How to this case, the entrepreneur may return to the VAT exemption no earlier than at the beginning of , because a full year must have pass from the end of the year in which he resign from the exemption. A return to VAT exemption will be possible provid that in the entrepreneur does not exce the limit of , and does not perform activities that oblige him to remain an active VAT payer. Example An entrepreneur benefiting from VAT exemption sold a depreciable fix asset in December for , . The total turnover for was . In this situation, despite exceing the limit.
The entrepreneur may remain
Exempt from VAT in if the turnover does not exce , in . The sale of a fix asset that has been depreciat is not includ in the turnover limit for . How to report a return to VAT exemption – VAT-R update The entrepreneur is oblig to submit a VAT-R update to philippines photo editor the competent tax office within days from the date of the change, indicating from which month he will benefit from the exemption. In part C. . form VAT-R , the entrepreneur checks point ” the taxpayer will benefit from the exemption referr to in Art. section or of the Act . Additionally, in position Date – indicates the date from which he will use the above-mention.
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