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Questions and Answers
What is the prescriptive period for claiming a refund or tax credit on zero-rated sales?
What is the prescriptive period for claiming a refund or tax credit on zero-rated sales?
- 3 years from the taxable quarter
- 2 years from the taxable quarter (correct)
- 4 years from the taxable quarter
- 1 year from the taxable quarter
What are the compliance requirements for VAT?
What are the compliance requirements for VAT?
- VAT return filing and government withholding only
- Invoicing and accounting only
- Quarterly summary lists filing only
- Invoicing, accounting, VAT return filing, quarterly summary lists filing, and government withholding (correct)
What is required for a single invoice or receipt involving VAT and non-VAT transactions?
What is required for a single invoice or receipt involving VAT and non-VAT transactions?
- A breakdown of sales or receipt among taxable and zero-rated components only
- A breakdown of sales or receipt among taxable and exempt components only
- A breakdown of sales or receipt among exempt and zero-rated components only
- A breakdown of sales or receipt among taxable, exempt, and zero-rated components (correct)
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Study Notes
- Prescriptive period for claim of refund or tax credit is two years from the taxable quarter when zero-rated sales were made.
- Unutilized input VAT on zero-rated sales can be expensed outright or claimed as a tax credit/refund.
- Unutilized VAT payments can be carried over to the next taxable year for issuance of TCC.
- TCC claim must be filed within 2 years from the date of filing of 4th quarter VAT.
- TCC claim shall be limited to unutilized advanced VAT payment and shall not include excess input VAT.
- Two cases where a taxpayer can ask for refund of input VAT are unutilized input VAT on zero-rated sales and unutilized input VAT upon cancellation of VAT registration due to retirement from or recession of business.
- Compliance requirements include invoicing, accounting, VAT return filing, quarterly summary lists filing, and government withholding.
- A VAT invoice is required for every sale, barter, or exchange of goods or properties.
- A VAT official receipt is required for every lease of goods or properties and for every sale, barter or exchange of services.
- A single invoice or receipt involving VAT and non-VAT transactions must indicate the breakdown of sales or receipt among taxable, exempt, and zero-rated components.
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