The government collects 12% VAT (Value Added Tax) on the goods we buy. If you buy a new cellphone worth P45 000.00, how much should the government collect from you?
Answers & Comments
micah1234586
Total Output Tax Due or Total Vatable Sales/Receipts x 12% Less: Total Allowable Input Tax or Total Vatable Purchases x 12% ... P100,000 x 12% or P12,000. – P70,000 x 12% or P8,400. ... Total Output Tax Due or Total Vatable Sales / 1.12 x 12% ... P112,000 /1.12 x 12% or P12,000. ... P
Answers & Comments
P100,000 x 12% or P12,000. – P70,000 x 12% or P8,400. ...
Total Output Tax Due or Total Vatable Sales / 1.12 x 12% ...
P112,000 /1.12 x 12% or P12,000. ...
P