Prescribing the Threshold Amount of Gross Sales And/Or Receipts For Value Added Tax Purposes
Download as PDF
Download as Word
My Notes
Highlights
New
Collections
Create a New Collection
Overview
Full Text
Details
Case
Agency Issuance Number
Published Date
Prescribing the Threshold Amount of Gross Sales And/Or Receipts For Value Added Tax Purposes
Executive Order No. 181
June 14, 1994
Case Overview and Summary
Summary of Executive Order No. 181Threshold Amount for Value Added Tax (VAT) Exemption
- The President sets the threshold amount of gross sales and/or receipts for VAT exemption at Five Hundred Thousand Pesos (P500,000.00) per annum. [Section 103(t)]
- Transactions involving sale or lease of goods or properties or performance of services, other than those mentioned in subparagraphs (a) to (s) of Section 103, with gross annual sales and/or receipts not exceeding P500,000.00 are exempt from VAT.
Optional VAT Registration
- Any person covered by the exemption may apply for registration as a VAT-registered person not later than ten (10) days before the beginning of the taxable quarter. [Section 107(a)]
- Upon registration, the person shall pay the annual registration fee prescribed in Section 107(a).
Tax Rate for Exempt Persons
- Any person falling under the exemption shall pay a tax equivalent to three percent (3%) upon the effectivity of R.A. No. 7716 and four percent (4%) two (2) years thereafter, of his gross quarterly sales and/or receipts.
Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
value added tax
vat
vat exemption
threshold amount
gross sales
gross receipts
vat registration
tax rate
executive order
Law
Prescribing the Threshold Amount of Gross Sales And/Or Receipts For Value Added Tax Purposes
Executive Order No. 181
•June 14, 1994
EXECUTIVE ORDER NO. 181 June 14, 1994
PRESCRIBING THE THRESHOLD AMOUNT OF GROSS SALES AND/OR RECEIPTS FOR VALUE ADDED TAX PURPOSES
WHEREAS, Section 103(t) of the National Internal Revenue Code (the "Tax Code") as amended by R.A. 7716, provides that the President shall, upon recommendation of the Secretary of Finance, set the threshold amount of gross sales and/or receipts of transactions to be exempted from value added tax;
WHEREAS, the Secretary of Finance has recommended that the threshold amount be set at FIVE HUNDRED THOUSAND PESOS (P500,000.00);
NOW, THEREFORE, I FIDEL V. RAMOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, and in conformity with the requirement set forth in Section 103(t) of the Tax Code, as amended, do hereby declare that all transactions involving sale or lease of goods or properties or the performance of services other than those mentioned in subparagraphs (a) to (s) of the aforementioned section of the Tax Code, the gross annual-sales and/or receipts of which do not exceed FIVE HUNDRED...
Login to see full content
Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
value added tax
vat
vat exemption
threshold amount
gross sales
gross receipts
vat registration
tax rate
executive order
EXECUTIVE ORDER NO. 181 June 14, 1994
PRESCRIBING THE THRESHOLD AMOUNT OF GROSS SALES AND/OR RECEIPTS FOR VALUE ADDED TAX PURPOSES
WHEREAS, Section 103(t) of the National Internal Revenue Code (the "Tax Code") as amended by R.A. 7716, provides that the President shall, upon recommendation of the Secretary of Finance, set the threshold amount of gross sales and/or receipts of transactions to be exempted from value added tax;
WHEREAS, the Secretary of Finance has recommended that the threshold amount be set at FIVE HUNDRED THOUSAND PESOS (P500,000.00);
NOW, THEREFORE, I FIDEL V. RAMOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, and in conformity with the requirement set forth in Section 103(t) of the Tax Code, as amended, do hereby declare that all transactions involving sale or lease of goods or properties or the performance of services other than those mentioned in subparagraphs (a) to (s) of the aforementioned section of the Tax Code, the gross annual-sales and/or receipts of which do not exceed FIVE HUNDRED...
Login to see full content