Used Automobiles Flashcards
USED AUTOMOBILES
(B.1 RETURNING FILIPINO RESIDENTS)
SOLVE TLC AND VAT
Dutiable Value P
Customs Duty
Brokerage Fee
Arrastre Charge
Wharfage Due
Import Processing Fee
Documentary Stamps
Total Landed Cost
Add: Total Ad Valorem Tax
VAT BASE
VAT RATE x 12%
Value – Added Tax
USED AUTOMOBILES
(B.1 RETURNING FILIPINO RESIDENTS)
SUMMARY OF PAYMENTS:
Customs Duty
Value – Added Tax
Ad Valorem Tax
Import Processing Fee
Documentary Stamps P280.00 (FIXED)
CP Fee P100.00 (FIXED)
Total Duties, Taxes and Other Charges
How to solve the first 3 parts of used in sequence
1st - Changed the currency if needed
2nd - Solve for the Depreciated Value
3rd - Less DOF Partial EXEMPT
USED AUTOMOBILES
(B.2 RETURNING FILIPINO DIPLOMATS)
SUMMARY OF PAYMENTS:
Customs Duty
Value – Added Tax
Ad Valorem Tax
Import Processing Fee
Documentary Stamps P280.00 (FIXED)
CP Fee P100.00 (FIXED)
Total Duties, Taxes and Other Charges
USED AUTOMOBILES
(B.3 LOCAL PURCHASE: SALE BY PRIVILEGE TO NON-PRIVILEGE)
Customs Value/Book Value (FOB/FCA)
Less: Depreciation Rate
Depreciated Value
ROE P x
Dutiable Value P (DV)
ROD % x (20% or 30%)
Customs Duty (CUD)
USED AUTOMOBILES
(B.3 LOCAL PURCHASE: SALE BY PRIVILEGE TO NON-PRIVILEGE)
SUMMARY OF PAYMENTS:
SUMMARY OF PAYMENTS:
Customs Duty
Value – Added Tax
Ad Valorem Tax
Documentary Stamps P 30.00 (FIXED)
CP Fee P100.00 (FIXED)
Total Duties, Taxes and Other Charges
USED AUTOMOBILES
(B.4 LOCAL PURCHASE: SALE BY PRIVILEGE TO PRIVILEGE)
Dutiable Value P
Customs Duty
Miscellaneous Expense P280.00 (FIXED)
Total Landed Cost
Add: Total Ad Valorem Tax
VAT BASE
VAT RATE x 12%
Value – Added Tax
USED AUTOMOBILES
(B.4 LOCAL PURCHASE: SALE BY PRIVILEGE TO PRIVILEGE)
SUMMARY OF PAYMENTS:
SUMMARY OF PAYMENTS:
Customs Duty (EXEMPTED)
Value – Added Tax (EXEMPTED)
Ad Valorem Tax (EXEMPTED)
Documentary Stamps P 30.00 (FIXED)
CP Fee P100.00 (FIXED)
Total Net Amount Due P130.00
