Practice question
What must have happened to the agreed payment period before the Section 110(D) uncollected-receivable output VAT credit can be used?
- It must not yet have begun
- It must be ignored
- The debtor must always be jailed
- The customer must become foreign
- The agreed period to pay must have lapsed
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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