Practice question
A quarterly return shows P120,000 output VAT, P80,000 current allowable input VAT and P10,000 valid unused input carryover. No other adjustment or refund claim exists. Compute net VAT payable.
Legal references
- NIRC Section 110(A)–(C), as amended; https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA 11976 Sections 19 and 21, input VAT and invoicing; https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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