Source of Regular Input VAT

Source of Regular Input VAT Timing of Credit Source

Documents
Purchase of goods or properties In the month of purchase Sales Invoice
Purchase of services In the month paid Official Receipt
Importation of Goods In the month VAT is paid Invoice
Purchase of Depreciable capital goods or properties
 General Treatment In the month of purchase Sales Invoice
 When the monthly aggregate acquisition Amortized over useful life Sales Invoice
costs exceeds P1,000,000.00 in months or 60 months,
whichever is shorter
Purchase of non-depreciable vehicles and on Not Creditable (RR 12-
maintenance incurred thereon 2012)

Purchase of Goods or Properties

In March 15, 2016, ABC Company purchased goods worth P80,000.00, exclusive of VAT. ABC Company
paid the invoice on April 28, 2016.
What is the amount of Input VAT to be reported on April 2016?

Purchase of Services
In March 15, 2016, ABC Company retained the services of a professional practitioner who billed
P120,000.00, exclusive of VAT. ABC Company paid the billing invoice on April 2016.
What is the amount of Input VAT to be reported on March 2016?

Importation
In March 2015, ABC Company imported goods with a total landed costs of P200,000.00. ABC Company
paid the P24,000.00 VAT on importation and withdrew the goods on April 2015?

What is the amount of Input VAT to be reported on March 2016?

Purchase of Capital Goods or Properties

1. DEF Company, a VAT-registered taxpayer, purchased the following capital goods in March 2015.

Capital Goods Purchase Price Input VAT Useful Life

Equipment* 600,000.00 72,000.00 4 years
Track 700,000.00 84,000.00 10 years
*Acquired on installment, P100,000.00 downpayment is paid during the month.

What is the amount of Input VAT to be reported on March 2015?

2. DEF Company, a VAT taxpayers, made the following purchase in August 2016.

Purchases Purchase Price Input VAT Usefule life

Goods for sale 700,000.00 84,000.00
Car for personal use 1,200,000.00 144,000.00
Computer for business use 250,000.00 30,000.00 3 years
Machineries for business use 750,000.00 90,000.00 7 years

Sale or transfer of depreciable capital goods within 5 years

The following relates to a depreciable property (equipment) which was sold during the month:

Selling price in Cash 3,700,000.00

Output VAT 444,000.00
Original Cost of Equipment 3,000,000.00
Accumulated Depreciation 1,000,000.00
Unutilized input VAT 200,000.00