VATupdate

Philippines: 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.

KPMG 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.

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