Calculate the VAT payable/refundable for January 2020
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3(b) ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the
Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company
has recorded the following transactions in January 2020:
- Sales to local customers - $1,500,000 (VAT inclusive)
- Sales to local customers - $1,200,00 (VAT exclusive)
- Sales to exempt suppliers - $100,000
- Export Sales - $700,000
- Purchases $800,000 (VAT inclusive)
- Purchases $600,000 (VAT exclusive)
- Value of Imports of $60,000. VAT paid at Customs $18,000
- Prior month adjustment relating to volume discounts – Reduction in Output Tax
of $6,000.
Calculate the VAT payable/refundable for January 2020
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- ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive)- Sales to local customers - $1,000,00 (VAT exclusive)- Sales to customers located aboard - $700,000- Purchases $750,000 (VAT inclusive)- Purchases $500,000 (VAT exclusive)- Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022?When should ABC file this VAT Return?ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. The company has recorded the following transactions in February 2022: - Sales to local customers - $1,300,000 (VAT inclusive)- Sales to local customers - $1,000,00 (VAT exclusive)- Sales to customers located aboard - $700,000- Purchases $750,000 (VAT inclusive)- Purchases $500,000 (VAT exclusive)- Imports of $75,000 inclusive of J$15,000 VAT Calculate the GCT payable/refundable for February 2022?The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of whichare taxable, some of which are exempted for the month of March 2019 first purchases during the month:1 - Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 420002- goods purchased in the amount of 180000 tax exempt second obtained from sales during the month- 63000 BD with Total tax of the sale of goods subject to VAT2 - 190000 dinars obtained from the sale of tax-exempt goods required preparation of M Summarize VAT for March 2019 explaining the amount of VAT.
- Barron, Inc. sold goods for $888, 500 on account. The company operates in a state that imposes a 12% sales tax. What is the amount of the sales tax payable to the state? A. $53,310 B. $26,655 C. $106, 620 D. $213, 240The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of which are taxable, some of which are exempted for the month of March 2019 first purchases during the month: 1- Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 42000 2= goods purchased in the amount of 180000 tax exempt second obtained from sales during the month 1-63000 BD with Total tax of the sale of goods subject to VAT 2-190000 dinars obtained from the sale of tax-exempt goods required: preparation of M Summarize VAT for March 2019 explaining the amount of VAT.A company registered for Value Added Tax (VAT) in the United Kingdom. The following information is available in respect for the quarter ended 31 March 2021: 1. Invoices were issued for sales to VAT registered customers of £16,200 in respect of exempt sales, £5,650 in respect of reduced rate sales and £205,250 in respect of standard rated sales. The reduced rate and standard rated sales figures are exclusive of VAT. 2. Invoices were issued for sales to Non-VAT registered customers of £32,350 in respect of exempt sales and £25,670 in respect of standard rated sales. The standard rated sales figure is inclusive of VAT. 3. On 25 March 2021 the company has received a deposit for standard rated services to be supplied to a VAT registered customer on 31 March 2021. The customer paid the balancing payment on 31 March 2019. The company issued an invoice on 2 April 2021. 4. The sales manager of the company is provided with free fuel for both business and private mileage driven in his company…
- The following data during the month relates to William Company, a VAT registered person (amounts are vat inclusive): Domestic sales Other domestic sales (sales to export traders) Export sales Purchases of goods for domestic sales Purchases of supplies on domestic sales Purchase of service Purchase of goods for export REQUIRED: a) Determine the total input tax b) Determine the value added tax payable if excess input taxes on exports are claimed as tax credit P330,000 274,996 200,000 374,000 69,848 154,000 55,000ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) Philippines: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 g. If it is a resident international carrier, compute for its income tax. h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax. i. if it is a non- resident lessor of vessels, compute for its income tax.Rainy-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The following information is available in respect of Rainy-day Ltd’sVAT for the quarter ended 31 March 2021: 1. Invoices were issued for sales to VAT registered customers of £16,200 in respect of exempt sales, £5,650in respect of reduced rate sales and £205,250 in respect of standard rated sales. The reduced rate and standard rated sales figures are exclusive of VAT.2. Invoices were issued for sales to non-VAT registered customers of £32,350in respect of exempt sales and £25,670 in respect of standard rated sales. The standard rated sales figure is inclusive of VAT.3. On 25 March 2021 Rainy-day Ltd received a deposit for standard rated services to be supplied to a VAT registered customer on 31 March 2021. The customer paid the balancing payment on 31 March 2019. Rainy-day Ltd issued an invoice on 2 April 2021.4. The sales manager of Rainy-day Ltd is provided with free fuel for both business and…
- 1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…5. MASAKIT SA BUNGO CORPORATION operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2019, the entity issued 50,000 award credits. The fair value of the award credits is reliably measured at P2,000,000. In 2019, the entity sold goods to customers for a total consideration of P9,000,000 including the fair value of the award credits. The total award credits expected to be redeemed are 80% in 2019 and 85% in 2020. The award credits actually redeemed are 15,000 in 2019 and 7,950 in 2020. What is the revenue earned from points in 202O? * a. P600,000 b. P750,000 c. P330,000 d. P318,0001. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we apply the 8% rate in the computation of income tax? 2. A, Canadian citizen living in Manila, has the following income in 2019: interest income from loan granted to resident of Cebu amounting to 50,000; salary for services rendered in Italy of 100,000; sale of personal property with gain of 300,000 (located in Manila); rental income from properties located in Japan of 100,000. What is the income tax due of A under the GTR? 3. Asta, non-resident alien not engaged in business in the Philippines, has the following income for 2019: Business income in USA of 7,000,000 and; Other income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta? 4. In 2019, A, employee of MCDO Corp, has an annual salary of 2.5M only. Can A avail the 8%?