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VAT Entities

VAT Entities. Objectives. After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax consequence of failing to register as VAT entity Identify entities exempt from VAT Discuss optional registration in VAT.

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VAT Entities

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  1. VAT Entities

  2. Objectives After this presentation, you should be able to: • Determine taxpayers required to register under the VAT system • Identify the tax consequence of failing to register as VAT entity • Identify entities exempt from VAT • Discuss optional registration in VAT

  3. Required Registration

  4. Required Registration Natural or Artificial Beings

  5. Required Registration Natural or Artificial Beings

  6. Required Registration Natural or Artificial Beings

  7. Required Registration Natural or Artificial Beings >P 1,919,500.00

  8. Required Registration Natural or Artificial Beings >P 1,919,500.00

  9. Required Registration Natural or Artificial Beings >P 1,919,500.00

  10. Required Registration

  11. Required Registration

  12. Required Registration

  13. Required Registration

  14. Required Registration > P 10 Million

  15. Required Registration >P 10 Million

  16. Required Registration >P 10 Million

  17. Required Registration

  18. Required Registration Existing Business

  19. Required Registration Existing Business >P 1,919,500.00

  20. Required Registration Existing Business >P 1,919,500.00 Any 12-month period

  21. Required Registration Existing Business >P 1,919,500.00 Any 12-month period

  22. Required Registration Existing Business >P 1,919,500.00 Any 12-month period

  23. Required Registration

  24. Required Registration • Register within 10 days after the end of the month when the threshold was met

  25. Required Registration • Register within 10 days after the end of the month when the threshold was met • Liable to VAT on the first day of the month after registration

  26. Failure to Register Under VAT

  27. Failure to Register Under VAT Pay VAT on Gross Sales or Receipts

  28. Failure to Register Under VAT Pay VAT on Gross Sales or Receipts Input tax cannot be claimed

  29. Failure to Register Under VAT

  30. Failure to Register Under VAT Charging of VAT to customers is not allowed

  31. Failure to Register Under VAT Charging of VAT to customers is not allowed Fines and penalties will be imposed

  32. VAT-Exempt Entities

  33. VAT-Exempt Entities P 100,000 Gross Sales/ Receipts

  34. VAT-Exempt Entities P 100,000 Gross Sales/ Receipts P 1,919,500 Threshold

  35. VAT-Exempt Entities P 100,000 Gross Sales/ Receipts P 1,919,500 Threshold

  36. VAT-Exempt Entities

  37. VAT-Exempt Entities Cooperatives other than electric cooperatives

  38. VAT-Exempt Entities Cooperatives other than electric cooperatives P 10 Million Threshold

  39. VAT-Exempt Entities Cooperatives other than electric cooperatives P 10 Million Threshold

  40. VAT-Exempt Entities

  41. VAT-Exempt Entities Regional Area Headquarters of Multinationals

  42. VAT-Exempt Entities Regional Area Headquarters of Multinationals Businesses in eco-zones and free port zones

  43. VAT-Exempt Entities

  44. VAT-Exempt Entities • Register as Non-Vat Entities

  45. VAT-Exempt Entities • Register as Non-Vat Entities • Pay P500 Registration Pay • Except for:

  46. VAT-Exempt Entities • Register as Non-Vat Entities • Pay P500 Registration Pay • Except for:

  47. VAT-Exempt Entities • Register as Non-Vat Entities • Pay P500 Registration Pay • Except for:

  48. Optional Registration as VAT Entity

  49. Optional Registration as VAT Entity P 1,919,500 Threshold

  50. Optional Registration as VAT Entity P 1,919,500 Threshold P 10 Million Threshold

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