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Post by account_disabled on Dec 7, 2023 1:44:42 GMT -7
For example, a contract was concluded during a tax holiday and its execution e.g. interest on a loan was transferred to the bank account where the activity was subject to VAT. The VAT law is actually not clear on this point. The press release stated that in this case, the Ministry of Finance considers that the tax liability should be recognized according to the general principles: when the service is rendered, when all or part of the payment is received, at the end of the service, the period for payment and settlement is agreed until the completion of the service. Provision of services, at the end of each tax year if the services are provided for a period longer than one year and philippines photo editor no payment terms are set during the year. VAT liability for financial services: Provided to non-taxpayers - tax liability arises when payment for services is received. Provide and pay VAT to taxpayers - tax liability arises in accordance with general principles. Summary if they decide to waive VAT exemption. To the remaining extent, services provided to non-taxpayers will continue to benefit from the objective exemption. In practice, this means that companies providing financial services will have so-called mixed sales, partly subject to VAT and partly exempt. In practice, this means that the VAT charged at the time of purchase must be settled on a pro-rata basis. Throughout the issue, it is also important to identify the appropriate moment.
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