Go to Go to Gateway of Tally > Display > Statutory Reports > VAT Reports > VAT Return Forms
The VAT Return for Philippines is displayed in the government prescribed format.
Press Y or Enter to view the print preview screen
The VAT Return form displays as shown
The explanation on 2550Q is given below:
Fill in all applicable space. Mark all appropriate boxes with an ‘X’
1. For the Year Ended (MM/YYYY)
The month entered in the Report Generation screen is captured in this column.
2. Quarter
This field has to be entered manually.
3. Return Period (mm/dd/yyyy)
The From Date and To Date entered in Report Generation screen will be captured here.
This field has to be entered manually.
The details are filled in this section.
The VAT TIN (Regular) as entered in F11: Features > F3: Statutory and Taxation is displayed here.
The RDO Code as entered in F11: Features > F3: Statutory and Taxation is displayed here.
This field has to be entered manually.
9. Line of Business
The Line of Business as entered in F11: Features > F3: Statutory and Taxation is displayed here.
10. Taxpayer’s Name (for Individual) Last Name, Middle Name/ (for Non-Individual) Registered Name
Taxpayer’s Name as entered in the Company Creation screen is printed in this column.
11. Telephone no
The Telephone number as entered in the Company Creation screen is captured in this column.
12. Registered Address
The Registered Address as entered in the Company Creation screen is captured in this column.
13. Zip code
The Zip Code as entered in the Company Creation screen is captured in this column.
14. Are you availing of tax relief under Special Law or International Tax Treaty?
To be filled manually after printing.
15. Vatable Sales/Receipt- Private (Sch.1)
The Total of all the Sales transactions made using the VAT/Tax Classifications, Sales of Service @ 12% and Sales of Goods @ 12% Assessable Value is captured in the Sales/Receipts for the month (exclusive of VAT) column and the corresponding Tax amount is captured in the Output Tax due for the month column.
16. Sales to Government
The Total of all the Sales transactions made using the VAT/Tax Classifications Sales of Service to Govt@12% and Sales of Goods to Govt @12% Assessable Value is captured in the Sales/Receipts for the month (exclusive of VAT) column and the corresponding Tax amount is captured in the Out put Tax due for the month column.
17. Zero Rated Sales/Receipts
The Total of all the Sales transactions made using the VAT/Tax Classification Sales-Zero Rated Assessable Value is captured in the Sales/Receipts for the month (exclusive of VAT) column.
18. Exempt Sales/Receipts
The Total of all the Sales transactions made using the VAT/Tax Classification Sales Exempt Assessable Value is captured in Sales/Receipts for the month (exclusive of VAT) column.
19. Total Sales/Receipts and Output Tax Due
The Total of Boxes (15A+16A+17+18) is captured in column 19A and the Total of (15B+16B) is captured in 19B.
20 A. Input Tax Carried Over from Previous Period / Excess over 70% of Output VAT
Input Tax Carried Over from Previous Period / Excess over 70% of Output VAT is captured in this column.
20 B. Input Tax Deferred on Capital Goods Exceeding P1Million from Previous Period
The entry made using Journal Voucher with the Vat Adjustment Class and Used for as Input Tax Deferred on Capital Goods is printed this column.
The sample entry is given below.
Dr. Deferred Tax on Capital Goods (under Current Assets)
Cr. Input Vat on capital goods greater than P1M
20 C. Transitional Input Tax
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Transactional Input Tax is printed this column.
The sample entry is given below.
Dr. Input VAT
Cr. Indirect Incomes
20 D. Presumptive Input Tax
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Presumptive Input Tax is printed this column.
The sample entry is given below.
Dr. Input VAT
Cr. Other Income
20 E. Others
This field remains blank.
20 F. Total (Sum of Item 20A, 20B, 20C, 20D & 20E)
The Sum of Item 20A, 20B, 20C, 20D & 20E is captured in this column.
21 A/B. Purchase of Capital Goods not exceeding P1Million (see sch.2)
The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of capital goods, not exceeding P1M Assessable Value is captured in Purchases column and the corresponding Tax amount is captured in 21B column.
21 C/D. Purchase of Capital Goods exceeding P1Million (see sch.2)
The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of capital goods exceeding P1M Assessable Value is captured in Purchases and the corresponding Tax amount is captured in 21D column.
21 E/F. Domestic Purchase of Goods other than capital goods
The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of goods @ 12% Assessable Value, is captured in Purchases column and the corresponding Tax amount is captured in 21F column.
21 G/H. Importation of Goods other than capital goods
The Total of all the Purchase Transactions made using the VAT/Tax Classification, Purchase-Import @ 12% Assessable Value, is captured in Purchases and the corresponding Tax amount is captured in 21H column.
21 I/J. Domestic Purchase of Service Goods other than capital goods
The Total of all the Purchase Transactions made using the VAT/Tax Classification, Purchase-Service @ 12% Assessable Value, is captured in Purchases and the corresponding Tax amount is captured in 21J column.
21 K/L. Service rendered by Non-residents
The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase of Service rendered by Non- Residents@12% Assessable Value, is captured in Purchases column and the corresponding Tax amount is captured in 21L column.
21 M. Purchases Not Qualified for Input Tax
The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase not Qualified for Input Tax Assessable Value, is captured in the Purchases column.
21 N/O. Others
This field remains blank.
The total purchase value (21A+ 21C+ 21E+ 21G+ 21I+ 21K+21M+ 21N) is captured in this column.
