Businesses often forgo input VAT credit if the purchase/expense invoice is more than 6 months old (or, 2 months in the case of monthly tax periods). Needless to say, such a tax position results in a ...

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 ...

Accounting for VAT by a business should be a simple exercise. You simply take the VAT charged by you on your sales, deduct the VAT charged to you by your suppliers, and pay the difference over to the ...

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 ...

By: Recovering accumulated excess input value-added tax (VAT) has always put our VAT-registered taxpayers in a quandary on what is the best means to get back the excess tax payment when it amounts to ...

Taxes are the lifeblood of the government. This well-used legal maxim is mainly the reason that makes claiming tax refunds tedious. This means that Courts should be wary in granting entitlement to tax ...

A recent Supreme Court of Appeal (SCA) ruling should deliver a stark warning to businesses claiming input value-added tax (Vat) deductions without a watertight legal foundation. In Aveng Mining Shafts ...