input tax

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input tax

VALUE ADDED TAX paid on the purchase of goods and services used by a VAT registered person for the purpose of their business.
References in periodicals archive ?
Unburdened by input taxes, other Asean exporters will thus have lower export prices compared to Philippine exporters, who will have to pay additional VAT under the proposed corporate tax law.
This means that in-Kingdom enterprises exporting goods and services can deduct the VAT-eligible input taxes they paid, as long as they file their tax returns as required.
Gulf News' panel of tax experts and chartered accountants said it is not a complicated situation as exporters have recourse to claim input taxes paid on supplies sourced for exports.
Thus, there is cascading of input taxes on constructed flats, etc.
BIR argued that to be able to avail of a tax refund or tax credit, Philex must comply with several requirements including registration as VAT taxpayer, invoicing and accounting requirements as well as filing and payment of VAT, submission of complete documents in support of its claim for tax refund, the input taxes paid were attributable to its zero-rated or effectively zero-rated sales and these have not been applied against any output tax and the claim was filed within two years after the close of the taxable quarter.
In a statement on Monday, he said single digit sales tax can have a very positive impact on the overall business environment and could also settle issue of refund claims and input taxes besides reducing complaints regarding transparency.