- The Philippine Court of Tax Appeals issued a decision on VAT refund rules in CTA Case No. 10725
- A domestic AstraZeneca subsidiary sought a VAT refund for prescription drugs imported in 2020
- The taxpayer paid VAT and filed for exemption based on a drug exemption effective January 1, 2020
- The Commissioner of Internal Revenue did not act on the claim, leading to a court petition
- The Court of Tax Appeals found that most drugs were listed as VAT exempt by the FDA
- All VAT payments were made during the exemption period
- The taxpayer did not report or claim the VAT paid as an input VAT deduction
- The taxpayer was entitled to a partial refund
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.
Latest Posts in "Philippines"
- Senior Citizens Partylist Backs VAT Removal on Electricity for Filipino Households
- BIR Prohibits Lumping Low-Value Purchases for Philippine Input VAT Claims
- Economists Warn Scrapping VAT Could Trigger Fiscal and Economic Crisis
- Cavite Rep Files Bill to Abolish 12% VAT, Proposes Alternative Taxes
- Rep. Barzaga Files Bill to Abolish 12% VAT on All Goods and Services
