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 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 ...

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 ...

Abstract: Since May 1, 2016, the pilot program of value-added tax (VAT) replacing business tax has been advanced across the board. This round of tax reform has witnessed quite different effects in ...

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 ...