The meaning of ITC can be easily understood when we take the words ‘input’ and ‘tax credit into consideration’. Inputs are materials or services that a manufacturer purchases in order to manufacture ...

A salient feature of the VAT system is its ability and promptness in making refunds as and when due. Refund here does not necessarily mean direct cash payment as further explained in paragraph 4 below ...

Goods and Services Tax (GST) is an indirect tax system implemented in India to replace multiple cascading taxes levied by the central and state governments. It is a comprehensive, multi-stage, ...

THE Philippine Congress on May 24, 2005, enacted into law the Value Added Tax Reform Act otherwise known as Republic Act No. (RA) 9337, which eventually became effective on Nov. 1, 2005. The validity ...

Beginning January 2024, upon the passage of the Ease of Paying Taxes Act (EOPT Act), all taxpayers are mandated to adopt the accrual basis of accounting in reporting and subjecting their revenues to ...