- Senate bill proposes transferring responsibility of processing VAT refund claims to DoF from BIR
- DoF’s Revenue Operations Group will process VAT refund claims under the measure
- Secretary of Finance will approve refund claims for creditable input taxes
- AmCham Philippines says VAT refunds for jet fuel purchases take up to five years to resolve
- Bill seeks to impose 2% tax on RBEs in economic zones and grant 100% additional deduction on power expenses
- Bill also seeks to amend applicability of RBE’s net operating loss carryover and provide duty exemptions for registered export enterprises
- Businesses entitled to VAT zero-rating on local purchases if they operate at 70% capacity
- CREATE MORE measure aims to cut corporate income tax to 20% from 25% and has been passed by House of Representatives
Source: bworldonline.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.
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