This document discusses input tax credits under Section 110A of the VAT code. Input tax credits can be claimed against output tax for VAT invoices or receipts for: (1) purchases or importation of goods for sale, conversion into a finished product for sale, use as business supplies, use as materials in selling a service, or use in a trade or business that allows depreciation/amortization deductions; and (2) purchases of services related to the above goods or to the taxpayer's trade or business.
This document discusses input tax credits under Section 110A of the VAT code. Input tax credits can be claimed against output tax for VAT invoices or receipts for: (1) purchases or importation of goods for sale, conversion into a finished product for sale, use as business supplies, use as materials in selling a service, or use in a trade or business that allows depreciation/amortization deductions; and (2) purchases of services related to the above goods or to the taxpayer's trade or business.
This document discusses input tax credits under Section 110A of the VAT code. Input tax credits can be claimed against output tax for VAT invoices or receipts for: (1) purchases or importation of goods for sale, conversion into a finished product for sale, use as business supplies, use as materials in selling a service, or use in a trade or business that allows depreciation/amortization deductions; and (2) purchases of services related to the above goods or to the taxpayer's trade or business.
This document discusses input tax credits under Section 110A of the VAT code. Input tax credits can be claimed against output tax for VAT invoices or receipts for: (1) purchases or importation of goods for sale, conversion into a finished product for sale, use as business supplies, use as materials in selling a service, or use in a trade or business that allows depreciation/amortization deductions; and (2) purchases of services related to the above goods or to the taxpayer's trade or business.
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Credits for Input Tax §110A
Any input tax evidenced by a VAT invoice or official receipt issued in accordance with Section 113 hereof on the following transactions shall be creditable against the output tax:
i. Purchase or importation of goods §110(A)(1)(a)
(i) For sale; or
(ii) For conversion into or intended to form
part of a finished product for sale including packaging materials; or
(iii) For use as supplies in the course of
business; or
(iv) For use as materials supplied in the sale
of service; or
(v) For use in trade or business for which
deduction for depreciation or amortization is allowed under this Code.
