Friday, December 23, 2011

Penalty for failure to segreggate VAT

Under Revenue Regulations No. 18-2011 dated September 21, 2011, VAT-registered taxpayers who shall fail to separate the value-added tax (VAT) component in the sales invoice (for goods), or official receipts (for services) shall be penalized upon conviction as follows:a. Fine of not less than P1,000 but not more than P50,000, and,b. Suffer imprisonment of not less than two (2) years but not more than ten (10) years.Comment:This is not actually a new requirement to separate the VAT component in the invoice or receipt for transparency purposes, but only to penalize those who do not comply the same. Problem may arise if the seller does not indicate the VAT passed on because if a VAT receipt/invoice is issued, it presupposes that a VAT is imposed so the tendency of the business buyer is to divide...
Page 1 of 912345Next
 
Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Lady Gaga, Salman Khan