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Question - Ginebra Corporation imported an article from U.S. The invoice value of the imported article was $125,000 ($1=P50). The following were incurred in connection with the importation:
Insurance P15,000
Freight 30,000
Postage 2,000
Wharfage dues 5,000
Arrastre charges 4,000
Brokerage fee 7,000
Facilitation fee 50,000
Customs duty 50,000
Excise tax 45,000
Other charges 2,000
The company also spent P12,000 for trucking from the customs warehouse to its warehouse in Mandaluyong City. The imported article was sold for P8,000,000.
Required -
1. Determine the Input VAT on importation?
2. Determine the VAT payable?
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