The Bureau of Internal Revenue (BIR) introduced a VAT return simplification for taxpayers in the Philippines.
Timeline
Beginning January 1st, 2023, liable taxpayers should submit their VAT returns quarterly.
Impact
Instead of monthly filing, beginning January 1st, 2023, liable taxpayers are obliged to file their VAT returns quarterly after the amendment of Revenue Regulation No. 13-2018.
The transitional rules for the change are provided in Revenue Memorandum Circular No.5 of 2023. It states that taxpayers are no longer obliged to file the monthly VAT return form (BIR Form No. 2550M), ….
Source: Fonoa
Latest Posts in "Philippines"
- Senate Bill Seeks VAT Cut to 10% to Ease Fuel Crisis and Rising Prices
- Philippines Court Clarifies Rules on Unutilized Input VAT Refunds for Zero-Rated Sales
- Leviste Criticizes Recto for Blocking VAT Reduction Amid Soaring Fuel Prices and Public Protests
- Marcos Needs Congress Approval to Cut or Suspend VAT on Oil Amid Price Surge, Palace Says
- Senator Urges Removal of VAT on Fuel to Ease Rising Costs and Support Agriculture
