Practice question
What understatement threshold does Section 115(a)(3) specify for the relevant VAT-registered taxpayer ground?
- Thirty percent or more of correct taxable sales or receipts for the taxable quarter
- Any one-peso difference regardless of percentage
- Only a decline in annual profits
- Every difference between two cashiers’ estimates
- Only a shareholder’s personal debt
Legal references
- NIRC Section 115(a)(3): https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
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