The deadline for filing the Annual Income Tax Return (AITR) in taxable year 2022 is fast approaching, and many taxpayers are striving to beat the April deadline. Once the ITR has been filed, taxpayers should start preparing for possible audit investigations that may be ordered by the Bureau of Internal Revenue (BIR). This is why it is important to determine the taxability of our transactions.
Deficiency Value-Added Tax (VAT) is going to be an area of focus by BIR auditors because this type of tax relates to the operations of the taxpayer’s business, specifically revenue. One of the common VAT deficiencies lies in transactions considered incidental transactions subject to VAT.
Source: www.bworldonline.com
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