Get Monthly Values

Services of banks, non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries. Sale or lease of goods and services to senior citizens and persons with disabilities.

The bill, as amended, entitles tourists to a refund of the VAT paid for goods purchased worth at least PHP3,000 per transaction from accredited retailers. It defines a tourist as “a foreign passport holder, who is a non-resident individual not engaged in trade or business in the Philippines.”

What is this form? BIR Form 2550M, or also known as Monthly Value-Added Tax Declaration is a form of sales tax which is imposed on sales or exchange of goods and services in the Philippines. Serving as a form of indirect tax, VAT is passed on to the buyer which consumes the product/service.

Determine the tax, in the form of Value-Added Tax (VAT), and the Vatable Sales....Here's how: Vatable Sales = Total Sales/ 1.12. VAT = Vatable Sales x 1.12. Total Sales = Vatable Sales + VAT.

The standard VAT rate, which applies to most supplies of goods, properties and services, is 12 percent of the gross selling price or gross value. The purchase of goods, properties or services by the government or government controlled corporations is generally subject to a 5 percent final withholding tax on VAT.

The Monthly Value-Added Tax Declaration or BIR Form 2550m is used simply to file monthly VAT. Individuals who may get their hands on this form are those who are VAT-registered in selling or leasing goods or services. These individuals must have an actual gross sales/receipts exceeding up to P3,000,000.

VAT = Vatable Sales x 1.12. Total Sales = Vatable Sales + VAT.

The government collects a 12% VAT on goods consumed within the Southeast Asian country.