1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income taxation at the beginning of the year and it was able to switch to a VAT registration during August? 2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?
1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income taxation at the beginning of the year and it was able to switch to a VAT registration during August? 2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A non-VAT taxpayer recorded the following for the first three quarters of 2021.
1.How much business tax liability for the month of August assuming the taxpayer opted for the regular income
2.How much business tax payable for the third quarter return assuming (1) it was only able to have its VAT registration during the month of September, (2) it opted for the 8% optional tax and that (3) tax overpayments are applied for credit?
Transcribed Image Text:Vatable Receipts
Input VAT
January – June
2,820,000
135,000
July
250,000
12,000
August
180,000
8,000
September
160,000
7,000
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