Beruflich Dokumente
Kultur Dokumente
BUSINESS TAXES
1. Percentage Tax
2. Value Added Tax
Imposed on sale of goods or services
Business activity
3. Excise Tax
Tax Rate
12% Tax Base:
0% Sale of Goods: Gross Selling Price
Gross Receipts
The total amount of money or its equivalent representing the contract price, compensation,
service fee, rental or royalty including the amount charge for materials supplied with services
and deposits and advance payment actually or constructually received during the taxable
quarter for the services performed for another person excluding VAT
EXAMPLE:
GOODS
Cash Sales 1,000,000
Sales on Account 500,000
Collection of A/R 200,000
VAT 150,000
SERVICES
Cash Sales 1,000,000
Sales on Account 500,000
Collection of A/R 2,000,000
Materials 1,500,000
Advanced Payment 800,000
VAT 636,800
Output Tax
VAT being passed on to the buyer of goods
Input Tax
VAT being paid on the purchased goods/ services to a VAT registered seller
EXAMPLE:
Supplies P1,000,000 X 12% → VAT exclusive
VAT P120,000
= P1,200,000
A. P1,500,000 X 12% → Customer
VAT P180,000
= P1,680,000
EXAMPLE:
Vatable 100
Exempt 0
Zero Rate 0
VAT 12
Total 112
Erroneous issued
No VAT = no income tax DEADLINE
VAT return = filed quarterly (2550M) → 20th following the close of the
month day follow
= paid monthly (2550Q) → on or before 25th close of the
quarter
MAR
Output Tax (6M X 12%) 720,000
Less: Input Tax 168,000 = DAPAT 208, 2200
Inventory (4.5M X 12%) 540,000 because the ratio exceeded 70%
Supplies (100K X 12%) 12,000 = 208200/ 240,000 = 86%
Equipment (3K X 12%) 9,000
Furniture (100K X 12%) 12,000 504,000 = DAPAT 504,000
VAT Carry Over 10,000 504,000 81% ratio
Excess Output Tax over P216,000
Input Tax 583,000 - 504,000 = 79,000 next year carry over
Less: VAT Payments (41k + 72k) 113,000
VAT Payable P103,000