The Court of Tax Appeals (CTA) has awarded a PHP9.6-million refund to a local mining firm, part of the original refund of PHP56.420 million sought for excess value-added taxes (VAT).
The company’s claim for a tax refund for excess and unutilized VAT for 2017 was initially turned down for supposed failure to comply with documentary requirements.
Among other things, the tax court also said VAT invoicing requirements under the tax law does not apply to input VAT credits for transactions involving importation of goods considering that the vendors of imported goods are foreign entities not subject to Philippine laws and are not bound to comply with Philippine tax laws. (PNA)
Source: pna.gov.ph
