The tax court ruled the firm was able to substantiate that P144.13 million of its original claim could be traced to zero-rated sales.
Under the country’s tax code, zero-rated sales are transactions made by VAT-registered taxpayers that do not translate to output tax.
Sales subject to 0% tax must have the term “zero-rated sale” on the company’s official receipts and invoices.
Source: bworldonline.com
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