Practice question
Explain why excess input VAT does not by itself establish an immediate right to a cash refund, and why a mixed-activity business must consider attribution.
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
Answer this question in flashcards to review your response and continue practicing.