The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered
The taxpayer started operating a grocery store during 2018. He submits the following data: Merchandise Inventory P 469,000 Gross sales 2,814,000 Purchases from VAT registered entities (net) 1,563,000 Purchases from non-VAT registered entities 312,000 Determine the following: 1. is the applicable business tax for the taxpayer? 2. How much is the correct business tax due? 3. Assume the taxpayer is non-VAT registered, how much is the VAT payable for the year? 4. Assume the taxpayer is VAT registered, how much is the VAT payable for the year?
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