22. Total Available Input tax (Sum of item 17F, 18B, 18D, 18F, 18H, 18J, 18L & 18O)
The Total Available Input tax (Sum of item 20F+21B+21D+21F+21H+21J+21L+21O) is captured in this column.
The entry made using the Journal Voucher with the VAT Adjustment Class and Used for as Deferred Input Tax on Capital Goods greater than P1M is printed this column.
The sample entry is given below.
Dr. Deferred input on capital goods
Cr. Input Vat on capital goods
The Schedule 4 Value is captured in this column.
The Schedule 5 Value is captured in this column.
The entry made using Journal Voucher with the Vat Adjustment Class and Used for as Vat Refund/TCC Claimed is printed this column.
The sample entry is given below.
Dr. Refund Receivable
Cr. Input Vat
The Schedule 6 Value is captured in this column.
The entry made using Journal Voucher with the Vat Adjustment Class and Used for as Input Tax reversal- others is printed this column.
The sample entry is given below.
Dr. Expense A/c
Cr. Input Vat
The total deduction (23A+ 23B+23C+23D+23E+23F) will be captured here with a negative sign.
The Difference of Box 22 and 23 G is captured in this column.
The Difference of Box 19Band 24 is captured in this column.
The Schedule 7 Value is captured in this column.
The Schedule 8 Value is captured in this column.
The Schedule 9 Value is captured in this column.
This field remains blank.
This field remains blank.
The Total of 26A+26B+26C+26D+26E+26G is captured in this column.
The Difference of Box 25 and 26G is captured in this column.
The entry made using Journal Voucher with the VAT Adjustment Class and Used for as Surcharge Payable is printed this column.
The sample entry is given below.
Dr. Surcharge A/c
Cr. Surcharge Payable A/c
The entry made using Journal Voucher with the VAT Adjustment Class and Used for as Interest Payable is printed this column.
The sample entry is given below.
Dr. Interest A/c
Cr. Interest Payable A/c
28C. Compromise
The entry made using Journal Voucher with the VAT Adjustment Class and Used for as Surcharge Payable is printed this column.
The sample entry is given below.
Dr. Compromise A/c
Cr. Compromise Payable A/c
The total of 27 and 28D is captured in this column.
The fields 30, 31, 33, 32A, 32B, 32C and 29D are to be entered manually.
Schedule 1:
Schedule of Sales/Receipts and Output Tax (Attach additional sheet, if necessary)
The Total of all the Sales transactions made using the VAT/Tax Classification as normal sales and selecting the Type of Industry is captured in the ATC column, Assessable Value is captured in Sales/Receipts for the period column and corresponding Tax amount is captured in Out put Tax due for the period column
Schedule 2:
Purchases/Importation of Capital Goods (Aggregate Amount Not Exceeding P1 Million) (Attach additional sheet, if necessary)
The Total of all the Purchase transactions made using the VAT/Tax Classification, Purchase capital goods not exceeding 1 Million Assessable Value is captured in Amount column and the corresponding Tax amount is captured in Input Tax due for the month column.
Schedule 3:
Purchases/Importation of Capital Goods (Aggregate Amount Exceeds P1 Million) (Attach additional sheet, if necessary)
The Total of all the Purchase Transactions made using the VAT/Tax Classification, Purchase capital goods exceeding 1 Million- Assessable Value is captured in the Amount column and the corresponding Tax amount is captured in the Input Tax due for the month column.
Schedule 4:
Input Tax Attributable to Sale to Government
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Attributable Input tax Towards Sales to Govt is printed in this column.
The sample entry is given below.
Dr. Expense A/c
Cr. Input Vat
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Input tax Not Attributable Towards Sales to Govt is printed in this column.
The sample entry is given below.
Dr. Expense A/c
Cr. Input Vat
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Standard Input Tax to Sale to Govt is printed in this column.
The sample entry is given below.
Dr. Input A/c
Cr. Incomes a/c
Schedule 5:
Input Tax Attributable to Exempt Sales
i. The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Attributable Input tax towards Exempted Sale is printed in this column.
The sample entry is given below.
Dr. Expense A/c
Cr. Input Vat
ii. The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Input Tax Not Attributable Towards Exempted Sales is printed this column.
The sample entry is given below.
Dr. Expense A/c
Cr. Input Vat
Schedule 6: Input Tax in Excess of 70% Cap
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Input Tax Adjustment is printed in this column.
The sample entry is given below. This field remains blank.
Dr. Input Tax adjustment A/c
Cr. Input Vat
Schedule 7: Tax Withheld Claimed as Tax Credit (Attach additional sheets, if necessary)
The entry made using the Journal Voucher with Vat Adjustment Class and Used for as Withholding Tax-Other Agency is printed in this column.
The sample entry is given below:
Dr. Withholding Tax other agency A/c
Cr. Sundry Drs
Schedule 8: Schedule of Advance Payment (Attach additional sheets, if necessary)
The entry made using the Journal Voucher with Vat Adjustment Class and Used for as Advance Tax Payment Made is printed this column.
The sample entry is given below.
Dr. Net Vat payable A/c
Cr. Advance Tax Paid
Schedule 9: VAT Withheld on Sales to Government (Attach additional sheets, if necessary)
The entry made using the Journal Voucher with the Vat Adjustment Class and Used for as Withheld Tax Credit availed -Govt is printed in this column.
The sample entry is given below.
Dr. Output Vat A/c
Cr. Sundry Debtor
