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How much is the correct business tax due

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Reference no: EM132914455

Question - Mr M, a taxpayer started operating a grocery store during 2018. He submits the following data:

Merchandise Inventory P469,000

Gross sales 2,814,000

Purchases from VAT registered entities (net) 1,563,000

Purchases from non-VAT registered entities 312,000

Required - Determine the following:

1. What is the applicable business tax for the taxpayer? vat on sale of goods

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?

Reference no: EM132914455

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