SEC. 103. SEC. 104. Filing of Return and Payment of Tax.................................................... 114 Definitions..........................................................................................115 TITLE IV. VALUE-ADDED TAX.........................................................................116 CHAP. I. SEC. 105. SEC. 106. SEC. 107. SEC. 108. SEC. 109. SEC. 110. SEC. 111. SEC. 112. SEC. 113. SEC. 114. SEC. 115. IMPOSITION OF TAX.......................................................................... 116 Persons Liable..................................................................................... 116 Value-added Tax on Sale of Goods or Properties.................................. 116 Value-added Tax on Importation of Goods...........................................120 Value-added Tax on Sale of Services and Use or Lease of Properties ....120 Exempt Transactions............................................................................124 Tax Credits..........................................................................................128 Transitional/Presumptive Input Tax Credits ........................................129 Refunds or Tax Credits of Input Tax.....................................................130 Invoicing and Accounting Requirements for VAT-registered Persons.....131 Return and Payment of Value-added Tax .............................................133 Power of the Commissioner to Suspend the Business Operations of a Taxpayer..............................................................................................134 TITLE V. OTHER PERCENTAGE TAXES..........................................................136 SEC. 116. SEC. 117. SEC. 118. SEC. 119. SEC. 120. Tax on Persons Exempt from Value-added Tax (VAT)...........................136 Percentage Tax on Domestic Carriers and Keepers of Garages..............136 Percentage Tax on International Carriers.............................................137 Tax on Franchises................................................................................137 Tax on Overseas Dispatch, Message or Conversation Originating from the Philippines............................................................................137 Tax on Banks and Non-Bank Financial Intermediaries Performing Quasi-Banking Functions.....................................................................138 Tax on Other Non-Bank Financial Intermediaries.................................139 Tax on Life Insurance Premiums..........................................................139 Tax on Agents of Foreign Insurance Companies....................................140 Amusement Taxes................................................................................140 Tax on Winnings.................................................................................. 141 Tax on Sale, Barter or Exchange of Shares of Stock Listed and Traded through the Local Stock Exchange or through Initial Public Offering.... 141 Returns and Payment of Percentage Taxes...........................................144 SEC. 121. SEC. 122. SEC. 123. SEC. 124. SEC. 125. SEC. 126. SEC. 127. SEC. 128. Isla Lipana & Co., the Philippine member firm of the PwC network