Philippines – VAT-related guidance, withholding tax rates | KPMG | GLOBAL.
October 30: The KPMG member firm in the Philippines has prepared discussions of the following guidance items:
- RR No. 7-2014 prescribes the rules for internal revenue stamps on imported and locally manufactured cigarettes.
- RMC No. 70-2014 clarifies the requirements for issuing certifications on outstanding tax liabilities and/or delinquency verification slips for purposes of processing the payment of claims for tax refund, cash conversion of tax credit certificates, and value added tax (VAT) monetization.
- RMC No. 73-2014 clarifies the appropriate withholding tax rates on dividend payments to Philippine Central Depository nominees by issuers of securities.
- RMO No. 34-2014 clarifies the provisions of RMO No. 28-2013 on the issuance of tax exemption rulings for qualified non-stock, non-profit corporations and associations.
Read an October 2014 report prepared by the KPMG member firm in the Philippines: InTax (October 2014)