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Tax Philippines Vat 1

Law

Tax Philippines Vat 1. The Summit Entertainment Promotions, Inc., a domestic corporation 80% of whose capital stock is owned by Filipinos, is engaged in the business of conducting championship events in several sports within the country. Its records show the following gross receipts, tax not included, in various championship events during the last quarter of 2020: Volleyball, P2,300,000. Professional basketball, P5,000,000. Table tennis, P1,800,000. Boxing, P4,000,000. Chess (Oriental Championship between Joseph Obispo, a Filipino, and Vladimir Popov, a Russian), P800,000. You learned that 90% of gross receipts from boxing were for the Oriental Championship between Flash Gomez, a Filipino, and Marco Terrible, a Mexican. In all the events that it promoted, the company paid a rental of the amusement place equivalent to 10% of the gross receipts, net of VAT. How much is the amount of the receipts that will be used as tax base in computing the amusement tax (percentage tax) due at the end of the quarter? 2. Intrepid Transport Services is a VAT-registered domestic carrier by land of cargoes and passengers. The following transactions, tax not included, transpired during the first quarter of 2020: Gross receipts from transport of cargoes, P2,400,000. Gross receipts from the transport of passengers, P3,600,000. Payment to VAT-registered suppliers for goods used on the transport of both cargoes and passengers, P500,000. How much is the total business taxes (VAT and/or Percentage Tax) due from Intrepid Transport Services? 3. Islands Broadcasting Corporation was granted by Congress a franchise to operate a radio and television stations all over the country. In 2019, its gross receipts from the sales of radio and television airtime amounted to P9.000.000.00. Records of the corporation in the first quarter of 2020, show the following data, tax not vet included: Gross receipts, sale of radio and television airtime, P2,200,000. Receivables from advertisers and block timers, P300,000. Purchases of various supplies from VAT-registered taxpavers of which 90% have been paid, P120,000. Purchase of services from VAT-registered taxpayers of which 80% have been paid, P100,000 How much is the business tax due from Islands Broadcasting Corporation at the end of the first quarter of 2020?

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