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7 - tax
Bs accountancy (Mindanao State University)
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THE REGULAR OUTPUT VAT
SOURCES OF REGULAR OUTPUT VAT
1. Sale of vatable goods
2. Sale of vatable services
3. Sale of vatable properties
4. Transactions deemed sales
The following table an overview of the tax basis of the VAT:
Taxable transaction
1. Sale of goods
2. Sale of services
3. Sale of properties
4. Transactions deemed sales
Tax basis
Gross selling rice, unless unreasonably lower
Gross receipts
Gross selling price as defined by the BIR
Fair value of the property deemed sold
SALE OF VATABLE GOODS
The sale of goods is subject to 12% VAT based on gross selling price unless unreasonably lower.
Gross selling price is simply referred to as gross sales. You may wish to revisit the concept of gross
selling price in Chapter 3.
Illustration
In June 2020, Mabaca Corporation made the following sales:
Cash sales
Sales on account (P80,000 collected)
Installment sales (120,000 collected)
Delivery chargers to customers
Advances from customers
Total sales
P200,000
100,000
300,000
15,000
50,000
P665,000
The gross selling price and output VAT are as follows:
Cash sales
Sales on account (P80,000 collected)
Installment sales (120,000 collected)
Delivery chargers
Gross selling price
Multiply by:
Output VAT
P200,000
100,000
300,000
15,000
P615,000
12%
P73,800
Unreasonably lower selling price
If the selling price is unreasonably lower. The VAT shall be based on the fair value of the goods sold.
The gross selling price deemed unreasonably lower when it is lower by more than 30% of the actual
market value of goods sold. The fair value of the goods shall be determined by the Commissioner of
Internal Revenue.
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Nonetheless, if one of the parties is the government, the output VAT shall be based on the actual
selling price.
Illustration 1
A VAT seller made the following sales of goods to private customers during the month:
To customer A
To customer B
To customer C
Total sales
Selling price
P150,000
200,000
102,000
P452,000
Fair value
P180,000
190,000
150,000
The output VAT shall be computed as:
Customer
Discount
A (150/180) = 83%
17%
B (P200/P190) = 105%
0%
C (102/150) = 68%
32%
Tax basis
Multiply by:
Output VAT
Selling price
P150,000
200,000
102,000
Fair value
P180,000
190,000
150,000
Tax basis
P150,000
200,000
150,000
P500,000
12%
P60,000
Note: the selling price to Customer C is unreasonable lower; hence, the fair is subject to VAT.
Illustration 2
A VAT-registered seller made the following sales
Selling price
City of San Fernando
P134,000
ABC Trading Company
100,000
at unreasonably lower selling prices:
Fair value
P200,000
150,000
The tax basis and output VAT shall be computed as:
Sales to
Selling price
City of Fernando (gov’t) P134,000
ABC Trading (private)
100,000
Tax basis
Multiply by:
Output VAT
Fair value
P200,000
150,000
Taxable
P134,000
150,000
P284,000
12%
P34,080
Note: the fair value rule on sales at reasonably lower selling prices does not apply to sales made to the government.
Timing of Output VAT reporting
The output VAT on the sale of vatable goods is reported in the month of sales.
SALE OF VATABLE SERVICES
The sale of services is subject to 12% VAT based on the gross receipts. Gross receipt is collection of
income. You may revisit the concept of gross receipt in Chapter 3 if needed.
Illustration
A VAT registered repairman had the services provider had the following revenue and collection during
the month:
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Revenue
Client A – for services rendered:
Billing for materials
P200,000
Services fee
100,000
Total
P300,000
Collection
Balance
P200,000
50,000
P250,000
P
0
50,000
P50,000
Client B – work not yet started on a P500,000 contract:
Advances
P
0 P200,000
P
0
The gross receipt includes advances and collection of amount charged for labor and material
included with the service.
Collections for services rendered
Advances from client
Gross receipts
Multiply by:
Output VAT
P 250,000
200,000
P 450,000
12%
P54,000
Timing of Output VAT reporting
The output VAT on the sale of vatable services is reported in the month of collection.
SALE OF VATABLE PROPERTIES
The sale, barter or exchange of vatable real properties is subject to VAT on the gross selling price.
