An Act Increasing The Threshold For Certain Non-VAT Taxpayers, Amending For The Purpose Sections 109 And 236 Of The National Internal Revenue Code Of 1997, As Amended By Republic Act No. 9337
- Increases from One Million Five Hundred Thousand Pesos (P1,500,000) to Three Million Pesos (P3,000,000) the threshold of gross annual sales and/or receipts qualified for VAT exemption.
- Covers the sale or lease of goods or properties or the performance of services other than the transactions mentioned in Sec. 109 (A) to (V) of the NIRC (Exempt Transactions)
- Also provides that the threshold amount be adjusted to its present value using the Consumer Price Index (CPI) as published by the Philippine Statistical Authority (PSA) six years after the measure’s effectivity and every six years thereafter.
COMMENT : Off