Households with
as well as those that allotted part of their remittances for education (64.1 percent), medical expenses ( 46.9 percent), debt payments (22.9 percent), purchase of appliances/ consumer durables ( 21.1 percent), purchase of house (8.7 percent), and purchase of car/motor vehicle (7 percent) declined,”
Meanwhile, the percentage of OFW households that allocated some of the remittances received for investment (5.2 percent) and other miscellaneous expenses (4.9
and/or receipts and other nonoperating income
The Quarterly Percentage Tax Return (BIR Form 2551Q) shall
within 25 days after the end of each taxable quarter. Any input VAT passed on by a taxpayer’s supplier shall form part of the cost of purchase and may be treated as an expense or asset, whichever is applicable.
Another relevant issue in relation to the shift to non- VAT status is the treatment of unutilized input VAT. Section 112 of the NIRC, as amended, provides that the taxpayer may, within two years from the date of cancellation, apply for the issuance of a tax credit certificate for any unutilized input VAT. However, considering the tedious refund procedures and mandatory audit that goes with it, the taxpayer has the option to retain percent) increased.
“By geographical area, a bigger percentage of OFW households in NCR used their remittances for purchase of food and other household needs, medical expenses, savings, and purchase of consumer durables and house compared to their counterparts in areas outside
The latest CES was conducted from April 2 to 14, 2018 with a sample size of 5,517 households nationwide. case it decides to engage again in a VATable business in the future or once its gross sales or receipts exceed the P3 million threshold.
In light of the foregoing pronouncements, it is important for
- erations to determine if a change
its business.