The amendments to the value-added tax (VAT) zero-rating guidelines makes the process of obtaining the tax exemption easier for exporters, analysts said.
“Removing the requirement for suppliers to secure prior zero-rating approval from the Bureau of Internal Revenue (BIR) before the suppliers can treat the transaction as zero-rated will definitely make transactions between sellers and buyers faster and practical,” Eleanor L. Roque, tax principal of P&A Grant Thornton, said in a Viber message.
Source: www.bworldonline.com
Latest Posts in "Philippines"
- VAT Rules for Freebies and Promotional Items in the Philippines: Key Concepts and Legal Framework
- The BIR suspends audits of books of accounts until further notice
- Philippine Senate Proposes Abolishing VAT and 3% Tax, Signaling Major Tax Reform
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Recent Decision
- Philippine Court Bars VAT Deficiency Collection Due to Expired Three-Year Prescriptive Period
