Sun.Star Cebu - Tax notes: Senior citizens’ discount clarification

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Tax notes: Senior citizens’ discount clarification

Tuesday, January 30, 2007
Tax notes: Senior citizens’ discount clarification

IN Revenue Regulations 1-2007, the Bureau of Internal Revenue (BIR) clarified that the value-added tax (VAT) base where a 20 percent senior citizens discount was granted shall be the selling price (before VAT) net of the 20 percent discount.

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The regulations likewise repealed the requirement to indicate the senior citizen’s Taxpayer’s Identification Number (TIN) in order for the establishment to claim the discount as deduction. (Source: Punongbayan & Araullo)

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(January 30, 2007 issue)
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