VALUE-ADDED TAX & PERCENTAGE TAX

(Detailed Implementing Rules & Regulations of the TRAIN LAW - RA 10963)

ATTENTION: Chief Accountants, Treasurers, Administrative Officers, HRD, Business Owners/Employers

 

Available Webinar Schedules

Batch 6: 13 August 2020 | Thursday | 5:00pm-7:00pm

Batch 7: 03 September 2020 | Thursday | 5:00pm-7:00pm

(via Zoom)

DETAILED IMPLEMENTING RULES & REGULATIONS OF THE TRAIN LAW (RA 10963)

F E A T U R I N G
NEW GUIDELINES AND PROCEDURES ON VAT & PERCENTAGE TAX

NEW ENHANCED FORMS 2551Q AND OTHER FORMS

I. NEW ENHANCED FORMS AND ITS APPLICABILITY

II. ZERO-RATED SALES OF GOODS OR PROPERTIES

  • Export sales

  • An export-oriented enterprise whose export sales exceed seventy percent (70%) of total annual production

  • Considered export sales under Executive Order No. 226 constructively exported;

    • Sales to bonded manufacturing warehouses of export-oriented manufacturers;​

    • Sales to export processing zones;

    • Sales to registered export traders operating bonded trading warehouses supplying raw materials in the manufacture of export products under guidelines to be set by the Board in consultation with the BIR and the BOC;

    • Sales to diplomatic missions and other agencies and/or instrumentalities granted tax immunities, of locally manufactured, assembled or repacked products whether paid for in foreign currency or not

  • Establishment of the Enhanced VAT Refund System

 

III. ZERO-RATED AND EFFECTIVELY ZERO-RATED SALES OF GOODS, PROPERTIES OR SERVICES

IV. SALES TO PERSONS OR ENTITIES WHOSE EXEMPTION UNDER SPECIAL LAWS OR INTERNATIONAL AGREEMENTS

 

V. ZERO-RATED SALES OF SERVICES

  • Transactions Subject to Zero Percent (0%) VAT Rate

  • International shipping or air transport operations

  • Transport of passengers and cargo by domestic air or sea vessels from the Philippines to a foreign country

VI. VAT-EXEMPT TRANSACTIONS

  • Sale or lease of goods or properties or the performance of services of non-VAT registered persons, other than the transactions mentioned in (A) to (AA) of Sec. 109(1) of the Tax Code, the gross annual sales and/or receipts of which does not exceed P3M

  • Sales of real properties utilized for socialized housing as defined under RA 7279, and other related laws

  • Sale of residential lot P1.5M and below, or house & lot and other residential dwellings P2.5M

  • INCREASED AMOUNT on lease of residential units with a monthly rental per unit

VII. SERVICES OF BANKS, NON-BANK FINANCIAL INTERMEDIARIES PERFORMING QUASI-BANKING FUNCTIONS, AND OTHER NON-BANK FINANCIAL INTERMEDIARIES

VIII. SALE OR LEASE OF GOODS AND SERVICES TO SENIOR CITIZENS AND PERSONS WITH DISABILITIES

IX. ASSOCIATION DUES, MEMBERSHIP FEES, AND OTHER ASSESSMENTS AND CHARGES COLLECTED ON A PURELY REIMBURSEMENT BASIS BY  HOMEOWNERS' ASSOCIATIONS AND CONDOMINIUM CORPORATIONS

X. SALES OF DRUGS AND MEDICINES PRESCRIBED FOR DIABETES, HIGH CHOLESTEROL, AND HYPERTENSION

XI. SELF-EMPLOYED INDIVIDUALS AND PROFESSIONALS AVAILING OF THE 8% TAX ON GROSS SALES AND/OR RECEIPTS AND OTHER NON-OPERATING INCOME

XII. CLAIMS FOR INPUT TAX ON DEPRECIABLE GOODS (1M ABOVE)

XIII. AMORTIZATION OF THE INPUT VAT

XIV. PERIOD WITHIN WHICH REFUND/CREDIT OF INPUT TAXES

XV. WITHHOLDING VAT ON GOVERNMENT MONEY PAYMENTS & PAYMENTS TO NON-RESIDENTS

XVI. COMPLIANCE AND REGISTRATION REQUIREMENTS

XVII. INCOME PAYMENTS SUBJECT TO FINAL WITHHOLDING TAX

  • NEW rates to other income payments subject to final tax

  • Detailed computation and sample cases

XVIII. INCOME PAYMENT TO A DOMESTIC CORPORATION SUBJECT TO FINAL TAX

XIX. OPEN FORUM

 

COVID-19 PROMO: Php. 1,000.00 (Inclusive of eCertificate)

ORIGINAL WEBINAR FEE: Php. 2,000.00

Avail of this Webinar for only Php. 1,000.00 compared to the on-site seminar of Php. 3,500.00

(Payment made through bank deposit atleast 1 day [cut-off time: 3:00pm] before the seminar)

(Credit Card payments are accepted via PayPal)

*Please make all check payments payable to "IPG Training Institute for Professional Advancement"

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