Republic Act No. 9361
AN
ACT AMENDING SECTION 110 (B) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS
AMENDED, AND FOR OTHER PURPOSES
SECTION 1. Section 110 (B) of the
National
Internal Revenue Code of 1997, as amended, is hereby further amended to
read as follows:
“(B) Excess Output or Input Tax. – If at the end of any taxable quarter the
output tax exceeds the input tax, the excess shall be paid by the
VAT-registered person. If the input tax
exceeds the output tax, the excess shall be carried over to the succeeding quarter
or quarters: Provided, however,
that any input tax attributable to zero-rated sales by a VAT-registered person
may at his option be refunded or credited against other internal revenue taxes,
subject to the provisions of Section 112.”
SEC. 2. Implementing Rules and Regulations.
– The
Secretary of Finance shall,
upon the recommendation of the
Commissioner of
Internal Revenue, promulgate the necessary rules and regulations for the
effective implementation of this Act.
SEC. 3. Repealing Clause.
– All laws, decrees, executive orders, rules and regulations or parts
thereof of which are contrary to or inconsistent with this Act are hereby
repealed, amended or modified accordingly.
SEC. 4. Effectivity.
– This Act shall take effect fifteen (15) days after its publication in
the Official Gazette or in any two newspapers of general circulation,
whichever comes earlier.
Approved,
November 21, 2006
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