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WITHHOLDING TAX ON ADVANCE PAYMENT?

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WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by aubreypl on Tue Jul 20, 2010 5:43 pm

me withholding tax ba ang advance payment? pls cite resolution/circular/e.o.
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Re: WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by sunriser431 on Tue Jul 20, 2010 8:04 pm

aubreypl wrote:me withholding tax ba ang advance payment? pls cite resolution/circular/e.o.
Hi aubreypl, welcome to the forum. Excerpt taken from http://www.baniquedlaw.com
ADVANCE PAYMENT MADE BY A GOVERNMENT AGENCY TO A CONTRACTOR IS SUBJECT TO THE 8.5% WITHHOLDING VAT.

Rejecting the taxpayer’s argument that the “advance payment” is in fact a loan, the
Deputy Commissioner for Legal & Inspection Group reasoned that, in the absence of any
evidence proving otherwise, for VAT purposes, “advance payments” to government
public works contractors shall and must be construed in its literal meaning – payments by the Government in anticipation of its fixed future obligation arising out of a public works construction contract, hence, subject to the 8.5% withholding VAT. Advance payments and deposits for work not yet started or accomplished are already includible as part of the gross receipts subject to VAT. VAT Ruling No. 056-2003, December 15, 2003.
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Re: WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by aubreypl on Wed Jul 21, 2010 3:27 pm

do u have a copy of the VAT Ruling No.056-2003?
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Re: WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by aubreypl on Thu Jul 22, 2010 11:44 am

@sunriser431
i was able to research and i think the one u cited was from RA8424, w/c was already amended by RA 9337. the rate is already different. the question is, na amend na rin ba ang 9337 specifically sec.12?
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Re: WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by sunriser431 on Fri Jul 23, 2010 12:10 am

aubreypl wrote:@sunriser431
i was able to research and i think the one u cited was from RA8424, w/c was already amended by RA 9337. the rate is already different. the question is, na amend na rin ba ang 9337 specifically sec.12?
Sorry aubreypl for my late reply. Try this link it might help. http://www.picpa.com.ph/getmedia/dfe638c7-5c76-47d3-86db-b35bc0ece3a0/ra9337_tmd.aspx
Excerpt from the link
VAT on Government purchases
xxx Government deducts and witholds a final VAT of 5% (replacing 3%,6% and 8.5%)
so the rate on VAT have been amended. Smile
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Re: WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by aubreypl on Fri Jul 23, 2010 10:53 am

thanks sunriser431
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Re: WITHHOLDING TAX ON ADVANCE PAYMENT?

Post by sunriser431 on Mon Jul 26, 2010 9:46 pm

aubreypl wrote:thanks sunriser431
you are welcome aubreypl. Smile
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