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What is the correct amount of vat payable

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A duly registered cooperative founded and operated by the employees of ABC Group of Companies with maximum contribution of P15,000 each. The cooperative is duly registered with the Cooperative Development Authority. It operates a restaurant that caters mainly to ABC's employees.

The following data were provided for the taxable year (net of applicable taxes):

Sales P3,960,180
Purchases 1,508,090

Problem 1: What is the correct amount of VAT payable?

Reference no: EM132901083

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