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Philippines – VAT-related guidance, withholding tax rates | KPMG | GLOBAL

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)

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