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All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ XIII. TAXATION LAW (R.A. No. 8424, as amended by R.A. No. 10963, R.A. No. 11534) ▸ J. Value-Added Tax (VAT) (R.A. No. 8424, as amended, R.R. No. 16-2005, as amended) ▸ 8. VAT Refund or Credit - Section 112

Question

The given subject: Value-Added Tax (VAT)

Assume that ABC Corporation, a registered VAT taxpayer, is engaged in the sale of goods. During a tax audit, it was discovered that ABC Corporation has unutilized input VAT credits amounting to Php 1,000,000 for the taxable year 2020. However, ABC Corporation has already paid its output VAT liabilities amounting to Php 1,200,000 for the same taxable year. Under the provisions of Section 112 of the Value-Added Tax (VAT) Law, answer the following questions:

  1. Can ABC Corporation claim a VAT refund or credit for the unutilized input VAT credits? Explain.
  2. If ABC Corporation is entitled to a VAT refund or credit, what would be the process and documentary requirements to secure the refund or credit? Give at least three examples.
  3. Are there any circumstances where ABC Corporation may be denied a VAT refund or credit for the unutilized input VAT credits? Discuss.


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Bar Review Question: The given subject: Value-Added Tax (VAT) Assume that ABC Corporation, a registered VAT taxpayer, i