How much is the vat payable

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Reference no: EM132967806

The following data are taken from the books of accounts of a VAT-registered taxpayer:

Third quarter: Sales P 1,000,000

Purchases 800,000

Excess input VAT as of end of 2nd qtr 25,000

Fourth quarter: Sales P 1,500,000

Purchases 1,100,000

How much is the VAT payable (excess input tax) for the third quarter using 12% VAT rate?

Reference no: EM132967806

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