- 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.
