Assuming EMERALD Corporation is a manufacturer of sardines. EMERALD has the following information in 2021: Purchase of fish in original state 2,000,000 Purchase of tomatoes in original state 1,000,000 Purchase of pesticides for pest-control purposes 3,000,000 Purchase of onions and garlics as ingredients 500,000 How much is the presumptive input tax?
1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.
EMERALD had the following data for 2021:
Export Sales, net of VAT 2,000,000
Local Sales, gross of VAT 1,120,000
Input tax directly allocable to export sales 100,000
Input tax directly allocable to local sales 40,000
Input tax not allocable to any sales 30,000
Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for tax
refund.
2.EMERALD Corporation has the following sales during the month:
Sale to private entities subject to 12% - 100,000
Sale to private entities subject to 0% - 100,000
Sale of exempt goods - 100,000
Sale to gov’t. subjected to 5% final VAT Withholding - 100,000
Total sales for the month - 400,000
The following input taxes were passed on by its VAT suppliers:
Input tax on taxable goods (12%) - 5,000
Input tax on zero-rated sales - 3,000
Input tax on sale of exempt goods - 2,000
Input tax on sale to government - 4,000
Input tax on
not attributable to any specific activity - 20,000
(monthly amortization for 60 months)
Required: Compute the output tax, input tax and VAT due
3.Assuming EMERALD Corporation is not VAT-registered since 2016. In 2021, EMERALD opted to
register under the VAT system. Assuming the following information in January 2021:
Beginning Inventory, as reported in the ITR last year:
From VAT-registered person 1,000,000
From Non-VAT person 800,000
Exempt Agricultural products in original state 200,000
Actual Input VAT paid, allocable to beginning inventory 220,000
Depreciable Goods or Capital Goods, Book Value 2,000,000
Unused Input VAT on capital goods 240,000
How much is the transitional input VAT?
4.Assuming EMERALD Corporation is a manufacturer of sardines. EMERALD has the following
information in 2021:
Purchase of fish in original state 2,000,000
Purchase of tomatoes in original state 1,000,000
Purchase of pesticides for pest-control purposes 3,000,000
Purchase of onions and garlics as ingredients 500,000
How much is the presumptive input tax?
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