TAX

Consignment – Consignee (Buyer) -Consignor (seller)= 60 days consider transaction deemed sales
subject to VAT.

Commissioner is the one who determined threshold lower than 30%

Business Output vat sale

Business INPUT VAT vat is paid from purchases buys

Output vat minus input vat = remit to BIR

Ordinary receipt is not considered as expenses, not properly subs- should follow the standard of BIR
NOT CLAIMABLE-

SALES , NET OF OUTPUT VAT 6,800,00

MORETHAN 1M

MORETHAN 5 YEARS 60 MONTHS

LESSTHAN 5 YEARS

Import subject to vat