The Court of Tax Appeals (CTA) has awarded a PHP9.6-million refund to a local mining firm, part of the original refund of PHP56.420 million sought for excess value-added taxes (VAT).
The company’s claim for a tax refund for excess and unutilized VAT for 2017 was initially turned down for supposed failure to comply with documentary requirements.
Among other things, the tax court also said VAT invoicing requirements under the tax law does not apply to input VAT credits for transactions involving importation of goods considering that the vendors of imported goods are foreign entities not subject to Philippine laws and are not bound to comply with Philippine tax laws. (PNA)
Source: pna.gov.ph
Latest Posts in "Philippines"
- Economists Warn Scrapping VAT Could Trigger Fiscal and Economic Crisis
- Cavite Rep Files Bill to Abolish 12% VAT, Proposes Alternative Taxes
- Rep. Barzaga Files Bill to Abolish 12% VAT on All Goods and Services
- Kiko Barzaga Proposes Abolishing 12% VAT for Greater Financial Freedom in the Philippines
- VAT Reduction to 10% Risks Fiscal Deficit, Benefits Wealthy, Warns Philippine Finance Department
