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Tax 2 - Week 4 - Value Added Tax - Coggle Diagram
Tax 2 - Week 4 - Value Added Tax
I. Transactions Subject to Regular VAT
A. In General; Nature, Characteristics and Purpose of VAT
B. Destination Principle/Cross Border Doctrine
C. Direct and Exclusively Use Concept
D. Sale of Goods or Properties
Transactions Covered
Taxable Base
Gross Selling Price
Sales Discounts, Returns and Allowances
1 more item...
Actual Sale
Transactions Deemed Sale
Changes in or Cessation of Status of a VAT-Registered Person
E. Sale of Services and Use or Lease of Properties
Meaning of “Sale or Exchange of Service”
Taxable Base: Gross Receipts Actually and Constructively Received
Importation of Goods
Amounts Earmarked for Payment to Third Parties
1 more item...
II. Transactions Subject to Zero Rated Vat
A. Difference Between Zero-Rated and Exempt
B. Automatically Zero-Rated Transactions
Sale of Goods and Properties
Sale of Services
Meaning of “Accounted for in Accordance with the Rules and Regulations of the BSP”
C. Effectively Zero-Rated Transactions
Sale of Goods and Properties
Sale of Service
Requirement to Obtain Approved Application for Effective Zero-Rating: Deleted by Rev. Regs. No. 4-2007, Feb. 7, 2007
D. Printing of Words “Zero-Rated” on Invoices/Receipts
III. Transactions Exempt from VAT
A. Coverage of Exemption
General Rule
Exception
B. Waiver of VAT Exemption/Election to be Subject to VAT
Compliance with invoicing requirements
- V. Important, otherwise can't claim input tax. Need to put TIN.