Practice question
Distinguish an ordinary input VAT credit from the uncollected-receivable output adjustment and explain why the labels matter to the computation.
Legal references
- RA 11976, Sections 16 and 19-21, current NIRC Sections 106(E), 110 and 112(B): https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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