Revenue Memorandum Circular No. 65-2024
This Circular clarifies the implementation of Section 110(D) of the National Internal Revenue Code, which allows VAT-registered sellers to claim credit for uncollected receivables. It explains that sellers can recoup the VAT paid in advance on credit sales where receivables are not collected, in line with the provisions of Revenue Regulations (RR) No. 5-99, as amended by RR No. 25-2002.
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