Businesses often forgo input VAT credit if the purchase/expense invoice is more than 6 months old (or, 2 months in the case of monthly tax periods). Needless to say, such a tax position results in a ...
SECTION 112 of the Tax Code (Republic Act [RA] 8424, as amended) states that a taxpayer may claim for refund or request for issuance of tax credit certificate for its excess unutilized input ...
Potential fraud such as the “missing trader” scheme, identify-theft tax evasion or claiming input VAT for non-qualifying expenses are probed. To address economic pressures, the government is ...
The Finance Bill 2020 has proposed to amend Section 17 (2) of the VAT Act, 2013, to include a provision that requires taxpayers to claim input tax in their VAT returns on condition that providers of ...
The government is set to amend the implementing rules and regulations of the reformed value added tax law to ease the impact of the 70 percent cap on input VAT claims on companies’ bottom line.
In the intricate landscape of Philippine taxation, the Value-Added Tax (VAT) system stands out as one of the most technical and rigorously enforced. For businesses engaged in zero-rated sales, the ...
The Federal Tax Authority (FTA) has issued a public clarification (VATP028) on mobile phones, airtime, and data packages ('MP, A, DP' for ease of reference) made available to employees for business ...
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