Solution-How much is the VAT liability of Pedro

How much is the VAT liability of Pedro

Reference no: EM132710162

Question - Pedro, CPA practitioner, signified his intention to be taxed at 8% on his sales/receipts and other income. His records show the following for the year 2019:

	Sales	Input VAT paid
January	250,000	10,000
February	250,000	12,000
March	250,000	8,000
April	250,000	9,000
May	250,000	10,000
June	250,000	7,000
July	250,000	5,000
August	250,000	5,000
September	250,000	10,000
October	1,000,000	40,000
November	1,000,000	50,000
December	1,000,000	50,000

Required -

1. Can Pedro avail the 8% tax during the year?

2. How much is the VAT liability of Pedro?

Reference no: EM132710162

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How much is the VAT liability of Pedro

Reference no: EM132710162

Reference no: EM132710162

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