Practice question
A claimant has P400,000 input VAT proven directly attributable to zero-rated sales. It already applied P100,000 against output VAT and seeks a P400,000 refund under Section 112(A). All other matters aside, what unused-input amount can support the claim?
- P500,000
- P400,000 regardless of prior application
- P300,000, because the P100,000 already used cannot also be refunded
- Zero solely because any part was previously used
- An unlimited amount
Legal references
- NIRC Sections 106(B) and 112(A), read with subsequent amendments: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
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