![]() ![]() If I’m being audited under the issue-based audit, what would be the worst-case scenario for my business? Can the BIR close my business? The head of the VAT audit team should transmit a copy of the VAT audit findings to the RDO conducting the regular audit to determine their relevance and effect on other tax liabilities. If the taxpayer becomes a candidate for a regular audit in the revenue district office (RDO) under the annual audit program, as long as there is an issued eLA for VAT audit, it is to be excluded from the regular audit and investigation of the BIR. If I get selected under the regular audit by the BIR during the same taxable year, will the audit and investigation include VAT assessment? I received a VAT letter of authority covering the third and fourth quarters of the taxable year 2020. Moreover, claims for issuance of tax credit certificates/refunds and VAT returns selected for audit by the National Investigation Division under the Enforcement and Advocacy Service and by the Regional Investigation Division of the revenue regional offices shall be excluded from the VAT audit. Taxpayers filing percentage tax returns whose gross sales/receipts exceed the VAT thresholdįor the issue-based VAT audit, one electronic letter of authority (eLA) shall be issued for each taxable quarter, or for two quarters if recommended by the VAT audit section chief. ![]() Taxpayers whose gross sales/receipts per income tax returns are greater than gross sales/receipts declared per VAT returns.Taxpayers who fail to declare gross sales/receipts subjected to VAT withholding on purchases of goods/services with waiver of privilege to claim input tax credit. ![]()
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