5 Major Developments in Philippines

5 Major Developments in Philippines

• BIR exempts 59 more medicines from VAT

• BIR adds 25 cancer drugs to VAT-exempt list

• Long list of VAT exemptions under review

• BIR cuts requirements for VAT refund claim

• A Step Towards the Mandatory Electronic Invoice

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Bad Debts (Relief for Underpaid Sales Invoices)

• Tax effort lower on change in VAT collection schedule

Customs

• Industry Lobby Estimates VAT Revenue Foregone Due to Smuggling at P250B

Deduction (Input Tax Credit)

• Claim for refund of unutilized input VAT

• Claim for Refund of Unutilized Input VAT

• Supreme Court upholds Cargill VAT refund

E-Commerce / Electronic Services

• Imposition of VAT on digital transactions

• Philippines to Introduce Creditable Withholding Tax on Payments Made by Online Platforms to Suppliers of Goods and Services

E-invoicing

• A Step Towards the Mandatory Electronic Invoice

• e-Invoice Conversion in the APAC Region | Part 1

Exemption

• BIR exempts 59 more medicines from VAT

• BIR adds 25 cancer drugs to VAT-exempt list

• Long list of VAT exemptions under review

• DOF to review proposed VAT exemptions

• Sen Lapid Bats for VAT Exemption for Seniors

• Senator Lapid Bill Seeks To Expand Discount, VAT Exemption For Elderlies

• Philippine Government Looking to Improve VAT Collection Efficiency by Targeting Exemptions

• BIR Exempts Various Service Transactions from VAT to Encourage Foreign Investors

• Gov’t clarifies rules on zero-VAT

• Amended VAT Zero-Rating Rules seen Easing Exporter Dealings with Suppliers

Export

• Dropping the VAT zero-rating certification requirement

• Guidance on Application of VAT to Registered Export Enterprise

• Tax Notes: BIR prior Approval on VAT Zero-Rating of Qualified Purchases of Registered Export Enterprises (REEs) no Longer Required

• BIR Addresses Exporters’ VAT Zero-Rated Concerns

• Amended VAT Zero-Rating Rules seen Easing Exporter Dealings with Suppliers

Fraud / Tax Evasion

• PHL posts lowest VAT efficiency in region

• PH taps IMF to study possible expansion of tax base

• DOF chief: Gov’t to improve VAT collection efficiency

• Bureau of Internal Revenue: Billions in VAT lost to ‘ghost receipts’

Implementation / Reform

• A Step Towards the Mandatory Electronic Invoice

• Philippines needs updated tax laws for the digital economy — PIDS

• PH taps IMF to study possible expansion of tax base

• PH eyes improving VAT system amid ‘poor’ efficiency

Invoice

• BIR: Billions in VAT lost to ‘ghost receipts’

Legislative Change

• Tax Notes: BIR prior Approval on VAT Zero-Rating of Qualified Purchases of Registered Export Enterprises (REEs) no Longer Required

Rate

• DOF to review proposed VAT exemptions

• Dropping the VAT zero-rating certification requirement

• Clarifications on the entitlement of economic zone developers and operators to VAT zero-rating

• Negative List for VAT Zero-Rating

• Senator Lapid Bill Seeks To Expand Discount, VAT Exemption For Elderlies

• Regulations provide updates to VAT zero-rating certification

• Heated Debate on VAT Cut Bill

• BPOs welcome ‘clarity’ after VAT zero-rating ruling

• Ecozone Developers Conditionally Eligible for VAT Zero Rating Status

• Guidance on Application of VAT to Registered Export Enterprise
• Tax Notes: BIR prior Approval on VAT Zero-Rating of Qualified Purchases of Registered Export Enterprises (REEs) no Longer Required
• BIR Addresses Exporters’ VAT Zero-Rated Concerns
• Gov’t clarifies rules on zero-VAT
• Amended VAT Zero-Rating Rules seen Easing Exporter Dealings with Suppliers

• BIR Clarifies List of Purchases, Services Subject to VAT

• VAT Zero-Rating Resolution out Before End of April

Refund

• PCCI cheers move to relax VAT refund requirements

• BIR cuts requirements for VAT refund claim

• BIR Simplifies VAT Refunds

• BIR Simplifies VAT Refunds

• BIR further simplifies requirements for VAT refund

• Lumagui: BIR cuts in half the requirements for VAT Refund in an effort to promote Ease of Doing Business in the PH

• VAT refund measure for non-resident tourists should provide seamless experience

• Proposed VAT refund program expected to boost economic output

• VAT refund for alien tourists to yield P5.7 billion

• Philippines Value-Added Tax (VAT) refund/credit under Section 112 of the Tax Code

• Claim for refund of unutilized input VAT

• Claim for Refund of Unutilized Input VAT

• Supreme Court upholds Cargill VAT refund

• Estrada bats for VAT refund for PH tourists

• The Philippine Retailers Association Pushes for VAT Refund System for Foreign Tourists

• PRA Pushes for VAT Refund System for Foreign Tourists

• Retailers See a More Conservative Tourist VAT Refund Scheme

• Retailers back VAT refund scheme for foreign tourists

• Gatchalian files Senate bill to allow VAT refund for foreign tourists

Registration

• KPMG Week in Tax: 29 May – 2 June 2023

Reporting / Compliance

• BIR Simplifies VAT Refunds
• Philippine Government Looking to Improve VAT Collection Efficiency by Targeting Exemptions

• VAT-registered persons allowed to continue to file VAT returns monthly

• VAT Drive Missing ₧539B–DOF

• Gov’t to Improve VAT Collection Efficiency

• Optional filing and payment of monthly VAT returns for VAT-registered persons

• Tax Notes: Optional Filing and Payment of Monthly VAT Returns now Allowed

• VAT-registered persons allowed to continue to file VAT returns monthly

• BIR makes VAT filing more flexible

Taxable Transaction

• BIR Clarifies List of Purchases, Services Subject to VAT

Tax Authorities / Penalties

• PHL posts lowest VAT efficiency in region
• DOF chief: Gov’t to improve VAT collection efficiency
• Industry Lobby Estimates VAT Revenue Foregone Due to Smuggling at P250B