Homehi, just want to ask if a problem will arise if asset previously charged to job in process in which vat input was already recognized (not amotized) then apparently cost transferred to PPE??
thanks.
thanks.
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impact to input vat of asset previously charged to job in process then transferred to PPE
2 posters
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1 impact to input vat of asset previously charged to job in process then transferred to PPE Mon Sep 01, 2014 7:51 pm
joker0210
Arresto Menor
2 Re: impact to input vat of asset previously charged to job in process then transferred to PPE Tue Aug 23, 2016 11:47 am
eric6b122007
Arresto Menor
joker0210 do you mean construction of a building or manufacturing or creating a machine which could eventually be an asset to PPE?
In accounting there is so called capitalized or non-capitalized expense
in the example above it was a capitalized assets any raw materials in the job in process plus VAT
is part of the asset cost or PPE asset value.
So there is no problem with cost transferred to PPE because assets were not taxed except real
property tax which is base on assessment value
In accounting there is so called capitalized or non-capitalized expense
in the example above it was a capitalized assets any raw materials in the job in process plus VAT
is part of the asset cost or PPE asset value.
So there is no problem with cost transferred to PPE because assets were not taxed except real
property tax which is base on assessment value
Message [Page 1 of 1]
Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Taxation » impact to input vat of asset previously charged to job in process then transferred to PPE
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