The Personal Income Tax Act does not say much about adjusting income. The only provision introduced is that if the correction of revenue is not caused by an accounting error or other obvious error the correction is made by reducing or increasing the revenue achieved in the settlement period in which the corrective invoice was issued. Thus the legislator made it clear that the correction of sales invoices in income tax will depend primarily on the reason for the correction Root cause Secondary cause Known at the time of issuing the original invoice.
We make retroactive corrections to the sales invoice. Known correction. We correct sales invoices on an ongoing basis. However in PIT philippines photo editor it is irrelevant whether the invoice correction concerns a decrease in minus or an increase in revenues in plus . Invoices correcting domestic sales minus VAT From the provisions of the VAT Act regarding the posting of negative correction invoices have changed significantly. New solutions have been introduced the so-called SLIM VAT package.
The Ministry of Finance even issued tax clarifications of April which describe in detail the rules for making in minus adjustments with examples. and in plus. In today's article we will also use these materials. At this point it should be recalled that the Ministry of Finance's tax explanations are binding on both the entrepreneur and the tax authority which means that if we act in accordance with what is written in them we will not suffer any consequences. From January the entrepreneur is no longer obliged to have confirmation of receipt of the corrective invoice by.
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