Practice question
In the VAT system, what is output tax?
- VAT due on the seller's taxable sales or leases
- The seller's employee income tax
- Every tax paid by the seller anywhere
- The customer's customs penalty
- The seller's annual registration fee
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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