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Peng incorporated to bir

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1. During 2021, Zyrus Corporation supplies Peng Incorporated and the latter (Peng Inc.) purchase an item VAT exclusive worth P1,200,000. All purchases were immediately sold to Charles Corporation with an invoice price of P2800,000 vat inclusive (the only customer of Peng). Peng has a beginning balance of Input Tax of P 200,000.

Assume every party mentioned are vat registered and every sold items are applicable to recognition of 12% VAT, how much is the VAT payable of Peng Incorporated to BIR?

Reference no: EM133266910

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