Under the regulations, “gross selling price” means the higher of the:
1. Consideration or selling price
2. Fair value of the property is the higher between the:
a. Zonal value; and
b. Fair value per assessor’s office
In the absence of a zonal value, “gross selling price” shall mean the fair value per assessment or
consideration stated in the sales document, whichever is higher.
If the gross selling price is based on the zonal value or assessor’s fair value of the property, the zonal
value or assessed value shall be presumed exclusive of VAT.
Illustration
Mr. Realtor, a real property dealer, sold a commercial lot in June 2020. The following data relate to
the sale:
Appraisal value
Zonal value
Assessor’s fair value
Selling price
P4,500,000
4,000,000
2,500,000
3,800,000
The gross selling price and the output VAT shall be:
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Gross selling price (fair market value)
Multiply by:
Output VAT
P4,000,000
12%
P480,000
Note:
1. The fair market value is the VAT base since it is higher than the P3.8M selling price.
2. The fair value is directly multiplied by 12% because it is deemed exclusive of VAT.
If the fair market value is higher than the selling price, the output VAT must be separately billed with
specific mention that the VAT billed separately is based on the market value of the property.
If the gross selling price is based on the consideration appearing in the document of sale, the same is
presumed to be inclusive of VAT.
Illustration
Mr. Realtor, a real property dealer, sold a commercial lot in June 2020. The following data relate to
the sale:
Zonal value
Assessor’s fair value
Selling price
4,000,000
3,500,000
4,256,000
The gross selling price and the output VAT shall be:
Gross selling price (consideration)
P4,256,000
Multiply by:
12/112
Output VAT
P456,000
Note:
1. The consideration or selling price is the gross selling price since it is higher than the P4M fair value.
2. The consideration or selling price is multiplied by 12/112 because it is presumed by the regulation to be inclusive.
Another illustration
DEF Realty Corporation, a VAT-registered realty dealer, sold the following residential properties
during the month:
Residential lot
Residential dwelling
Zonal value
Assessed value Selling price
P1,500,000
P1,200,000
P1,700,000
2,000,000
1,500,000
3,000,000
The output VAT shall be nil. Recall from Chapter 4 that the sale of a residential lot is exempt if sold at
a price not exceeding P1,919,500. The sale of residential dwelling is also exempt if the selling price
does not exceed P3,199,200.
Comparison of the VAT on goods and VAT on properties
It must be noted that the term “selling price” or consideration on the sale of property is legally
presumed VAT inclusive but this is not the case on the sale of goods.
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Thus,
If the fair value is
P100,000
P100,000
P100,000
And the selling
price
P120,000
P80,000
P60,000
The output VAT on the sale of
Good is computed as
Real property is computed
as
P120,000 x 12%
P120,000 x 12/112
P80,000 x 12%
P100,000 x 12%
P100,000 x 12%
P100,000 x 12%
The concept of unreasonably lower does not apply on the sale of property. The higher of the
fair value and selling price is always the basis of the VAT.
Timing of Output reporting
The output VAT on the sale vatable properties is reported in the month of sale or by installment
method.
Installment reporting of Output VAT on real properties
The output VAT on the sale of real properties may be reported in installment if the initial payment
from such sale if it does not exceed 25% of the selling price.
Illustration
On August 1, 2020, a real property dealer sold a commercial lot with the following data:
Zonal value
Assessed value
Selling price
P6,000,000
4,500,000
5,000,000
A down payment of P500,000 was paid with the balance due in 36 monthly installments of P125,000
starting September 1, 2020.
Output VAT (P6,000,000 x 12%)
P720,000
Ratio of initial payment
The payments shall be projected until the end of the year of sale to determine the ratio of the initial
payment:
Initial payment Selling price
Ratio
August 1, 2020 down payment
P500,000
September 1, 2020 down payment
125,000
October 1, 2020 monthly
125,000
November 1, 2020 monthly
125,000
December 1, 2010 monthly payment
125,000
Ratio of initial payment
P1,000,000 /P5,000,000
= 20%
The ratio does not exceed 25%. The sale qualifies as a sales on the installment plan. The output VAT
on the sale maybe reported in installments.
