Invoicing and Accounting Requirements for VAT-Registered Persons
SEC. 113,NIRC. Invoicing and Accounting Requirements for VAT-Registered Persons. – (A) Invoicing Requirements. – A VAT-registered person shall issue: (1) A VAT invoice for every sale, barter or exchange of goods or properties; and (2) A VAT official receipt for every lease of goods or properties, and for every sale, barter or exchange of services. (B) Information […]
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 […]