Monthly Archives: April 2017

Determination of creditable input taxes

  Determination of creditable input taxes Input taxes on domestic purchases or importations   xxx Transitional input tax   xxx Presumptive input tax   xxx Input tax carried over from previous month/quarter   xxx Total input taxes   xxx Less: … Continue reading

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Claim for input tax

Claim for input tax on depreciable goods Applies only to domestic purchase or importation of capital goods subject to depreciation for income tax purposes. Where the aggregate acquisition cost (exclusive of VAT) of depreciable capital goods during any calendar month … Continue reading

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Sources of input taxes

Sources of input taxes: Transitional input tax Presumptive input tax Input taxes on domestic purchases or importations (VAT actually paid). Transitional input tax Persons who can avail: Persons who become liable to VAT Persons who elect to be VAT-registered Basis … Continue reading

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Sources of output VAT

Sources of output VAT Actual sales of goods or properties Deemed sales (CR WPD) Zero-rated sales Transactions deemed sale (CR WPD) Consignment of goods if not sold within 60 days following the date of consignment; Retirement from or cessation of … Continue reading

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Sale of real properties in the course of trade or business

Sale of real properties in the course of trade or business On installment plan (initial payments do not exceed 25% of the gross selling price). If the VAT base is the gross selling price, which is higher than the zonal … Continue reading

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Tax base of VAT on sale of goods or properties

Sale of goods Gross sales   xxx (1) Less:     Sales discounts xxx (2)   Sales returns and allowances xxx (3) xxx Net sales   xxx Add Excise tax, if any   xxx (4) Tax base   xxx   … Continue reading

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Transactions which are Exempt From VAT

Transactions which are Exempt From VAT Sale or importation of agricultural and marine food products in their original state, livestock and poultry of a kind generally used as, or yielding or producing, foods for human consumption; and breeding stock and … Continue reading

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