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When the service is rendered, when all or part of the payment is received, at the end of the service, the period for payment and settlement is agreed until the completion of the service. Provision of services, at the end of each tax year if the services are provided for a period longer than one year and no payment terms are set during the year. VAT liability for financial services: Provided to non-taxpayers - tax liability arises when payment for services is received.

Provide and pay VAT to taxpayers - tax liability arises in accordance with general principles. Summary Companies providing financial services, if they decide to waive VAT exemption, must remember that this option is only available for other entrepreneurs. To the philippines photo editor remaining extent, services provided to non-taxpayers will continue to benefit from the objective exemption.



In practice, this means that companies providing financial services will have so-called mixed sales, partly subject to VAT and partly exempt. In practice, this means that the VAT charged at the time of purchase must be settled on a pro-rata basis. Throughout the issue, it is also important to identify the appropriate moment when the tax liability arises so that the document is included in the VAT sales register during the appropriate settlement