2019 Bar A.2. For purposes of value-added tax, define explain or distinguish the following terms: (a) Input tax and output tax (3%) (b) Zero-rated and effectively zero-rated transactions (3%)  (c) Destination principle (2%) SUGGESTED ANSWERS: (a) Input tax is the VAT (b) Zero-rated transactions generally refer to the export sale of good and supply of … Continue reading Bar Q & A and Recent Jurisprudence on VAT, Zero Rated Transactions and Tax Credit