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

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Available On-Site Seminar Schedules

15 June 2024 | Saturday | 1:00pm-4:30pm

27 July 2024 | Saturday | 1:00pm-4:30pm

Venue: Century Park Hotel - Manila

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EASE OF PAYING TAXES ACT (EOPT)

NEW GUIDELINES AND PROCEDURES ON VAT & PERCENTAGE TAX

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GENERAL AMENDMENTS under EOPT:

• GROSS SALES  defined under EOPT  to both sale of goods and sale of services

• Adoption of ACCRUAL BASIS of recognizing sales for both goods and services per Secs. 106 / 108  

• INVOICE to be used both sale of goods and services; hence Official Receipt for services was modified

• RECEIPTS OR BILLED for recognition of sales of service shall now be BILLING OR BILLED

• VAT EXEMPT THRESHOLD  of P3,000,000 shall now be adjusted to its present value every 3 years using the Consumer Price Index (CPI)

 

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

 

Latest Amendments on VATABLE TRANSACTIONS

• Other VATABLE transactions

• VAT of the sale of services and use or lease of properties

 

Latest amendments on ZERO RATED TRANSACTIONS

·         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

 

Latest Amendments on EXEMPT TRANSACTIONS

• Amendments on VAT credits on Uncollected receivables

• Requisites for Uncollected receivables to be entitles to VAT Credits

• Added OUTPUT VAT  on recovery of uncollected receivables

 

FILING: eFILE

 

PAYMENT: ePAY or MANUALLY to ANY AABs and RCOs

 

DEFINITION OF GROSS SALES – Total amount of money or its equivalent and those amounts earmarked for payment to 3rd party or received as reimbursement for payment on behalf of another

• Long term Contracts for 1year or more, INVOICE SHALL BE ISSUED ON THE MONTH OF SERVICE or use or lease of property is rendered or supplies

 

ALLOWABLE DEDUCTIONS FROM GROSS SELLING PRICE

• Value of services rendered which a refund or credit memo of refund is issued

• Sales Discount granted and shown in the invoice

 

AMENDMENTS TO CLAIMS FOR REFUND/TAX CREDITS  

• RISK-BASED APPROACH OF VERIFICATION OF VAT REFUNDS

• Scope of verification with identified risk of low, medium, high

• Risk factors as guide by the BIR in establishing risk-level

• Liability of taxpayer-claimant and the BIR in case of COA disallowance

• 90-day period to process and decide claims/application for VAT Refund 

• 180 processing of claims for tax refund except VAT refunds under Section 112

• Documentary Requirements mandated for VAT refund

• Requisites in claiming VAT refunds

• Regular Claims for income tax/refund on an on-going process

• Dissolution or cessation of business: tax credit/ refund claims

• Judicial Claim for Credit/refund under Section 229

• Reporting on VAT refund claims

• Denials of VAT refund Claims

• For ZERO-RATED 

• For Effectively XERO-Rated

 

CANCELLATION OF VAT REGISTRATION

 

VAT REFUNDS/CREDITS

• WHERE to file Claim; PERIOD within which refunds/credits be made

• VERIFICATION AND PROCESSING of VAT REFUND claims: Risk-Based approach 

• MANNER of giving refunds

 

TRANSITORY PROVISIONS EOPT on Billed but uncollected sale of service; uncollected receivables from sale of goods as of new RR

 

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

 

COMPLIANCE ON eFILING VAT RETURNS, SUMMARY LIST OF SALES/PURCHASES/IMPORTATION (SLSP)

REGISTRATION REQUIREMENTS

 

Selected VAT Court Decisions

 

OPEN FORUM

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ON-SITE SEMINAR FEE: Php. 4,000.00 (Early-Bird Rate) | Php. 4,500.00 (On-Site Rate)

(Payment made through bank deposit atleast 1 day [cut-off time: 4:00pm] before the seminar)

(Credit/Debit Card payments are accepted via PayPal)

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