![[Ask The Tax Whiz] Output VAT credit on uncollected receivables: What taxpayers must know](https://i.headtopics.com/images/2024/7/6/rapplerdotcom/ask-the-tax-whiz-output-vat-credit-on-uncollected-ask-the-tax-whiz-output-vat-credit-on-uncollected-BC477CF4849C27C0217A1D9900759536.webp)
The Philippine Tax Whiz discusses the introduction of Output VAT Credit on Uncollected Receivables through Revenue Memorandum Circular 65-2024 of the Bureau of Internal Revenue.
This is AI generated summarization, which may have errors. For context, always refer to the full article.
The output VAT on uncollected receivables can be claimed during the next quarter after the period agreed upon to pay has lapsed, provided that the seller has fully paid the VAT on the transaction and has not been claimed as “bad debt” expense as deduction to the gross income.The sale must have taken place after the effectivity of RR No. 3-2024There must be a written agreement on the pay the receivable, i.e.
How will I document the particular sales on account where the corresponding Output VAT credit is claimed from uncollected receivable and how do I present and declare it in the Quarterly VAT return?“Claimed Output VAT Credit” In presenting and declaring the Output VAT credit in the BIR Form 2550Q, the seller and buyer shall follow this work-around procedure, or until such time a new version of the aforementioned form has been issued:
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