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Tax Review Question
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Question: A foreign corporation whose activities are subject to VAT in the Philippines will be collected the VAT by the following manner:the foreign corporation shall be required to file and pay the VAT upon receipt of payment from the Philippine source on the due date prescribed by the NIRCthe foreign corporation shall be required to file and pay the VAT upon receipt of the payment from the Philippine source through the Philippine consular or embassy servicesthe domestic payor shall be required to withhold the VAT at 12% of the selling price and remit the same to the BIR in favor of the foreign corporationthe domestic payor shall be required to withhold the VAT at 12% of the selling price and remit the same to the BIR in the name of the domestic payor