
to any activity:
Taxable sales to government Amount of Input Tax not
Total Sales x directly attributable
Total Input Tax attributable to sale to government
Less: Standard Input Tax to sale to government
Input Tax on Sale to Govt. closed to expense (To Item 23B)
Schedule 5 Input Tax Attributable to Exempt Sales
Input Tax directly attributable to exempt sale
Add: Ratable portion of Input Tax not directly attributable
to any activity:
Taxable exempt sale Amount of Input Tax not 30,000.00
Total Sales x directly attributable
Total Input Tax attributable to exempt sale (To Item 23C)
Schedule 6 Tax Withheld Claimed as Tax Credit (Attach additional sheets, if necessary)
Period Name of Withholding Agent Income Payment Total
Covered Tax Withheld

Total (To Item 26B)

Schedule 7 Schedule of Advance Payment (Attach additional sheets, if necessary)
Period Name of Miller Name of Taxpayer Official Receipt Amount
Covered Number Paid

Total (To Item 26C)

Schedule 8 VAT Withheld on Sales to Government (Attach additional sheets, if necessary)
Period Name of Withholding Agent Income Payment Total
Covered Tax Withheld

Total (To Item 26D)

 BIR Form 2550Q - F
ALPHANUMERIC TAX CODES (ATC)
INDUSTRIES COVERED BY VAT ATC INDUSTRIES COVERED BY VAT ATC INDU
1. Mining and Quarrying VQ010 4. Lending Investors/Dealer In securites/ 8.6 Other
VB 102
2. Manufacturing Pawnshops/Pre-need Co./ 9. Real Estate,
2.1 Tobacco VM 040 5. Construction VC 010 Business Ac
2.2 Alcohol VM 110 6. Wholesale & Retail VT 010 9.1 Sale o
2.3 Petroleum VM 120 7. Hotel & Restaurants 9.2 Lease
2.4 Automobiles VM 130 7.1 Hotels, Motels VB100 9.3 Sale/L
2.5 Non-Essentials (Excisable Goods) VM 140 7.2 Restaurants, Caterers VB101 10. Compulsory
2.6 Cement VM 030 8. Transport Storage and Communications Public Admi
2.7 Food Products and Beverages VM 020 8.1 Land Transport-Cargo VB105 11. Other Comm
2.8 Pharmaceuticals VM 150 8.2 Water Transport-Cargo Personal Se
2.9 Flour VM 050 8.2.1 Domestic Ocean Going Vessels VB106 12. Others:
2.10 Sugar VM 160 8.2.2 Inter Island Shipping Vessels VB 107 12.1 Stora
2.11 Pesticides VM 100 8.3 Air Transport-Cargo VB108 12.2 Busin
2.12 Others (General) VM 010 8.4 Telephone & Telegraph VB109 (In G
3. Non Life Insurance VB 113 8.5 Radio/TV Broadcasting VB 111 12.3 Impor
 BIR Form 2550Q - February 2007 (ENCS) Page 2
d Output Tax (Attach additional sheet, if necessary)
Output Tax
For the Quarter
206,400.00

206,400.00
lion) (Attach additional sheet, if necessary)
Input Tax
(D)

Attach additional sheet, if necessary)

Allowable Input Balance of Input Tax

Tax for the Period * to be carried to
Next Period
(D) less (G)
(G) (H)
18,000.00 198,000.00
12,000.00 348,000.00

546,000.00

Allowable Input Balance of Input Tax

Tax for the Period * to be carried to
Next Period
(D) less (G)
(G) (H)

Government

mpt Sales
37,800.00

5,538.46

43,338.46
heets, if necessary)
Applied
Previous 2 mos. Current mo.

ce Payment (Attach additional sheets, if necessary)

Applied
Previous 2 mos. Current mo.

l sheets, if necessary)
Applied
Previous 2 mos. Current mo.
 BIR Form 2550Q - February 2007 (ENCS) Page 3
TAX CODES (ATC)
INDUSTRIES COVERED BY VAT ATC
Other Franchise VB 112
Real Estate, Renting &
Business Activity
Sale of Real Property VP 100
Lease of Real Property VP 101
Sale/Lease of Intangible Property VP 102
Compulsory Social Security
VD 010
Public Administration & Defense
Other Community Social and
VH 010
Personal Service Activity

Storage & Warehousing VS 010

Business Services
VB 010
(In General)
Importation of Goods VI 010