Government Accountants, Budget Officers, Treasurers and Auditors’ Forum
Sender: Who shall compute the Liqudated Damages? Is it the EU or the Property Division? Thank you… Click here to join our Facebook Group and get full access to answers and comments to this question. Note: You may view some of the comments/answers to this question below. Post Views: 802
This forum contains all the discussions about the guidelines, laws, rules and regulations on liquidated damages.
Accounting for Liquidated Damages: 10 Things You Need to Know
This forum contains questions and answers on liquidated damages
[ad_1] COA says proceeds from the sale of bid documents and liquidated damages collected during the year should be remitted to the Bureau of the Treasury (BTr). It says in an audit report that “while government agencies can use 100 percent of the proceeds from sale of bid documents and liquidated damages to pay for honoraria of its personnel, excess amount should be remitted to the BTr. Source: https://mb.com.ph/…/coa-says-navy-should-remit-p101-m-to-b…/ [ad_2] View Comments in our Facebook Page Post Views: 1,756
Q: Good day. I just want to ask for clarification with regards to liquidated damages. Is it taxable or not? I saw SGV posted a BIR ruling that liquidated damages is not taxable for VAR, but only for income tax. I just want to clarify if this would also apply for government transactions. I hope you can help me. Thanks. Post Views: 1,523