ORO CHAMBER to taxpayers: Maximize input tax

ORO CHAMBER to taxpayers: Maximize input tax

In a forum organized by the country’s Hall of Fame Most Outstanding Chamber of Commerce and Industry – the ORO CHAMBER, VAT or Value Added Tax registered businesses were advised to patronize the products and/or services of VAT-registered establishments so as to claim tax credits.

BIR Revenue Officer Ms. Mariceline Daba informed local businessmen that only purchases made from VAT-registered establishments can be included in the input tax which is creditable against the output tax.  The higher the input tax the lesser net tax will be paid by the taxpayer.  

Oro Chamber Vice President for the Trade and Commerce sector, Mr. Antonio D. Uy reminded everyone that not all stores issue VAT receipts as only those with gross sales over Php 1.5M are mandated to register in the VAT system.  Non-VAT businesses cannot enjoy the benefits provided for in the VAT law which include the input tax credits. 

RDC 10 Co-chair Arsenio Sebastian, on the other hand, told the forum participants that although there is no tax credit from non-VAT suppliers yet one thing worth considering is that the prices of goods and services of these companies are a lot cheaper compared to those that are VAT-registered.

“This is not the last,” announced Mr. Uy. The Chamber Officer assured everyone that Oro Chamber will be conducting a series of lecture on tax-related topics to help businesses improve their efficiency and sustainability. These activities are lodged under the Chamber’s Effective Taxation Campaign which is supported by all local chambers of commerce in the region.

   

The Value Added Tax Forum was also supported by the Misamis Oriental Filipino Chinese Chamber of Commerce and Industry (MOFCCCI), Cagayan de Oro Filipino Chinese Chamber of Commerce and Industry, Parasat CableTV, BusinessWeek, Mindanao Current and Sunstar CDO.