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Reportable Output VAT:
The reportable Output VAT in each month under the installment method shall be computed as:
Payments/Selling price x output VAT
Output VAT
P72,000
August 2020
P500,000/P5,000,000 x P720,000
=
September 2020*
P125,000/P5,000,000 x P720,000
=
P18,000
*and every month thereafter
The billing for every monthly installment thereafter shall be:
Installment
P125,000
Plus: Output VAT
18,000
Total monthly billing starting September
P143,000
The reportable Output VAT in the third and fourth quarters of 2020 shall be:
Third quarter
Fourth quarter
July
August September
October November December
P72,000
P90,000
P18,000
P18,000
P54,000
Output VAT P
Note: Recall that the quarterly output VAT is the cumulative of the output VAT for the entire quarter covering 3 months.
Sale of property by a realty dealer on a deferred payment basis
The sale of property by a realty dealer on deferred payment basis, not on the installment plan, shall
be treated as a cash sale. The fair value or gross selling price whichever is higher is subject to VAT in
the month of sale. Subsequent collections from the sale shall no longer be subjected to VAT.
Illustration
On august 1, 2020, Exxon Realty Corporation sold a residential property with a fair market value of
P5,000,000 for P4,000,000. The terms of the sale require a down payment of P400,000 and the
balance payable in monthly installments of P200,000 starting September 30, 2020
Output VAT (P5,000,000 x 12%)
Ratio of initial payment:
August 1, 2020 down payment
September 30, 2020 down payment
October 31, 2020 down payment
November 30, 2020 down payment
December 31, 2020 down payment
Initial payment
P600,000
Initial payment Selling price
P400,000
200,000
200,000
200,000
200,000
P1,200,000 /P4,000,000
Ratio
=30%
The reportable output VAT in the third and fourth quarters of 2020 shall be:
Third quarter
Fourth quarter
July
August September
October November December
P
P600K
P600K
P
- P
- P
Output VAT
Note: the output VAT is reported in the month of sale. Hence, no output VAT is further impossible on the future
installments
Interest and penalties
Interest and penalties actually or constructively received by the seller are likewise subject to VAT.
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Illustration
Sarangani, a VAT-taxpayer made a sale of real property with a fair value of P3,000,000 for
P2,000,000. The P360,000 output VAT on the sale qualified for installment reporting.
During the month, Sarangani is due to receive the following net of VAT:
Installment
P200,000
Interest
12,000
Penalty
4,000
Total
216,000
The reportable
Installment
Interest
Penalty
Output VAT
output VAT on this collection shall be:
P200,000 / P2,000,000 x P360,000
12,000 x 12%
4,000 x 12%
P36,000
1,440
480
P37,920
The total amount to be billed by Sarangani shall be:
Installment
P200,000
Interest
12,000
Penalty
4,000
Total
P216,000
Plus: Output VAT
37,920
Total billing
P253,920
Sale of properties considered “ordinary assets”
Even if the real property is not primarily held for sale to customers or held for lease in the ordinary
course of business but the same is used in the trade or business of the seller, the sale thereof shall
be subject to VAT being a transaction incidental to the taxpayer’s main business.
Therefore the sale of properties held for use (ordinary assets) such as land, building equipment,
machineries, property improvements, and supplies aside from inventories and supplies are vatable.
Sale of property not in the ordinary course of business
These are exempt from VAT. Hence, sale of capital assets is exempt from VAT.
Illustration
Hill Foods Corporation, a VAT taxpayer, sold the following properties:
Old factory (book value = P1,500,000)
P1,300,000
Vacant lot, held as investment
4,000,000
The output VAT shall be computed as:
Selling price of old factory
P1,300,000
Multiply by:
12%
Output VAT
P156,000
Note:
1. The gain on the sale of the old factory shall be subject to regular income tax.
2. The sale of the vacant lot shall not be subject to VAT because it is a capital asset. The same shall be subject to
the 6% capital gains tax.
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Query: what if Hill Foods Corporation is a non VAT-taxpayer?
The sale of the old factory shall not be subject to VAT. The VAT on sale ordinary assets applies only
to VAT-registered taxpayers.
TRANSACTIONS DEEMED SALES
There are acquisitions involving goods or properties which are consumption in nature but are not
coursed through a purchased transaction. These transactions are not recorded as sales by the
business and could evade taxation. Nevertheless, since these transactions are forms of consumptions,
they are considered “deemed sales” for to be subjected to the VAT.
List of transactions deemed sales:
1. Transfer, use, or consumption not in the course of business of goods or properties
originally intended for sale or for use in the course of business.
