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VAT Calculation and Tax Breakdown Guide

The document outlines various tax scenarios and calculations related to VAT, percentage tax, and excise tax for different activities and sales situations. It includes detailed examples of output and input VAT calculations, transitional input VAT, and presumptive tax on purchases. Additionally, it provides illustrations for domestic and foreign operations, as well as calculations for importation VAT and credible input tax.

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janaabihailc
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44 views4 pages

VAT Calculation and Tax Breakdown Guide

The document outlines various tax scenarios and calculations related to VAT, percentage tax, and excise tax for different activities and sales situations. It includes detailed examples of output and input VAT calculations, transitional input VAT, and presumptive tax on purchases. Additionally, it provides illustrations for domestic and foreign operations, as well as calculations for importation VAT and credible input tax.

Uploaded by

janaabihailc
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Activity A

Situation Business Tax


Gross sales did not exceed 3M but
Value Added Tax
taxpayer is VAT-registered
Gross sales exceed 3M and
Value Added Tax
taxpayer is not VAT-registered
Gross Sales is not VAT-registered Percentage Tax
Cooperatives Excise Tax
Taxpayer did not exceed VAT
Percentage Tax
threshold and opted to use 8%

Activity B
JULY AUGUST
Output VAT 100,000.00 110,000.00
Less: Input VAT 99,000.00 109,000.00
Input VAT Carryover 5,000.00 4,000.00
VAT Due (Excess Input Tax) - 4,000.00 - 3,000.00

JULY AUGUST
Output VAT 100,000.00 110,000.00
Less: Input VAT 99,000.00 109,000.00
Input VAT Carryover 5,000.00 4,000.00
VAT Due (Excess Input Tax) - 4,000.00 - 3,000.00

Activity C
LOT A LOT B
Downpayment 100,000.00 500,000.00
Collections 50,000.00 100,000.00
Excess on Mortgage 100,000.00 100,000.00
Total 250,000.00 700,000.00
Divide by 1,000,000.00 2,000,000.00
25% 35%
Multiply by 1,200,000.00 -
300,000.00 2,000,000.00
Multiply by 12% 36,000.00 240,000.00
Total Output VAT 300,000.00

Activity D
Output VAT from local sales, gross of VAT (1,120,000 -
₱ 120,000.00
(1,120,000/1.12)
Less: Input tax directly allocable to local sales 40,000.00
Input Tax not allocable to any sales 100,000.00
VAT Payable -₱ 20,000.00

Activity F
Transitional input VAT
From VAT-registered person ₱ 1,000,000.00
From Non-VAT registered person 800,000.00
Transitional input VAT 2%
Total VAT ₱ 36,000.00 *220,000 higher beg. Invent.

Activity G
Purchases entitled to Presumptive Tax
Tomatoes ₱ 1,000,000.00
Onions 500,000.00
Total 1,500,000.00
Multiply by 4%
PIT ₱ 60,000.00

Illustration I
For Domestic Operations For Foreign Operations
Fuel Vatable Exempt
Goods and Supplies Vatable Exempt
Spare parts Exempt Exempt

Illustration J
INVOICE (7,000 x 50) ₱ 350,000.00
Add: Custom Duties 35,000.00
Freight ₱ 10,000.00
Insurance 15,000.00
Brokerage 25,000.00
Arrastre Charges 8,000.00
Wharfage 7,000.00
Postage 5,000.00 70,000.00
Landed Cost 455,000.00
Add: Excise 30,000.00
Tax Base 485,000.00
VAT Base 12%
VAT on Importation ₱ 58,200.00

Invoice Amount (7,000 x 50) ₱ 350,000.00


Add:
Insurance 15,000.00
Freight 10,000.00
Postage 5,000.00
Wharfage 7,000.00
Arrastre Charges 8,000.00
Brokerage Fee 25,000.00
Custom Duties 42,000.00
Landed Cost 462,000.00
Add: Excise Tax 30,000.00
Tax Base 492,000.00
VAT Percentage 12%
VAT on Importation ₱ 59,040.00

Illustration K
Credible Input Tax for November
Raw Materials ₱ 400,000.00
Professional Expense 400,000.00
Import of Raw Materials 900,000.00
Total 1,700,000.00
Multiply by: VAT Percentage 12%
Input Tax ₱ 204,000.00
SEPTEMBER
130,000.00
100,000.00
3,000.00
27,000.00

3rd Quarter 2021


340,000.00
308,000.00
5,000.00
27,000.00

LOT C
100,000.00
100,000.00
-
200,000.00
1,000,000.00
20%
1,000,000.00
200,000.00
24,000.00

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