Vat E. Problem 3 & 4.pdf
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Problem 3 & 4
Section E: VAT on sale of services Caraig, Dela Cruz, Tan
Problem 3
Gross receipts; media advertising placements
PROBLEM 3
GROSS RECEIPTS; MEDIA PLACEMENTS Agila Broadcasting Company is engaged in broadcasting business. On the other hand, Kapamilya Corporation is an advertising agency which sells advertising services of Agila. On February 28, 20A1, Kapuso Corporation, a company engaged in the manufacture and sale of consumer products availed the advertising services of Agila for P1,000,000, exclusive of VAT, through Kapamilya. On the same date, Kapuso paid P300,000 (exclusive of VAT) as advance payment, for said services. The advertisement was aired in March 20A1. Kapuso paid the balance on April 5, 20A1. Out of the P1,000,000 contract for services, Kapamilya received 15% commission.
PROBLEM 3
GROSS RECEIPTS; MEDIA PLACEMENTS The following are independent situations relative to the documentation and collection of the advertising fees and commissions: a. Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for these collections in the name of Kapuso. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapamilya. b. Kapuso paid 15% of the fees to Kapamilya and the 85% directly to Agila. Kapamilya issued VAT ORs for the 15% collections in the name of Kapuso. Agila issued VAT ORs for the 85% collections in the name of Kapuso. c. Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for 15% collections in the name of Kapuso. It issued non-VAT acknowledgement receipt to Kapuso for the 85% collections. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapuso.
PROBLEM 3
GROSS RECEIPTS; MEDIA PLACEMENTS
SITUATION A Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for these collections in the name of Kapuso. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapamilya.
KAPUSO
300,000 700,000
VAT OR (300,000) VAT OR (700,000)
KAPAMILYA
255,000 595,000
VAT OR (255,000) VAT OR (595,000)
AGILA
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPAMILYA
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPAMILYA
SITUATION B Kapuso paid 15% of the fees to Kapamilya and the 85% directly to Agila. Kapamilya issued VAT ORs for the 15% collections in the name of Kapuso. Agila issued VAT ORs for the 85% collections in the name of Kapuso.
KAPUSO
KAPAMILYA 45,000 (VAT OR) 105,000 (VAAT OR) 255,000 (VAT OR) 595,000 (VAAT OR)
AGILA
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
SITUATION C Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for 15% collections in the name of Kapuso. It issued non-VAT acknowledgement receipt to Kapuso for the 85% collections. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapuso.
KAPUSO
300,000 700,000
KAPAMILYA
255,000 595,000
VAT OR (45,000; 105,000) Non-VAT Acknowledgement Receipt (255,000; 595,000)
VAT OR (255,000; 595,000) Non-VAT Acknowledgement Receipt (45,000; 105,000)
AGILA
KAPAMILYA -issued NON-VAT acknowledgement receipt in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
KAPAMILYA -issued NON-VAT acknowledgement receipt in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
Problem 4
Gross receipts; service fees and reimbursements
PROBLEM 4
GROSS RECEIPTS; SERVICE FEES AND REIMBURSEMENTS Maharlika Brokerage Company is engaged in customs brokerage services. On October 1, 20A1, it facilitated the importation of goods by Bayanihan Corporation. It billed Bayanihan as follows: Brokerage fee Duties and taxes
70,000 350,000
Domestic freight charges
50,000
Storage fee
30,000
PROBLEM 4
GROSS RECEIPTS; SERVICE FEES AND REIMBURSEMENTS The following are additional information: ● The brokerage fee pertains to the compensation for the services rendered by Maharlika to Bayanihan. Maharlika issued VAT OR in the name of Bayanihan. ● The duties and taxes were paid by Maharlika in advance to the Bureau of Customs (BoC). These are supported by documents issued in the name of Bayanihan. It includes VAT on importation of P250,000. ● The domestic freight charges and storage fee were paid by Maharlika in advance to Kapalaran Trucking & Storage Company. Kapalaran issued VAT OR in the name of Bayanihan. ● Maharlika issues non-VAT acknowledgement receipt for the collection of duties and taxes, domestic freight charges and storage fee from Bayanihan.
PROBLEM 4
GROSS RECEIPTS; SERVICE FEES AND REIMBURSEMENTS Required: 1. Determine the output tax on the part of Maharlika and Kapalaran. 2. Determine the input tax that can be claimed by Bayanihan and Maharlika, if any. 3. Assume that Maharlika issued VAT OR in the name of Bayanihan for the collection of brokerage fee, duties and taxes, domestic freight charges and storage fee. Determine the output tax on the part of Maharlika and Kapalaran 4. Assume that Maharlika issued VAT OR in the name of Bayanihan for the collection of brokerage fee, duties and taxes, domestic freight charges and storage fee. Determine the input tax that can be claimed by Bayanihan and Maharlika, if any.
