1. Overview of Value Added Tax

2. Objectives After this presentation, your should be able to: provide a comprehensive definition of value added tax determine the features of VAT identify the filing requirements for VAT

3. Definition tax on consumption levied on the sale, barter, exchange, or lease of goods or properties and services in the Philippines and on the importation of goods into the Philippines.

4. Who is liable to Pay VAT persons engaged in the sale, barter, exchange, or lease of goods or properties in the course of business or trade, persons rendering service in the ordinary course of business, and importers of goods, whether or not connected in the course of business.

5. Features of VAT It is a business tax It is a privilege tax It is an indirect tax It is a tax on value added or mark up It is creditable It is a consumption tax It is an added cost

6. Filing Requirement

7. Monthly (BIR Form 2550M) Duly issued Certificate of Creditable VAT Withheld at Source Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax At Source Duly approved Tax Debit Memo Duly approved Tax Credit Certificate, and Authorization letter, if return is filed by authorized representative.

8. Monthly Due Date: for manual filing, not later than the 20th day of the following month,

9. Filing Requirement for electronic filing, Group A- not later than the 25th day of the following month Group B- not later than the 24th day of the following month Group C- not later than the 23th day of the following month Group D- not later than the 22th day of the following month Group E- not later than the 21th day of the following month

10. Quarterly (BIR form 2550Q) Duly issued Certificate of Creditable VAT Withheld at Source Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax At Source Duly approved Tax Debit Memo Duly approved Tax Credit Certificate Previously filed return and proof of payment, for amended return and Authorization letter, if return is filed by authorized representative.

11. Deadline 25th day following the close of the taxable quarter

12. Filing Notes Documents and forms must be accomplished and filed in triplicates

13. Thank You!