VAT Ruling No. 098-91
VAT Ruling No. 098-91 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Dec 27, 1991
Full text
December 27, 1991 VAT RULING NO. 098-91 99, 100, 102, 107-000-00 098-91 L.F. Casal Realty and Development Corp. 3rd Flr., Raha Sulayman Bldg. Benavidez St., Legaspi Village Makati, Metro Manila Attention: Cherry Pie E . Casal Treasurer M a d a m : In reply to your letter dated August 20, 1991, please be informed that your company which derives income principally from commissions is liable to the value-added tax (VAT) under Section 99 in relation to Section 102 of the Tax Code, as amended. However, if your annual gross receipts do not exceed P200,000.00, you may opt not to register under the VAT in accordance with Section 107(d) of the same Code; in which case, you are only liable to the 2% percentage tax based on your gross receipts pursuant to Section 112 also of the same Code. Accordingly, if you are presently registered under the VAT, and your gross receipts during the last 12-month period do not exceed two hundred thousand pesos, you may file an application for the cancellation of your registration under Section 107(e) also of the same Code. Very truly yours, JOSE U. ONG Commissioner of Internal Revenue
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.