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Understanding VAT in the Philippines

Value-Added Tax is a form of sales tax levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the country. It is an indirect tax that can be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. VAT is collected at each stage of production and distribution, with credit given for taxes paid on purchases of business inputs.

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Yan Lean Dollison
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89 views1 page

Understanding VAT in the Philippines

Value-Added Tax is a form of sales tax levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the country. It is an indirect tax that can be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. VAT is collected at each stage of production and distribution, with credit given for taxes paid on purchases of business inputs.

Uploaded by

Yan Lean Dollison
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Description

Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale,
barter, exchange or lease of goods or properties and services in the Philippines and on
importation of goods into the Philippines. It is an indirect tax, which may be shifted or
passed on to the buyer, transferee or lessee of goods, properties or services.

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