- Taxes are necessary for the State to function and are one of its inherent powers
- Tax exemptions are frowned upon by the State as they deprive it of collecting power
- VAT-registered persons can apply for a refund of excess input VAT within two years
- The BIR has 90 days to review and process VAT refund applications
- If the application is denied, the taxpayer can appeal to the Court of Tax Appeals
- In a relevant court decision, claiming bad debts as a deduction from gross income was allowed as a mode of recovering input VAT
Source: mindanaotimes.com.ph
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
