The right to rectify data

Joita9865

The six-year period is counted from the month following the date on which the asset was transferred. Such sales should be treated as income from business activity, i.e. taxed at the rate appropriate to the activity performed. If years have passed between the withdrawal of the phone from company assets and its sale, there is no obligation to pay personal income tax. When transferring a phone from corporate assets to private use, VAT must be paid if the tax was deducted on the purchase of the phone. If the purchase of the phone did not give the right to deduct VAT, its transfer for private purposes is a non-taxable activity. To withdraw a fixed asset from business.

Remove it from the register of fixed assets, prepare a liquidation report or an LT philippines photo editor document liquidation of a fixed asset indicating the withdrawal of funds for the taxpayer's personal purposes, prepare a document constituting the basis for reporting VAT in the VAT sales register in the event of the obligation to pay VAT , prepare a transfer report of the fixed asset. The subsequent sale of a withdrawn phone for private purposes is not subject to VAT because the transaction already concerns private property. It is also not registered at the cash register. However, it is not recommended to sell it on a private basis shortly after transferring the phone from company assets, as this may raise doubts of the tax office regarding avoiding the mandatory use of a cash register for the supply of telecommunications equipment.



Important! Sale of goods to persons not conducting business activity, listed in par. of the Regulation on exemptions from cash registers is subject to registration at the cash register from the first transaction. In the opinion of the National Tax Information, the withdrawal of goods to private property under the above-mentioned provisions, from which the entrepreneur has deducted or had the right to deduct VAT, is treated on an equal footing with sales and should also be recorded at the cash register.