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Prepare the necessary form for the filing of business tax

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Problem - ABC Corp. imported an article from Japan. The invoice value of the imported articles was $7,000 ($1- P50). The following were incurred in connection with the importation:

Insurance P15,000

Freight from Japan 10,000

Postage 5,000

Wharfage 7,000

Arrastre charges 8,000

Brokerage fee 25,000

Facilitation fee 3,000

The imported article was imposed P50,000 customs duty and P30,000 excise tax. The Company spent P5,000 for trucking from the customs warehouse to its warehouse. The carrier is not subject to VAT. The imported article was eventually sold for P800,000.

Required - Prepare the necessary form for the filing of the business tax. BIR FORM 2550M (Do not prepare for the form of the importation or the customs form for the importation - only the BIR form).

Reference no: EM132937948

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