Credits for Input Taxes and Excess Output or Input Tax
SEC. 110, NIRC. Tax Credits. – A. Creditable Input Tax. – (1) Any input tax evidenced by a VAT invoice or official receipt issued in accordance with Section 113 hereof on the following transactions shall be creditable against the output tax: (a) Purchase or importation of goods: (i) For sale; or (ii) For conversion into or intended to form […]