Revenue Memorandum Circular (RMC) Nos. 24-2022 and 49-2022 were issued to provide clarifications on RR No. 21-2022. RMC No. 24-2022 clarifies that VAT-registered REEs whose registration with an IPA has expired is subject to VAT, whereas RMC No. 49-2022 clarifies that REEs enjoying 5% GIT/SCIT are to shift registration from VAT to Non-VAT taxpayers. In this regard, concerns may have surfaced from taxpayers on the proper application and consequences of the above clarifications.
Source: bworldonline.com
