Filing the 2550Q, part by part

3 quick questions. Pick an answer to see why.

1. Kuting Kitchen sold ₱1,344,000 including VAT this quarter. What goes in item 31A, VATable sales?

₱1,344,000 ₱1,200,000 ₱144,000

Item 31A is sales before VAT: ₱1,344,000 ÷ 1.12 = ₱1,200,000. The ₱144,000 VAT goes in item 31B.

2. Shopee withheld ₱6,000 from Kuting Kitchen's payouts this quarter. Does it go in item 16, creditable VAT withheld?

Yes, it reduces the VAT payable No, it's income tax withheld, claimed on the 1702Q Only if Shopee issued a 2307

The marketplace's 0.5% is creditable income tax, not VAT. It's claimed against income tax on the 1702Q, so item 16 stays zero.

3. Output VAT is ₱144,000 and allowable input VAT is ₱93,600. What's item 61?

₱237,600 ₱144,000 ₱50,400

Item 61 is output VAT less allowable input VAT: ₱144,000 − ₱93,600 = ₱50,400. It carries to page 1, item 15.