THE Court of Tax Appeals (CTA) has partially granted the appeal of MSCI Hong Kong Ltd. to the modified amount of P9.89 million of its P10.95 million representing its unused input value-added tax (VAT) traced to zero-rated sales for 2017. READ
In a 34-page decision on Nov. 2, the CTA Special Third Division said that the firm was able to establish that it engaged in zero-rated sales in 2017.
The petitioner is the Philippine branch of a Hong Kong-based firm engaged in index benchmarking, portfolio risk and performance analytics, and research support services. The commissioner of internal revenue , the respondent, said that the marketing analytics company failed to establish that it had zero-rated sales.
If a sale is subject to 0% VAT, the term “zero-rated sale” must also be written on the company’s official invoices.
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