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Overview of Value Added Tax

Overview of Value Added Tax. Objectives. After this presentation, your should be able to: provide a comprehensive definition of value added tax determine the features of VAT identify the filing requirements for VAT. Definition.

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Overview of Value Added Tax

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  1. Overview of Value Added Tax

  2. Objectives After this presentation, your should be able to: • provide a comprehensive definition of value added tax • determine the features of VAT • identify the filing requirements for VAT

  3. Definition tax on consumption levied on the sale, barter, exchange, or lease of goods or properties and services in the Philippines and on the importation of goods into the Philippines.

  4. Who is liable to Pay VAT • persons engaged in the sale, barter, exchange, or lease of goods or properties in the course of business or trade, • persons rendering service in the ordinary course of business, and • importers of goods, whether or not connected in the course of business.

  5. Features of VAT • It is a business tax • It is a privilege tax • It is an indirect tax • It is a tax on value added or mark up • It is creditable • It is a consumption tax • It is an added cost

  6. Filing Requirement

  7. Monthly (BIR Form 2550M) • Duly issued Certificate of Creditable VAT Withheld at Source • Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax At Source • Duly approved Tax Debit Memo • Duly approved Tax Credit Certificate, and • Authorization letter, if return is filed by authorized representative.

  8. Monthly Due Date: • for manual filing, not later than the 20th day of the following month,

  9. Filing Requirement for electronic filing, • Group A- not later than the 25th day of the following month • Group B- not later than the 24th day of the following month • Group C- not later than the 23th day of the following month • Group D- not later than the 22th day of the following month • Group E- not later than the 21th day of the following month

  10. Quarterly (BIR form 2550Q) • Duly issued Certificate of Creditable VAT Withheld at Source • Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax At Source • Duly approved Tax Debit Memo • Duly approved Tax Credit Certificate • Previously filed return and proof of payment, for amended return • and Authorization letter, if return is filed by authorized representative.

  11. Deadline 25th day following the close of the taxable quarter

  12. Filing Notes • Documents and forms must be accomplished and filed in triplicates

  13. Thank You!

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