How much is the VAT liability of Pedro

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Reference no: EM132710162

Question - Pedro, CPA practitioner, signified his intention to be taxed at 8% on his sales/receipts and other income. His records show the following for the year 2019:

 

Sales

Input VAT paid

January

250,000

10,000

February

250,000

12,000

March

250,000

8,000

April

250,000

9,000

May

250,000

10,000

June

250,000

7,000

July

250,000

5,000

August

250,000

5,000

September

250,000

10,000

October

1,000,000

40,000

November

1,000,000

50,000

December

1,000,000

50,000

Required -

1. Can Pedro avail the 8% tax during the year?

2. How much is the VAT liability of Pedro?

Reference no: EM132710162

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