2. Distribution or transfer to:
a. Shareholders or inventors share in the profits of VAT- registered persons
b. Creditors in payment of debt or obligation
3. Consignment of goods if actual sale is not made within 60 days following the date
such goods were consigned
4. Retirement from or cessation of business with respect to all goods on hand
whether capital goods, stock in trade, supplies or material as of the date of
cessation, whether or not the business is continued by the new owner or successor
5. Cessation of status as a VAT-registered person
Transfer, use or consumption not in the ordinary course of business
This occurs when vatable ordinary assets are used for purposes other than their intended purpose,
such as when:
1. Goods or properties held for sale are no longer sold but are transferred or disposed of by
other means other than sale.
2. Properties originally intended for use are no longer used but are transferred, disposed of or
exchanged with other properties.
Examples of consumptions not in the course of business:
1. Withdrawal by the business owner for personal use goods held for sale or properties held for
use
2. Using goods held for sale or properties held for use to pay off debts with creditors (Dacion en
pago)
3. Using goods held for sale or properties held for use as property dividends to shareholders
4. Exchange of goods held for other properties
5. Sale or disposal of properties held for use in exchange for cash or other properties
Illustration 1
A VAT-registered grocery operator withdrew the following for personal use:
Various fruits and vegetables
Various processed goods
Fair value
P10,000
18,000
Book value
P16,000
15,000
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The output VAT on the deemed sale shall be P2,160 computed as 12% x P18,000. The VAT applies
only on vatable goods. The fruits and vegetables are exempt goods.
Illustration 2
GH Realty, a VAT-registered realtor, transferred a commercial lot with zonal value of P400,000 and
fair value per assessor of P350,,000 in exchange for the shares of stocks of a newly organized
company, BHI company.
The exchange of the commercial lot, a property held for sale, for shares of stocks is a deemed sale
subject to a VAT. The output VAT shall be P48,000, computed as 12% x P400,000.
Query: What if the GH Realty acquired control in the stocks of BHI Company?
The transfer of the commercial lot shall be exempt from VAT since initial acquisition of control is a
tax-free exchange that is a VAT-exempt transaction.
Illustration 3
A realtor transferred a property held for sale in trust to his daughter who is getting married. The
property had a cost basis of P2,000,000 and a fair market value of P2,500,000 at the date of transfer.
The completed gift is a deemed sale subject to VAT. The output VAT shall be P300,000, computed as
12% x P2,500,000.
Query 1: What if the donation is designated by the donor as revocable?
The output VAT is nil. To be considered “deemed sold” there must be a transfer of ownership over
the property. The transmission of property to a trustee shall not be subject to VAT if the property is
to be merely held in trust for the trustor and/or beneficiary.
Query 2: What if the done is an accredited non-profit organization?
The output VAT is nil. Transfer to an accredited non-profit organization is not subject to VAT,
Illustration 4
Cubao Corporation declared the following properties for distribution to shareholders as property
dividends:
Shares of stocks in Makati Corporation
Various merchandise
Total
P2,000,000
3,000,000
P5,000,000
Cubao Corporation shall be subject to P360,000 output VAT, computed as 12% x P3,000,000. The
merchandise shall be deemed sold to VAT but the shares of stocks are not subject to VAT on deemed
sales because they are capital assets. Note that even the actual sales of stocks is VAT-exempt.
Consignment of goods not withdrawn in 60 days
Consigned goods to consignees, if not withdrawn within 0 days, are also presumed or deemed sold
subject to VAT.
This is not an actual consumption, but the rule is apparently intended to prevent taxpayers from
deferring recognition of output VAT by non-reporting or delayed reporting of the sales on
consignment.
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Illustration
A VAT-registered taxpayer has its own sales operations but also goods through consignees, it also
sells goods on consignment for a commission. The following were the results of operations for the
month ended April 30, 2020:
Sales - own inventories
Sales - reported by consignees
Sales - in behalf of consignors
Commission income on goods sold for consignors
P500,000
150,000
100,000
20,000
The billed prices of outstanding consignments still held by consignees as of April 30, 2020 are as
follows:
February 2020
P50,000
March 2020
80,000
April 2020
120,000
The output VAT shall be computed as:
Direct sales
P500,000
Sales through consignees
150,000
Commission income
20,000
Total/receipts
P670,000 x 12%
Deemed sales (February)
P50,000 x 12%
Output VAT
P80,400
6,000
P86,400
Note:
1. The sales of taxpayer include direct sales and those made by its agents or consignees, gross of commission
expenses to consignees.
