How much is the percentage tax due

Assignment Help Accounting Basics

Reference no: EM132675055

ABC Airlines, a Company created under Philippine laws, is in its 11th year of existence. It transports passengers within and outside the Philippines. ABC reported the following gross receipts during the taxable year:

Outbound Inbound

Passengers 56,000,000 65,000,000

Cargoes 30,000,000 25,000,000

Problem 1: If ABC has a total purchases of P25,000,000 from a VAT-registered suppliers, and P3,000,000 from Non-VAT suppliers for its entire operation within and outside the Philippines. 40% of the receipts from passengers are collected in the Philippines, while 60% of the freight for transport of cargoes are collected abroad. How much is the percentage tax due?

A. P672,000

B. P540,000

C. P900,000

D. P0

Reference no: EM132675055

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