-V-

Cross Border Doctrine. No VAT shall be

imposed to form part of the cost of the
goods destined for consumption outside the
territorial border of the taxing authority.
Value Added Tax. It is a tax on
consumption levied on the sale, barter,
exchange or lease of goods or properties or
services in the Philippines and on
importation of goods into the Philippines.
VAT-Registered Person. Refers to a VAT
person who is registered in accordance with
the law or who opted to be registered as a
VAT person.
VAT-Registrable Person. Refers to any
person who is required to register but failed
to do so.