For purposes of assessing and collecting deficiency VAT, it is important to note that VAT return prescribes or expires on a quarterly basis and will never be prescribed or expired together with the income tax and withholding tax returns. In this view, please read this Court of Tax Appeals' decision....EmelinoTMaestro.com:
It is imperative that sales invoices supporting the export sales must comply with the invoicing requirements under the law and regulations, i.e. they must be duly registered with the BIR and contain all the required information, such as (1) the imprinted word “zero- rated” and (2) the taxpayer’s TIN-VAT number.
The earliest period involved in the present judicial claim for refund or tax credit is the 1st quarter of 2005. Considering that the last day for the 1st quarter of 2005 was March 31, 2005, it is from this date that the two-year prescriptive period commenced to run with respect to the administrative and judicial claim for refund, which means petitioner had until March 31, 2007. Since the claim for refund was filed only on April 25, 2007, the claim has prescribed. Daicolor Philippines, Incorporated v. One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Center, C.T.A. Case No. 7629, December 3, 2009
No comments:
Post a Comment