2. The consignment sale of a consignee is not taxable to the consignee but to the consignor. Only the commission
earned by the consignee on such sale is taxable to the consignee.
3. The February unsold consignment is more than 60 days old as of April 30 – the current month, hence, it is
deemed sold. The March consignment is less than 60 days old; hence, it is not yet deemed sold.
Retirement or cessation of business
Remember that when the owner of the business withdraws a certain merchandise for his personal
consumption, much would it be when he ceased or retire from business where all of the assets will
become his personal disposal. The retirement or cessation from business will result in the transfer of
all goods or properties of the business to the personal use or account of the business owner or
owners. Hence, it is also a “deemed sale”.
If the business is continued by a new owner, the goods or properties of the business are effectively
sold to the new owner. Hence, the goods or properties of the business are likewise deemed sold.
Illustration 1
Mr. Misamis, a VAT-registered taxpayer, ceased business operation in May 2020. His business
properties upon termination of business operation include:
Cash
Accounts receivables
P50,000
120,000
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Investments
Inventories
Property, plant and equipment
Total assets
180,000
200,000
800,000
P1,350,000
The output VAT on the deemed sale shall be computed as:
Inventories
P200,000
Property, plant and equipment
800,000
Basis
P1,000,000
Multiply by:
12%
Output VAT
P120,000
Note: The VAT on deemed applies only to vatable goods and properties of business or those considered ordinary assets in
income taxation. The accounts receivables and inventories are non-vatable because they are capital assets.
Illustration 2
Juan, a VAT-taxpayer, is closing his business, he had in his inventory 100 sacks of rice valued at
P200,000.
The rice inventories shall not be subject to VAT upon cessation of business since they are VATexempt goods. Even if these are actually sold, their sales is not subject to VAT.
General Rules: Business dissolution is deemed sale.
As a rule of thumb, one must note that when there is business dissolution, there is deemed sale,
such as in the following cases:
1. Change of ownership of the business
a. Incorporation of a sole proprietorship
b. Sale by a proprietor of his entire business
2. Dissolution of a partnership
a. And creation of a new partnership which takes over the business
b. By the incorporation into a partnership
When
1.
2.
3.
there is no business dissolution, there is no deemed sale such as in the following cases:
Change in controlling shareholder
Change in trade or corporate name
Change in business address
Illustration
ABC Corporation exchanged real estate properties held for sale or lease for the share of stocks of
DEF Corporation resulting in the acquisition of corporate control. DEF has an inventory of goods
amounting to P1 million.
The inventories including other properties held by DEF shall not be considered deemed sale because
the same corporation is not dissolved. The same corporation still hold the inventory and there is no
transfer of the same. The personality of the corporation is district and separate from its shareholders.
However, the exchange of real estate properties by ABC is a vatable sale, if the exchange did not
result in the acquisition of corporate control.
Exception to the business dissolution rule:
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Merger or consolidation
There is business dissolution but not a deemed sale
under the law.
Cessation of status as VAT-registered There is no business dissolution but is treated as a
person
deemed sale.
Merger or consolidation
Both merger and consolidation result in the dissolution of a corporation and transfer of the assets of
the dissolved corporation to the absorbing corporation. In principle, the assets of the dissolved
corporation should be considered deemed sold.
Legally, however, the dissolution of corporation is not a deemed sale. The unused input tax of the
dissolved corporation as of the date of merger or consolidation shall be absorbed by the surviving
corporation.
Cessation of status as VAT-registered person
Goods or properties originally intended for sale or use in the business, and capital goods existing as
of the occurrence of any of the following shall be deemed sold:
a. Change of business activity from VAT-taxable status to VAT-exempt status
b. Approval of a request for cancellation of registration due to reversion to exempt status
c. Approval of request for cancellation of registration due to a desire to revert to exempt status
after the lapse of 3 consecutive years from the time of registration by a person who voluntarily
registered despite being exempt
d. Approval of a request for cancellation of registration of one who commend business with the
expectation of gross sales or receipt exceeding P3,000,000 but who failed to exceed this
amount during the first twelve months of operations
Output tax on transactions deemed sales
The output tax on deemed sales transactions shall be based on the market value of the goods sold as
of the occurrence of the deemed sale transaction.
