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 value-added tax (VAT).
In computing VAT, the input tax (the VAT due or paid by the taxpayer from the purchase of goods or services) is credited against the output tax (the VAT due on the sale of goods or services paid to the taxpayer).
Source: www.manilatimes.net
Latest Posts in "Philippines"
- Philippine Senate Considers Suspending Fuel Taxes Amid High Oil Prices; VAT Exemption for Electricity Proposed
- BIR Issues VAT Exemptions for Indigenous Natural Gas and Electricity Under New Regulations
- Legarda Proposes Bayanihan 3 Law to Suspend Fuel VAT, Aid Filipinos Amid Oil Crisis
- Aquino Urges VAT Suspension on Fuel to Ease Rising Prices Amid Middle East Crisis
- Philippines Court Clarifies Rules on Unutilized Input VAT Refunds for Zero-Rated Sales
