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VAT Ruling Impact on Benguet Corp. by maidengracealintatao is a document available to read on EtoBox.

What is VAT Ruling Impact on Benguet Corp. about?

Benguet Corp. sold gold to the Central Bank, relying on a 1988 VAT ruling that classified such sales as zero-rated, but later faced disallowance of tax refund applications due to a 1992 ruling that imposed a 10% VAT retroactively. The Supreme Court ruled that the retroactive application of the 1992 ruling prejudiced Benguet Corp. by eliminating its options to pass on VAT costs or recover input VAT, violating Section 246 of the NIRC. Consequently, the Court affirmed the Court of Appeals

Author

maidengracealintatao

Language

EN