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Determine the Input VAT on importation

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Reference no: EM132915574

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?

Reference no: EM132915574

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