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Maroc Maroc - BUSINESSMIRROR.COM.PH - A La Une - 17/Feb 16:00

VAT refunds

Value-Added Tax is a tax on the value added to the taxpayer. It is a tax imposed on the sale or exchange or lease of goods or properties or rendition of services and on importation of goods, as they pass along the production and distribution chain. It is a tax on consumption as this would be shifted or passed on to the buyer. Following the tax credit method, an entity can credit against the VAT charged on its sales or outputs the VAT paid on its purchases, inputs, and imports (GR 153866, February 11, 2005).

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