Romania recorded the largest national VAT
gap with 36 per cent of revenues going missing in 2017.
If no application for VAT
refund has been applied for by the taxpayer and the two-year period to file a claim for refund has already prescribed, it became clear in many other BIR rulings, e.g., BIR Ruling DA 636-06, BIR Ruling (DA-[VAT-02] 121-10), that the taxpayer can already deduct the input VAT
as cost available as deduction for income tax purposes.
Earlier, Uber in a letter requested the NBR to keep ride-sharing sector outside of the ambit of VAT
until the company overcomes this nascent stage.
"The introduction of VAT
is a key fiscal reform and we had forecast stronger VAT
collection of around 1.6 per cent to 1.8 per cent of GDP in the first year of implementation.
The next step after furnishing the required details is to submit the VAT
A second area where careful planning can make a significant difference is with tax codes (or VAT
Class 2: From P34.00 (VAT
inclusive) to P35.00 (rounded off from authorized P34.67)
Businesses residing in any GCC state that is not considered to be an implementing State can apply for VAT
refunds in the UAE under this scheme.
without registration would invite action from tax authority and trigger fine or penalty.
* Consumers are also encouraged to verify taxpayers' registration status through the recently introduced Taxpayer Lookup tool accessible on https://www.nbt.gov.bh/vat/tp/ms prior to paying the 5% VAT
rates are determined by the country where a customer makes purchases, and vary per country and type of good or service.