Coverage, Nature, Basis and Rate of Value-Added Tax (VAT)
Value-Added Tax (VAT) Indirect Tax VAT is an indirect tax and the amount of tax may be shifted or passed on to the buyer, transferee or lessee of the goods, properties or services. Sec.4.105-2, RR 16-2005. Nature and Characteristics of VAT VAT is a tax on consumption levied on the sale, barter, exchange or […]
VAT Exempt Transactions
SEC. 109. Exempt Transactions. – (1) Subject to the provisions of Subsection (2) hereof, the following transactions shall be exempt from the value-added tax. (A) Sale or importation of agricultural and marine food products in their original state, livestock and poultry of or kind generally used as, or yielding or producing foods for human consumption; and […]