- Philippine Bureau of Internal Revenue posted Revenue Regulation No. 3/2024 online
- Amendments include implementing 12 percent VAT rate for services and use/lease of properties
- VAT-exempt threshold to be adjusted every three years based on CPI
- 12 percent VAT exempt for taxpayers subject to 8 percent tax on gross sales
- Allowable deductions from gross selling price specified
- Requirements for VAT credits clarified
- Procedure for VAT refunds specified
- Regulation in force and takes effect on April 26
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Philippines"
- 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
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Multinational Branch Case
