One of the country’s specialties is withholding VAT. Withholding entities are required to withhold VAT from their procurements and deposit it to the government treasury within the seventh day of the following month, after which they must provide a VAT deduction certificate to their suppliers within three days from deposit.
The following are considered withholding entities:
A government entity;
A non-governmental organization approved by the NGO Affairs Bureau or
the Directorate General of Social Welfare;
A bank, insurance company or a similar financial institution;
An education institution of secondary level or above;
A limited company, branch office or liaison office.
Source: dfdl.com
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