Can I read BIR Ruling on Unutilized Input VAT on EtoBox?

BIR Ruling on Unutilized Input VAT by Lizzette Dela Pena is a document available to read on EtoBox.

What is BIR Ruling on Unutilized Input VAT about?

A Co., a VAT-registered company, was unable to utilize its input VAT credits from suppliers due to having only zero-rated transactions. It missed the two-year deadline to file a claim for refund or tax credit of the unutilized input VAT. The BIR ruled that A Co. cannot expense the unutilized input VAT outright after the claim period expired, as the Tax Code only allows recovery of unutilized input VAT through a refund or tax credit claim, not other means such as expense deduction.

Author

Lizzette Dela Pena

Language

EN