Tax Notes
EOPT is Here: BIR Clarifies Availment of Output VAT Credit on Uncollected Receivables
When the Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act, changed the method of recognizing value-added tax (VAT) from a cash basis to an accrual basis, taxpayers may have difficulty when it shoulders the output VAT on receivables that may not be collected.