Reference no: EM132914455
Question - Mr M, a taxpayer started operating a grocery store during 2018. He submits the following data:
Merchandise Inventory P469,000
Gross sales 2,814,000
Purchases from VAT registered entities (net) 1,563,000
Purchases from non-VAT registered entities 312,000
Required - Determine the following:
1. What is the applicable business tax for the taxpayer? vat on sale of goods
2. How much is the correct business tax due?
3. Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year?
4. Assume the taxpayer is VAT registered, how much is the VAT payable for the year?