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  • VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax
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VAT Entities

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Page 1: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT Entities

Page 2: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Objectives

After this presentation, you should be able to:• Determine taxpayers required to register

under the VAT system• Identify the tax consequence of failing to

register as VAT entity• Identify entities exempt from VAT• Discuss optional registration in VAT

Page 3: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 4: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Natural or Artificial Beings

Page 5: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Natural or Artificial Beings

Page 6: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Natural or Artificial Beings

Page 7: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Natural or Artificial Beings

> P 1,919,500.00

Page 8: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Natural or Artificial Beings

> P 1,919,500.00

Page 9: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Natural or Artificial Beings

> P 1,919,500.00

Page 10: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 11: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 12: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 13: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 14: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

> P 10 Million

Page 15: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

> P 10 Million

Page 16: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

> P 10 Million

Page 17: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 18: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Existing Business

Page 19: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Existing Business

> P 1,919,500.00

Page 20: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Existing Business

> P 1,919,500.00Any 12-month

period

Page 21: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Existing Business

> P 1,919,500.00Any 12-month

period

Page 22: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Existing Business

> P 1,919,500.00Any 12-month

period

Page 23: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

Page 24: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

• Register within 10 days after the end of the month when the threshold was met

Page 25: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Required Registration

• Register within 10 days after the end of the month when the threshold was met

• Liable to VAT on the first day of the month after registration

Page 26: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Failure to Register Under VAT

Page 27: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Failure to Register Under VAT

Pay VAT on Gross Sales or Receipts

Page 28: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Failure to Register Under VAT

Pay VAT on Gross Sales or Receipts

Input tax cannot be claimed

Page 29: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Failure to Register Under VAT

Page 30: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Failure to Register Under VAT

Charging of VAT to customers is not allowed

Page 31: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Failure to Register Under VAT

Charging of VAT to customers is not allowed

Fines and penalties will be imposed

Page 32: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Page 33: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

P 100,000 Gross Sales/ Receipts

Page 34: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

P 1,919,500 Threshold

P 100,000 Gross Sales/ Receipts

Page 35: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

P 1,919,500 Threshold

P 100,000 Gross Sales/ Receipts

Page 36: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Page 37: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Cooperatives other than electric cooperatives

Page 38: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

P 10 Million Threshold

Cooperatives other than electric cooperatives

Page 39: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

P 10 Million Threshold

Cooperatives other than electric cooperatives

Page 40: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Page 41: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Regional Area Headquarters of Multinationals

Page 42: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Businesses in eco-zones and free port zones

Regional Area Headquarters of Multinationals

Page 43: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

Page 44: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

• Register as Non-Vat Entities

Page 45: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

• Register as Non-Vat Entities• Pay P500 Registration Pay• Except for:

Page 46: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

• Register as Non-Vat Entities• Pay P500 Registration Pay• Except for:

Page 47: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

VAT-Exempt Entities

• Register as Non-Vat Entities• Pay P500 Registration Pay• Except for:

Page 48: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

Page 49: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

Page 50: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

P 10 Million Threshold

Page 51: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

P 10 Million Threshold

Page 52: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

Page 53: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

Page 54: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

Irrevocable for a THREE YEAR

Period

Page 55: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

Irrevocable for a THREE YEAR

Period

Page 56: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 1,919,500 Threshold

Irrevocable for a THREE YEAR

Period

Page 57: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

Page 58: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

P 10 Million Threshold

Page 59: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

IrrevocablePERPETUALLY

P 10 Million Threshold

Page 60: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

IrrevocablePERPETUALLY

P 10 Million Threshold

Page 61: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Optional Registration as VAT Entity

IrrevocablePERPETUALLY

P 10 Million Threshold

Page 62: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax
Page 63: VAT Entities. Objectives After this presentation, you should be able to: Determine taxpayers required to register under the VAT system Identify the tax

Thank You!


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