SITUATION A
OR) T A (V ges R) r a t ch AT O h g i fre Fee (V c i t es age Dom Stor
KAPALARAN
Domestic Freight Charges Storage Fee
BAYANIHAN
Brokerage (VAT OR) Duties and Taxes (Non-VAT OR) Domestic Freight Charges (Non-VAT OR) Storage Fee (Non-VAT OR)
MAHARLIKA Duties and Taxes
VAT
on
Imp
orta
tion
BOC
Requirement 1: Output Tax of Maharlika and Kapalaran Maharlika Brokerage fee
Kapalaran
70,000
Duties and taxes Domestic freight charges
50,000
Storage fee
30,000
Tax Base (Gross Receipts) VAT Rate Output Tax
70,000
80,000
12%
12%
8,400
9,600
Requirement 2: Input Tax of Maharlika and Bayanihan Maharlika Brokerage fee
Bayanihan 70,000
Duties and taxes Domestic freight charges
50,000
Storage fee
30,000
Tax Base (Gross Receipts)
-
VAT Rate Input Tax
12% -
VAT on Importation Total Input Tax
150,000 12% 18,000 250,000
-
268,000
SITUATION B
OR) T A (V ges R) r a t ch AT O h g i fre Fee (V c i t es age Dom Stor
KAPALARAN
Domestic Freight Charges Storage Fee
BAYANIHAN
Brokerage (VAT OR) Duties and Taxes (VAT OR) Domestic Freight Charges (VAT OR) Storage Fee (VAT OR)
MAHARLIKA Duties and Taxes
VAT
on
Imp
orta
tion
BOC
Requirement 3: Output Tax of Maharlika and Kapalaran (Maharlika issued VAT ORs in the name of Bayanihan for brokerage fee, duties and taxes, domestic freight charges and storage fee) Maharlika Brokerage fee Duties and taxes
Kapalaran
70,000 350,000
Domestic freight charges
50,000
50,000
Storage fee
30,000
30,000
500,000
80,000
12%
12%
60,000
9,600
Tax Base (Gross Receipts) VAT Rate Total Output Tax
Requirement 4: Input Tax of Maharlika and Kapalaran (Maharlika issued VAT ORs in the name of Bayanihan for brokerage fee, duties and taxes, domestic freight charges and storage fee) Maharlika Brokerage fee
Bayanihan 70,000
Duties and taxes Domestic freight charges
50,000
Storage fee
30,000
Tax Base
-
VAT Rate Input Tax
150,000 12%
-
12% 18,000
VAT on Importation
250,000
Total Input Tax
268,000
Section E: VAT on sale of services Caraig, Dela Cruz, Tan
Problem 3
Gross receipts; media advertising placements
PROBLEM 3
GROSS RECEIPTS; MEDIA PLACEMENTS Agila Broadcasting Company is engaged in broadcasting business. On the other hand, Kapamilya Corporation is an advertising agency which sells advertising services of Agila. On February 28, 20A1, Kapuso Corporation, a company engaged in the manufacture and sale of consumer products availed the advertising services of Agila for P1,000,000, exclusive of VAT, through Kapamilya. On the same date, Kapuso paid P300,000 (exclusive of VAT) as advance payment, for said services. The advertisement was aired in March 20A1. Kapuso paid the balance on April 5, 20A1. Out of the P1,000,000 contract for services, Kapamilya received 15% commission.
PROBLEM 3
GROSS RECEIPTS; MEDIA PLACEMENTS The following are independent situations relative to the documentation and collection of the advertising fees and commissions: a. Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for these collections in the name of Kapuso. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapamilya. b. Kapuso paid 15% of the fees to Kapamilya and the 85% directly to Agila. Kapamilya issued VAT ORs for the 15% collections in the name of Kapuso. Agila issued VAT ORs for the 85% collections in the name of Kapuso. c. Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for 15% collections in the name of Kapuso. It issued non-VAT acknowledgement receipt to Kapuso for the 85% collections. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapuso.
PROBLEM 3
GROSS RECEIPTS; MEDIA PLACEMENTS
SITUATION A Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for these collections in the name of Kapuso. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapamilya.
KAPUSO
300,000 700,000
VAT OR (300,000) VAT OR (700,000)
KAPAMILYA
255,000 595,000
VAT OR (255,000) VAT OR (595,000)
AGILA
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPAMILYA
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPAMILYA
SITUATION B Kapuso paid 15% of the fees to Kapamilya and the 85% directly to Agila. Kapamilya issued VAT ORs for the 15% collections in the name of Kapuso. Agila issued VAT ORs for the 85% collections in the name of Kapuso.
KAPUSO
KAPAMILYA 45,000 (VAT OR) 105,000 (VAAT OR) 255,000 (VAT OR) 595,000 (VAAT OR)
AGILA
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
KAPAMILYA -issued VAT OR in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
SITUATION C Kapuso paid P300,000 to Kapamilya on February 28, 20A1. The balance was also paid to Kapamilya on April 5, 20A1. Kapamilya issued VAT ORs for 15% collections in the name of Kapuso. It issued non-VAT acknowledgement receipt to Kapuso for the 85% collections. Kapamilya remitted the 85% collection to Agila every time it collected from Kapuso. Agila issued VAT ORs for these collections in the name of Kapuso.
