- Rene Corporation Is Vat Registered And A Holder Of A Franchise From The Government Engaged In The Business Of Supplying 1 (34.94 KiB) Viewed 27 times
63,000
50,400
59,400
109,800
Rene Corporation is VAT registered and a holder of a franchise from the government engaged in the business of supplying water to several towns in the region. As recorded in its books, its total gross receipts during the month from sale of water amounted to P2,520,000 while the receipts from the rental of its equipment amounted to P280,000. In addition, they also incurred rental and advertising income of P 1,700,000. The operating expenses amounted to P2,000,000, 45% of which was paid to VAT-registered persons. How much is the percentage tax payable? [ Select]