Julio Angeles’s income is derived from commissions on the sale of…

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Question Answered step-by-step Julio Angeles’s income is derived from commissions on the sale of… Julio Angeles’s income is derived from commissions on the sale of houses and lots. Zaragoza Land Inc. withheld taxes. After deducting the 5%, Mr. Angeles has a total tax due quarterly. Mr. Angeles pays taxes on 8% of his earnings. He has chosen to register as an 8% taxpayer because his total income from 2017 to 2019 will be less than P3 million. Mr. Angeles did not keep receipts for his operating expenses. He believed he did not need them because he paid a fixed 8% income tax. On December 20, 2020, he found out that he had made more than P3 million.Questions:1. What impact would the December commissions have? Will this make his income VATABLE? Explain each.2. When will VAT become effective? Explain. Law Social Science Tax law Share QuestionEmailCopy link Comments (0)

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