Featured Speaker: Ms. Rhodora G. Icaranom
Former Revenue District Officer – B.I.R.
February 16, 2021
9:00am – 12:00nn
Regular Rate Php 1,499.00 + VAT starting Febuary 10, 2021
Early Bird Rate Php 1,399.00 + VAT until Febuary 9, 2021
Group Rate Php 1,299.00 + VAT per pax for 5 or more pax
Inclusive of the Webinar Session, the presentation materials and the Digital Certificate
ALL ABOUT VAT ESSENTIALS
Value Added Tax is a system of taxation adopted by the government to capture transactions of taxpayers as goods and services are transferred which ends at the ultimate consumers. The manner of accounting is simplified to seller being subject to output tax and the buyer or purchaser engaged in business is to avail of the input tax. In the process of implementation, certain transactions have been subject to exemptions, zero rate, gradual or allocated claim for input tax, modification of VAT zero rating availment processes, limitation of input tax availment, strict invoicing requirements, rigid documentation for refunds and returns compliance including information returns.
This topic covers the VAT system that a taxpayer should know especially in the areas of exemption, compliance and zero rating particularly with the PEZA entities.
A timely webinar is here to discuss the latest regulations, memorandum order and circulars covering the relevant information you have to learn to be safe from untoward tax deficiencies when subjected to a VAT audit.
At the end of the day, it is what you know that keeps you away from the harm of getting caught for non-compliance. Your knowledge of the latest tax developments shall confidently prepare you for any incidence of VAT audit.
What is VAT really about?
Nature of VAT
VAT as a Tax
II. Rates of VAT in the Philippines
Zero Percent 0%
Twelve Percent 12%
(Five Percent 5%)
Who are really EXEMPT from VAT?
III. Transactions Subject to VAT
Sale of Goods or Properties
Importation of Goods
Sale of Services and Use or Lease of Properties
IV. Transactions Subject to 0% VAT
Cross Border Doctrine
Export Sales Threshold
Registered Enterprises within a separate Customs Territory
Registered Enterprises within a TIEZA
Entities of Foreign Mission/Diplomatic Missions
a) Automatic Zero Rating
b) Reimbursement/Refund Process
c) Vat Exemption Certificate/Vat Identification Card
V. Zero Rating for Horizontal and Vertical Economic Zone Areas
- Vatable sales to Horizontal Ecozone
- Vatable Supplier Sales within Ecozone
- Exempt Sale to Trade Partners
Customs Territory Vatable Sales to Vertical Ecozone and Zero Rating to Exports
VI. Application for Refund of VAT
Procedures of Refund
90-day commitment period of Refund
Resident Foreign Diplomatic Missions (based on Tax-Treaty)
VII. Exempt from VAT Transactions and Services
Personal Household Effects
Educational Services (DepED/CHED/TESDA)
Medical drugs for Diabetes and Hypertension
Resident Foreign Diplomatic Missions (based on Tax Treaty)
Regional Headquarters/Regional Operating Headquarters
Lease of Residential Units
Sale of Residential Dwellings (Low-Cost & Socialized Housing)
VIII. Creditable Input Taxes
Sources of Input VAT
Extent of Amortization of P1M worth of Capital Goods to 60 months
Limitation of Input VAT to vehicle purchase of up to P2.4M
Treatment of Input tax for CONSRUCTION IN PROGRESS (CIP)
Government Money Payments: EWT or FWT?
IX. BIR VAT Audit Approach
Structure of BIR VAT Audit Offices (Separate Letter of Authority)
Compliance to Invoicing Requirements
Verification of VAT Information Returns Submissions
Grounds for Oplan Kandado/Suspension of Business Operations
X. Compliance Requirements
Minimum Purchase to issue OR/Invoice
Non-revocation of registration for 3 yrs/perpetual VAT registration
Return and Payment of Tax
Resource Speaker – MS. RHODORA G. ICARANOM
- Ms. Rhodora G. Icaranom is the former Revenue District Officer(RDO) of the Bureau of Internal Revenue. Her tax experience was mostly spent in the Financial District Makati where she was assigned as Asst. Revenue District Officer for almost nine years. She had a one-year stint in the Large Taxpayers’ Division as Head of the Banks and Financial Intermediaries.
- In her career with the tax authority she received a distinguished award on the nationwide BIR search for Outstanding Group Supervisor-Centennial Year during the BIR’s Centennial Celebration in 2004 for her consistent exemplary performance in Audit and Tax Collection being the Head of the Special Task Force in Manila Region. As a member of the BIR Pool of Speakers, she was a regular lecturer of BIR in various tax topics usually focused on updates. At the same time, she is an accredited PICPA speaker in the PICPA National office and various regions for the last two decades. She is also a former professor of Accounting at the De La Salle University.
- During her years of tax service in the government, she attended various trainings held by BIR, some of which were sponsored by Germany, Japan, US and by the big Auditing Firms. In November 2012, she was sent to a month-long training and conference for International Taxation on a Senior Executive Program in Tokyo, Japan sponsored by JICA. Subsequently, in October 2015, she also represented BIR for the International Taxation on Financial Instruments in Kuala Lumpur, Malaysia sponsored by the Malaysian Internal Revenue Authority and the International Bureau of Fiscal Documentation IBFD of London.
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Thank you and enjoy!
Keep safe and God Bless!