Scribd
Upload
896 views4 pages

Activity 3-Bustax 1

This document contains a school activity on consumption and importation problem solving. It provides 9 multiple choice problems related to calculating VAT on importation for various business transactions and scenarios. The problems cover topics like determining the VAT basis for imported goods, sales of imported goods, imports by VAT and non-VAT registered businesses, and calculating additional import fees, duties and taxes. Students are asked to solve each problem to determine the VAT on importation amount.

Uploaded by

Nhel Alvaro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
896 views4 pages

Activity 3-Bustax 1

This document contains a school activity on consumption and importation problem solving. It provides 9 multiple choice problems related to calculating VAT on importation for various business transactions and scenarios. The problems cover topics like determining the VAT basis for imported goods, sales of imported goods, imports by VAT and non-VAT registered businesses, and calculating additional import fees, duties and taxes. Students are asked to solve each problem to determine the VAT on importation amount.

Uploaded by

Nhel Alvaro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

SCHOOL OF ACCOUNTANCY, MANAGEMENT, COMPUTING AND INFORMATION STUDIES

Business Laws and Taxation

BUSTAXa_
ACTIVITY for Module 2:

CONSUMPTION AND IMPORTATION:


PROBLEM SOLVING

1. A business taxpayer purchased goods worth P120,000 from non-residents and


sold goods worth P140,000 for P180,000. What is the basis of the VAT on
importation?

2. In the above, assuming the taxpayer is VAT registered, how much is the basis
of the business tax on his sales?

3. A non-VAT businessman made a total purchases of P800,000 from abroad.


How much is the VAT on importation?

4. A VAT-registered businessman imported goods worth P400,000 and exported


the same for P700,000.
a) Compute the consumption tax.

5. Cruz is a non-VAT registered businessman engaged in selling furniture. He


imported the following household goods at landed cost:
Air conditioner for his business use P1,450,000
Room heating system for home use 850,000
Total P2,300,000
Compute the VAT on importation.
Saint Louis University
SCHOOL OF ACCOUNTANCY, MANAGEMENT, COMPUTING AND INFORMATION STUDIES
Department of Business Laws and Taxation
6. Cruz, a businessman, imported rice from Thailand with the following details:
Invoice amount P2,500,000
Freight 30,000
Insurance 35,000
Bureau of customs charges 45,000
Compute the VAT on importation.

7. Atlantis Shipping Company imported P3,000,000 worth of vessel fuels and


supplies. The company earmarked 60% of these for domestic use while 40%
was reserved for its international operations. How much is the VAT on
importation?

8. Mr. Beer, a VAT-registered trader, imported equipment with a dutiable value


of $40,000 from abroad. The importation was subject to P100,000 BOC charges
before a 10% customs duties on dutiable value. The exchange rate to the Peso
was P43.00:$1. Compute the VAT on importation.

9. Mr. Dolinger imported various merchandise from abroad. The importation was
invoiced at $5,000. Mr. Dolinger also incurred the following costs of
importation:
Insurance P 4,000.00
Freight 15,000
Wharfage fee 4,000
Arrastre charge 7,000
Brokerage fee 8,000
Facilitation fee 5,000
Mr. Dolinger was also assessed P24,000 and P18,000 respectively, for customs
duties and excise tax. The applicable exchange rate was P42.50:$1.
What is the VAT on importation?

SOLUTION:
-END OF ACTIVITY-

You might also like