VAT Ruling No. 024-89
VAT Ruling No. 024-89 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Jan 16, 1989
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January 16, 1989 VAT RULING NO. 024-89 Test-Cor Trading 17-A Kalapati Street Villilla Village Novaliches, Quezon City Attention: Mr . Rodolfo E . Cruz Manager S i r s : In reply to your letter dated January 13, 1989, please be informed that on the basis of your representation that your annual gross receipts do not exceed P200,000.00, you are exempt from the value-added tax but subject to 2% on your gross sales pursuant to Section 112 of the Tax Code, as amended by Executive Order No. 273 in relation to Section 103(w) of the same Code. You may, however, volunteer to register as a VAT taxpayer in which case, you will be subject to 10% pursuant to Section 102 of the same Code and be qualified to avail yourself of input tax credits. Very truly yours, VICTOR A. DEOFERIO, JR. Deputy Commissioner
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