What comes to mind when we talk about excess, unutilized input value-added tax (VAT) that can be allowed as deduction to gross income for tax purposes are the following: input VAT from VAT exempt transactions, input VAT of non-VAT registered persons, and the excess of the actual input VAT from government sales to the seven percent standard input VAT prescribed under Section 4.114(2)(a) of Revenue Regulations (RR) No. 16-05, as amended.
Source: philstar.com
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