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Flashcards — Multiple Choice

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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A VAT-registered retailer substantiates P48,000 allowable input VAT against P72,000 output VAT. Its accountant subtracts P48,000 only from income-tax gross income and then remits the entire P72,000 output VAT, saying input VAT is merely an income deduction. Assume no other adjustments. Which computation follows Section 110?

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P120,000 VAT payable P24,000 VAT payable after crediting the allowable input VAT against output VAT P72,000 VAT payable because no input credit exists P48,000 VAT payable because inputs become tax due P0 VAT because any purchase eliminates output VAT

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