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What is the vat payable

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Reference no: EM133051472

Question - Apply the Philippine laws of business taxation in your solution (Train Law, Create law, etc.) Bible Community of the Philippines, Inc. (BCPI)is registered with the Securities and Exchange Commission as a nonstock, not-for-profit corporation with the primary purpose of "Widest distribution of holy scriptures all over the Philippines and spiritual transformation of the Filipino people." The corporation has the following gross receipts and input VAT from its purchases: Government grant - P3,000,000; Contributions from the public - P1,000,000; Sales of gift shop items P600,000; Rental of commercial space - P2,000,000; Input VAT related to gift shop and rental activities - P126,000; Input VAT related to not-for-profit activities - P 436,000; What is the VAT payable?

a. None

b. P186,000

c.P230,000

d. P306,000

Reference no: EM133051472

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