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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 181 -
PRESCRIBING THE THRESHOLD AMOUNT OF GROSS SALES AND/OR RECEIPTS FOR
VALUE ADDED TAX PURPOSES
WHEREAS, Section 103(t) of the
National Internal Revenue Code (the “Tax Code”) as amended by R.A.
7716, provides that the President shall, upon recommendation of the
Secretary of Finance, set the threshold amount of gross sales and/or
receipts of transactions to be exempted from value added tax; Since 19.07.98.
WHEREAS, the Secretary of Finance has recommended that the threshold
amount be set at FIVE HUNDRED THOUSAND PESOS (P500,000.00);
NOW, THEREFORE, I FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by law, and in
conformity with the requirement set forth in Section 103(t) of the Tax
Code, as amended, do hereby declare that all transactions involving
sale or lease of goods or properties or the performance of services
other than those mentioned in subparagraphs (a) to (s) of the
aforementioned section of the Tax Code, the gross annual-sales and/or
receipts of which do not exceed FIVE HUNDRED THOUSAND PESOS
(P500,000.00) are exempt from value added tax, provided however, that
any person covered by the foregoing exemption may apply for
registration as a VAT registered person not later than ten (10) days
before the beginning of the taxable quarter and shall pay the annual
registration fee prescribed in Section 107(a) of the Tax Code and,
provided finally, that any person falling under the foregoing exemption
shall pay a tax equivalent to three percent (3%) upon the effectivity
of R.A. No. 7716 and four percent (4%) two (2) years thereafter, of his
gross quarterly sales and/or receipts.
Done in the City of Manila this
14th day of June in the Year of our Lord, nineteen hundred and ninety
four.
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