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Tax Updates

Tax Updates

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Published by Yeoh Mae

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Published by: Yeoh Mae on Nov 27, 2012
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11/27/2012

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Tax Updates
The New VAT Law & 2007 Issuances
Topics
RR 16-2005 –Consolidated VAT Regulations of 2005
RR 1-2007 –Amending RR 4-2006, Otherwiseknown as the “Expanded Senior Citizens Act of 2003” 
RR 2-2007 –Amending RR 16-2005
RR 3-2007 –The Expanded One-Time Administrative Abatement of all Increments onDelinquent Accounts & Assessments
 
Rev. Regs. 16-2005, asamended by RR 2-2007
Consolidated VATRegulations
What is
VALUE-ADDED TAX?
 A tax on consumption levied on the
sale, barter, exchange or lease of goods orproperties, and services in the Phils. & on
importation of goods into the Phils.
 
VAT Threshold
Gross sales and/or gross receipts on saleof goods and services, and lease of goodsand properties exceedingP1,500,000
 
Persons Liable
(1) Seller
of 
goods or properties
, includingtransactions deemed sale
(2) Seller
of 
service, and(3) Lessor
of properties
In the course of trade or business
Seller/lessoris statutorily liable to the payment of thetax, but the tax may be passed on to the buyer
(4) Importer
of goods
Whether or nor made in the course of trade orbusiness

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