However, in the case of retirement or cessation of business, it shall be based on the acquisition costs
or the current market price of the goods or properties, whichever is lower.
Illustration
Assume a VAT-registered taxpayer ceased business operation with the following properties book fair
values:
Book value
Fair value
Cash
P50,000
P50,000
Accounts receivables
120,000
120,000
Investments
180,000
400,000
Inventories
200,000
250,000
Property, plant and equipment
800,000
600,000
Total assets
P1,350,000
The output VAT on the deemed sale shall be computed as:
Inventories
P200,000
600,000
Property, plant and equipment
Basis
P800,000
Multiply by:
12%
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Output VAT
P96,000
Determination of fair value
The commissioner of Internal Revenue shall determine the appropriate tax basi in cases where the:
a. Transaction is a deemed sale
b. Gross selling price is unreasonably lower
Invoicing Requirement for Subsequent Sale of Goods or Properties Deemed Sold
The subsequent sale of goods or properties deemed sold shall not be subject to VAT. The seller of
goods properties previously deemed sold shall indicate the sales invoice number wherein the output
tax on the deemed sale was imposed and the corresponding tax paid on the items sold. For
continuing business taxpayers, this is essential to avoid further imposition of any business tax on the
subsequent sale. This is also essential for the buyer to establish its claim of input VAT on his
purchase of goods previously deemed sold to the seller.
Deemed sales rules apply only to VAT taxpayers only
It must be noted that the concept and rules of deemed sales and the taxation of the sale of ordinary
assets apply only to VAT taxpayers. These do not apply to non-VAT taxpayers by virtue of absence of
an equivalent provision in our tax law.
Illustration
Uber Corporation, a non-VAT merchandising business, made the following sales and consignment
during the month:
Sale of goods
Sale of equipment
Consignment – 80 days old
P200,000
500,000
100,000
The percentage tax shall apply only to the P200,000 sales of goods. The sale of equipment and the
80 day consignment is not part of the sales of non-VAT persons.
Billing Requirements for Output VAT
The output VAT must be specifically indicated in the VAT invoice or receipt. It must be billed
separately in the case of sale of properties where the fair value exceeds the selling price.
Determination of the Output VAT
The amount of output VAT is dependent upon the price quoted by the VAT taxpayer. Such amount is
understood to be inclusive of the VAT in the absence of a special agreement to the contrary.
Illustration 1
A VAT taxpayer sold goods he quoted for sale at P168,000. He shall compute his sales and output
VAT in his VAT invoice as follows:
Sales (P168,000 / 1.12)
Plus: Output VAT (P168,000 x 12/112)
Quoted price (invoice price)
P150,000
18,000
P168,000
The same computational procedure is employed if:
a. The quoted price is agreed to be inclusive of VAT, or
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b. It is agreed that the seller absorbs the VAT.
Illustration 2
Mr. Pedro agreed to accept an audit engagement to a client at a fee of P100,000. The fee is agreed
to be exclusive of VAT.
The amount of fees and the output VAT which Mr. Pedro shall indicate in his VAT official receipt shall
be computed as follows:
Fees (Amount quoted exclusive of VAT )
P100,000
12,000
Plus: Output VAT (P100,000 x 12% )
Quoted price (invoice)
P112,000
Note: The same computational procedure is employed if it is agreed that the client or customer absorbs the VAT.
Rule on VAT not separately billed
If the VAT is not separately billed in the document of sale, the selling price or the consideration
stated therein shall be deemed to be inclusive of the VAT. The VAT shall be computed from the
agreed price as a factor of 12/112.
Incorrect billing of VAT
If the VAT is incorrectly billed, the total amount billed by the taxpayer shall be deemed inclusive of
the VAT. The VAT shall be recomputed as a factor of 12/112.
Illustration
A VAT seller invoiced a sale of goods as follows:
Selling price
P100,000
10,000
Output VAT
Invoice price
P110,000
The output VAT should have been P12,000, computed as P100,000 x 12%. This is an incorrect billing.
Hence, the output VAT shall be re-computed from the invoice price as: P110,000 x12%/112; hence.
P11,785.71 Output VAT shall be reported in the VAT return.
Reference: BUSINESS AND TRANSFER TAXATION 2019 edition by Rex Banggawan CPA
MBA
Note: DO NOT REPRODUCE
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