Sun.Star Cebu - Tax notes: Repeal of 70% cap on input VAT

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Tax notes: Repeal of 70% cap on input VAT

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Tuesday, November 28, 2006
Tax notes: Repeal of 70% cap on input VAT

President Gloria Macapagal-Arroyo signed into law the repeal of the 70 percent cap on allowable input value-added tax (VAT) last Nov. 2, amending Section 110(B) of the Tax Code as last amended by Republic Act 9337.

Upon its effectivity, unless other transition rules are instituted, VAT taxpayers may fully utilize in any quarter all their available input tax credits to the extent of offsetting 100 percent of their output VAT and resulting to zero VAT payable.

The repeal shall take effect 15 days after publication of the law. (Source: Punongbayan & Araullo)

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(November 28, 2006 issue)
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