VAT on Government Transactions and Withholding of Creditable Value-Added Tax
Government as buyer of goods / services: Government like any ordinary buyer pays for VAT that is passed on by VAT seller of goods and services Sale of goods and services to government is subject to 12% VAT Government shall, for each payment, deducts and withholds CREDITABLE VAT of 5% from its gross payment […]
Return and Payment of Value-Added Tax
SEC. 114, NIRC. Return and Payment of Value-Added Tax. – (A) In General. – Every person liable to pay the value-added tax imposed under this Title shall file a quarterly return of the amount of his gross sales or receipts within twenty-five (25) days following the close of each taxable quarter prescribed for each taxpayer: Provided, […]