- Tax refunds are considered tax exemptions and are strictly interpreted against the taxpayer
- Changes in tax laws have caused confusion in the VAT refund process
- Revenue Regulations No. 5-2024 clarifies rules on tax refunds starting July 1, 2024
- Risk-based approach to verification of VAT refund claims introduced by EOPT Act
- Claims classified as low, medium, or high risk with varying levels of verification required
- Verification and processing of VAT refund claims are separate from regular audits
- Certain factors can change the risk classification of a claim, such as prior denials or first-time claimants
Source: grantthornton.com.ph
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.
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