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A VAT taxpayer had the following data during the months:
Amount
Sales to regular customers P 4,000,000
Sales to the government 1,000,000
Export sales 3,000,000
Exempt sales 2,000,000
Total sales P 10,000,000
Input VAT
Input VAT carry-over, from prior period P 80,000
Deferred input VAT 75,000
Input VAT on purchaseof goods or services 840,000
Input VAT on importation of equipment 144,000
Total available input tax P 1,139,000
Less: Deductions from input tax
Deferred input VAT for succeeding period (1) P 211,600
Input VAT on exempt sales (2) 203,900
Input VAT on export sales applied for refund
or tax credit (4) 150,000
Excess input VAT on sales to government (3) 23,350 588,850
Total allowable (creditable) input VAT P 550,150
Note:
1. The deferred input VAT from prior period shall be amortized over the remaining
(i.e 36-21) unamortized months. Hence, P75,000 ÷ 15 = P5,000.
2. The P144,000 input VAT on the imported equipment must be amortized over 60
months. Hence, P144,000 ÷ 60 = P2,400.
Note: This excess amount can be a negative or positive. The amount is simply included in the
computation whether positive or negative.
Sources of OUTPUT VAT
1. Sale of goods
2. Sale of services
3. Sale of properties
4. Transaction deemed sale
Sale of Goods
1. In July, 2018, Mayon Corp. made the following sales:
Cash sales P 800,000
Sales on account 1,200,000
Installment sales 2,000,000
Total sales P 4,000,000
Sale of Services
2. A VAT registered technician had the following revenue and collection
during the month:
Revenue Collection Balance
Client One for services rendered:
Billing for materials P 250,000 P 250,000 P 0
Service fee 150,000 100,000 50,000
Total P 400,000 P 350,000 P 50000
Sale of Properties
Type of sale of real properties: Taxability
1. Sale of a dealer, developer or lessor of real properties Vatable
2. Sale of properties considered ordinary asset Vatable
3. Sale of properties not in the course of business exempt
Downpayment is 10% with the balance payable in 36 monthly installment starting July 1, 2018
The billed prices of outstanding consignments still held by consignees as of March 31, 2018
are as follows:
January 2018 P 60,000
February 2018 40,000
March 2018 20,000