Practice question
A VAT-registered seller has P60,000 output VAT and P36,000 fully allowable input VAT for the quarter. No other credits or adjustments apply. What VAT is payable?
- P96,000
- P60,000
- P36,000
- P24,000
- P0
Legal references
- NIRC Section 110(A)–(C), as amended; https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA 11976 Sections 19 and 21, input VAT and invoicing; https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
Answer this question in flashcards to review your response and continue practicing.