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Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable...
Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period.
- Purchases, all from VAT suppliers,
- Exclusive of VAT Php 750, 000
- Sales, exclusive of any tax:
- Exports, VAT business 850, 000
- Exports, non-VAT business 600, 000
- Domestic sales, VAT business 200, 000
- Domestics sales, non-VAT business 250, 000
How much is VAT payable on domestic sales?
Select one:
a. Php 53, 000
b. Php 0
c. Php 27, 000
d. Php 14, 400