On December 3, 2016, China’s Ministry of Finance (MOF) issued regulations on accounting treatment of Value-added tax (VAT), which immediately came into force from the date of issuance. The latest ...

In order to be eligible for output VAT credit, the EOPT law and the implementing regulations require compliance with certain requisites, among which are as follows: the output VAT credit can be made ...

The Tribunal held that VAT input credit shown only in the balance sheet cannot be taxed as income. It upheld deletion of VAT, commission, and notional interest additions, dismissing the revenue’s ...

Beginning January 2024, upon the passage of the Ease of Paying Taxes Act (EOPT Act), all taxpayers are mandated to adopt the accrual basis of accounting in reporting and subjecting their revenues to ...

Section 110(A) of the Tax Code, as amended, identifies the transactions creditable against output tax. Among the transactions are the purchase or importation of goods for sale, for conversion into or ...

First up, their accounting software will need some tweaking around The much-mooted introduction of VAT (value added tax) across the UAE has finally about to become a reality. Having taken several ...

THE Philippine Congress on May 24, 2005, enacted into law the Value Added Tax Reform Act otherwise known as Republic Act No. (RA) 9337, which eventually became effective on Nov. 1, 2005. The validity ...

The much-mooted introduction of VAT (value added tax) across the UAE is finally about to become a reality. Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, announced the ...

The supply table describes the supply of different kinds of product. A distinction is made between domestic output by industry and imports of the various product groups. A row in the supply table ...