ADMINISTRATIVE REQUIREMENTS
Invoicing
Issuing an erroneous VAT
invoice/OR
What shall be filed?
Where to file?
Short period return
Who is required to register?
Optional registration
✅ a statement that the seller is a VAT-registered person, followed by hi TIN
✅the total amt by w/c the person is obligated to pay (kasama VAT)
➡ ️amt of tax shall be shown as a separate item in the invoice or receipt
➡ ️ write the terms 'VAT-exempt sale' or 'zero-rated sale' depending on the
transactions
✅sales is ≥ 1,000 to a VAT-reg person, indicate purchaser's/client's/customer's
name, business style (if any), address, and TIN
no more 5 year validity for ATP
Where: A non-VAT reg. person issues an invoice or receipt showing his TIN,
followed by the word VAT:
a. In addition to any liability to OPT, the issuer shall be pay:
➡ ️output VAT w/o the benefit of any input tax credit
➡ ️50% surcharge on the amount of tax
b. The purchaser shall claim the erroneous VAT as an input tax credit.
Where: A VAT-reg erson issues a VAT-invoice/OR for a VAT-exempt transaction
and fails to indicate the term 'VAT-exempt' sale:
➡️ the issuer shall be liable for output tax as if Sec 109 did not apply (as if hindi
exempt sale)
2550M - Monthly VAT declaration
📆: 20th day of the ff. month; XPN: EFPS, 21st to 25th day of the ff. month
no longer required; optional (at the discretion of the taxpayer)
2550Q - Qtrly VAT return
📆: 25th day following the close of the taxable qtr.
Special deadline: cancellation of reg: 25 days from the date of cancellation
Attachments:
✅Summary List of:
➡ ️Sales
➡ ️Purchases
➡ ️Importation
Place of registration
One consolidated return shall be filed for taxpayers w/ multiple branches
Any return less than 3 mos
Ex: cancellation of reg; business ceases during the quarter
➡ ️ in w/c case the taxpayer shall file a qtrly rerturn and pay the tax due w/in 25
days from the exnd of the month when the business ceases to operate
✅those whose annual GS/GR exceeded the 3M threshold
✅those who have reasonable grounds to believe that his GS/GR for the next 12
mos, except those that are exempt, will exceed 3M
failure to register:
➡ ️ liable to pay the tax w/out the benefit of input tax credit for the period in w/c he
was not properly registered
Those who are not required may elect to register for VAT; irrevocable for the next
3 yrs.
Cancellation of registration ✅written application and demonstrates to the CIR's satisfaction that his GS/GR for
the ff. 12 mos other than those that are exempt, will not exceed 3M.
✅ceased to carry on his trade or business and does not expect to recommence
w/in the next 12 mos