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What is Input VAT Computation in the Philippines about?

This document provides an overview of input VAT under the Philippine tax system. It defines input VAT as the VAT paid on purchases used in a business. There are different types of input VAT including regular input VAT (12%), transitional input VAT (2%), and presumptive input VAT (4%). Input VAT can be claimed as a credit against output VAT owed. If input VAT exceeds output VAT in a period, the excess can be carried over to future periods. The document provides examples and formulas for calculating input VAT

Author

dennis delrosario

Language

EN