KAPUSO
300,000 700,000
KAPAMILYA
255,000 595,000
VAT OR (45,000; 105,000) Non-VAT Acknowledgement Receipt (255,000; 595,000)
VAT OR (255,000; 595,000) Non-VAT Acknowledgement Receipt (45,000; 105,000)
AGILA
KAPAMILYA -issued NON-VAT acknowledgement receipt in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
KAPAMILYA -issued NON-VAT acknowledgement receipt in the name of KAPUSO AGILA -issued VAT OR in the name of KAPUSO
Problem 4
Gross receipts; service fees and reimbursements
PROBLEM 4
GROSS RECEIPTS; SERVICE FEES AND REIMBURSEMENTS Maharlika Brokerage Company is engaged in customs brokerage services. On October 1, 20A1, it facilitated the importation of goods by Bayanihan Corporation. It billed Bayanihan as follows: Brokerage fee Duties and taxes
70,000 350,000
Domestic freight charges
50,000
Storage fee
30,000
PROBLEM 4
GROSS RECEIPTS; SERVICE FEES AND REIMBURSEMENTS The following are additional information: ● The brokerage fee pertains to the compensation for the services rendered by Maharlika to Bayanihan. Maharlika issued VAT OR in the name of Bayanihan. ● The duties and taxes were paid by Maharlika in advance to the Bureau of Customs (BoC). These are supported by documents issued in the name of Bayanihan. It includes VAT on importation of P250,000. ● The domestic freight charges and storage fee were paid by Maharlika in advance to Kapalaran Trucking & Storage Company. Kapalaran issued VAT OR in the name of Bayanihan. ● Maharlika issues non-VAT acknowledgement receipt for the collection of duties and taxes, domestic freight charges and storage fee from Bayanihan.
PROBLEM 4
GROSS RECEIPTS; SERVICE FEES AND REIMBURSEMENTS Required: 1. Determine the output tax on the part of Maharlika and Kapalaran. 2. Determine the input tax that can be claimed by Bayanihan and Maharlika, if any. 3. Assume that Maharlika issued VAT OR in the name of Bayanihan for the collection of brokerage fee, duties and taxes, domestic freight charges and storage fee. Determine the output tax on the part of Maharlika and Kapalaran 4. Assume that Maharlika issued VAT OR in the name of Bayanihan for the collection of brokerage fee, duties and taxes, domestic freight charges and storage fee. Determine the input tax that can be claimed by Bayanihan and Maharlika, if any.
SITUATION A
OR) T A (V ges R) r a t ch AT O h g i fre Fee (V c i t es age Dom Stor
KAPALARAN
Domestic Freight Charges Storage Fee
BAYANIHAN
Brokerage (VAT OR) Duties and Taxes (Non-VAT OR) Domestic Freight Charges (Non-VAT OR) Storage Fee (Non-VAT OR)
MAHARLIKA Duties and Taxes
VAT
on
Imp
orta
tion
BOC
Requirement 1: Output Tax of Maharlika and Kapalaran Maharlika Brokerage fee
Kapalaran
70,000
Duties and taxes Domestic freight charges
50,000
Storage fee
30,000
Tax Base (Gross Receipts) VAT Rate Output Tax
70,000
80,000
12%
12%
8,400
9,600
Requirement 2: Input Tax of Maharlika and Bayanihan Maharlika Brokerage fee
Bayanihan 70,000
Duties and taxes Domestic freight charges
50,000
Storage fee
30,000
Tax Base (Gross Receipts)
-
VAT Rate Input Tax
12% -
VAT on Importation Total Input Tax
150,000 12% 18,000 250,000
-
268,000
SITUATION B
OR) T A (V ges R) r a t ch AT O h g i fre Fee (V c i t es age Dom Stor
KAPALARAN
Domestic Freight Charges Storage Fee
BAYANIHAN
Brokerage (VAT OR) Duties and Taxes (VAT OR) Domestic Freight Charges (VAT OR) Storage Fee (VAT OR)
MAHARLIKA Duties and Taxes
VAT
on
Imp
orta
tion
BOC
Requirement 3: Output Tax of Maharlika and Kapalaran (Maharlika issued VAT ORs in the name of Bayanihan for brokerage fee, duties and taxes, domestic freight charges and storage fee) Maharlika Brokerage fee Duties and taxes
Kapalaran
70,000 350,000
Domestic freight charges
50,000
50,000
Storage fee
30,000
30,000
500,000
80,000
12%
12%
60,000
9,600
Tax Base (Gross Receipts) VAT Rate Total Output Tax
Requirement 4: Input Tax of Maharlika and Kapalaran (Maharlika issued VAT ORs in the name of Bayanihan for brokerage fee, duties and taxes, domestic freight charges and storage fee) Maharlika Brokerage fee
Bayanihan 70,000
Duties and taxes Domestic freight charges
50,000
Storage fee
30,000
Tax Base
-
VAT Rate Input Tax
150,000 12%
-
12% 18,000
VAT on Importation
250,000
Total Input Tax
268,000
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