VAT Ruling No. 016-92
VAT Ruling No. 016-92 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Feb 18, 1992
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February 18, 1992 VAT RULING NO. 016-92 NIRC Sec. 100 (a) Precedent Ruling 068-91 The Assistant Secretary Department of Transportation and Communications Thru: Land Transportation Office East Avenue, Quezon City S i r : Referring to your letter dated July 3, 1991 please be informed that the 10% value-added tax (VAT) is computed based on gross selling price, excluding the VAT. ( Sec. 100, NIRC, as implemented by Section 2(k), VAT Revenue Regulations No. 5-87 ). About the MV sheeting materials which you contracted to purchase at a gross selling price of P3,188,156.16 the 10% VAT (or output tax) due from your supplier shall be equal to P318,815.62. This confirms the opinion submitted to you by Angara Abello Concepcion Regala & Cruz Law Offices, dated May 30, 1991. Very truly yours, (SGD.) JOSE U. ONG Commissioner of Internal Revenue
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