BusinessMirror

Refund: Substantiation of unutilized input VAT no more

For many years now, the right of taxpayers to claim for value added tax refund has been constrained and limited. The Court of Tax Appeals (CTA) has been consistent with its stand that in a claim for ...
manilatimes

Managing output VAT credit

REPUBLIC Act 11976, also known as the Ease of Paying Taxes (EoPT) Act, provides relief to cash flow issues that may arise from output value-added tax (VAT) on uncollected receivables. Revenue ...
BusinessMirror

Output VAT credit on uncollected receivables

One significant amendment introduced by the Ease of Paying Taxes (EOPT) Act is the seller’s right to deduct and claim output value-added tax (VAT) credit on uncollected receivables, subject only to ...
The Citizen

Overhaul of VAT system could slash rate to 6%

The proposal is to have a system that resembles a sales tax by disallowing Vat input claims and to rely solely on the payment of output tax, but at a rate as low as 6% compared to the current 15%.
The Citizen

Woolworths vindicated over VAT treatment

Its 2014 acquisition of Australian department store David Jones has been labelled a “R20 billion blunder”, but Woolworths Holdings has now at least been vindicated over its value-added tax (VAT) ...