G-WJGQ4VJHCT
VATupdate

Share this post on

Philippines Streamlines VAT Refund Process to Attract Foreign Investors Under CREATE MORE Act

  • The Bureau of Internal Revenue (BIR) is streamlining the VAT refund process to attract foreign investors.
  • This reform is part of the CREATE MORE Act aimed at making the Philippines more business-friendly.
  • BIR Commissioner Romeo Lumagui Jr. stated that the new rules align with President Marcos Jr.’s goals.
  • The CREATE MORE Act amends the National Internal Revenue Code to provide tax relief and incentives.
  • Revenue Memorandum Circular No. 37-2025 reduces documentary requirements for VAT refund claims.
  • Certified true copies of invoices or receipts can replace original documents.
  • Three documentary requirements have been reduced, including proofs of registration and import declarations.
  • Prior certifications from the Bureau of Customs can be reused for certain claims.
  • Exporters no longer need to submit actual proof of shipment for VAT refund claims starting April 1.
  • The BIR will rely on a certification from the Export Marketing Bureau of the DTI.
  • Coordination with the DTI aims to prevent duplication of requirements and streamline processes.

Source: pna.gov.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.

Sponsors:

Pincvision
VATIT Compliance

Advertisements:

  • VATAi
  • Pincvision