Clarifies Certain Issues Relative to the Implementation of section 19 of R.A. No. 11976, otherwise known as “Ease of Paying Taxes Act”, Which Added Section 110(D) of the National Internal Revenue Code (NIRC) of 1997, as amended (Tax Code), that Introduced the Output VAT Credit on Uncollected Receivables
This Circular is issued to clarify issues and set guidelines for the effective implementation of Section 110(D) of the Tax Code, as introduced in Republic Act (RA) No. 11976, also known as “Ease of Paying Taxes Act”
” Output VAT Credit on Uncollected Receivables. – A seller of goods or services may deduct the output VAT pertaining to uncollected receivables from its output VAT on the next quarter, after the lapse of the agreed upon period to pay: Provided, That the seller has fully paid the VAT on the transaction: Provided, further, That the VAT component of the uncollected receivables has not been claimed as allowable deduction under Section 34(E) of this Code.
In case of recovery of uncollected receivables, the output VAT pertaining thereto shall be added to the output VAT of the taxpayer during the period of recovery.”
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