Last year, new value-added tax (VAT) rules were introduced by Republic Act (RA) No. 11534 or the CREATE Act. The CREATE Implementing Rules and Regulations (IRR), and Revenue Regulations (RR) No. 21-2021 soon followed, which did not put a stop to the questions surrounding the law. Not least among them are: What is the proper VAT treatment of transactions with registered business enterprises (RBEs)? What type of BIR documentation is required in addition to the endorsement of the Investment Promotion Agencies (IPAs)? What does endorsement from IPAs mean? What rules apply when availing of VAT incentives?
Source: bworldonline.com
