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    Source of Regular Input VAT

    Uploaded by

    Marie Tes Locsin
    1. The document outlines the timing for claiming input VAT credits based on the source of the input VAT. It specifies that input VAT from purchases of goods or services can be claimed in the month of purchase or payment, while import VAT can be claimed in the month it is paid. 2. Input VAT from purchases of depreciable capital goods or properties over P1,000,000 can be amortized over the useful life, otherwise it is claimed in the month of purchase. Purchases of non-depreciable vehicles are not creditable. 3. The document then provides examples of calculating input VAT credits based on the rules for different types of purchases and importations.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Source of Regular Input VAT

    Uploaded by

    Marie Tes Locsin
    69 views1 page
    1. The document outlines the timing for claiming input VAT credits based on the source of the input VAT. It specifies that input VAT from purchases of goods or services can be claimed in the month of purchase or payment, while import VAT can be claimed in the month it is paid. 2. Input VAT from purchases of depreciable capital goods or properties over P1,000,000 can be amortized over the useful life, otherwise it is claimed in the month of purchase. Purchases of non-depreciable vehicles are not creditable. 3. The document then provides examples of calculating input VAT credits based on the rules for different types of purchases and importations.

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    1. The document outlines the timing for claiming input VAT credits based on the source of the input VAT. It specifies that input VAT from purchases of goods or services can be claimed in the month of purchase or payment, while import VAT can be claimed in the month it is paid. 2. Input VAT from purchases of depreciable capital goods or properties over P1,000,000 can be amortized over the useful life, otherwise it is claimed in the month of purchase. Purchases of non-depreciable vehicles are not creditable. 3. The document then provides examples of calculating input VAT credits based on the rules for different types of purchases and importations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views1 page

    Source of Regular Input VAT

    Uploaded by

    Marie Tes Locsin
    1. The document outlines the timing for claiming input VAT credits based on the source of the input VAT. It specifies that input VAT from purchases of goods or services can be claimed in the month of purchase or payment, while import VAT can be claimed in the month it is paid. 2. Input VAT from purchases of depreciable capital goods or properties over P1,000,000 can be amortized over the useful life, otherwise it is claimed in the month of purchase. Purchases of non-depreciable vehicles are not creditable. 3. The document then provides examples of calculating input VAT credits based on the rules for different types of purchases and importations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    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

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