- The Bureau of Customs (BOC) has issued procedures for implementing VAT exemption on imports for export-oriented enterprises (EOEs).
- EOEs must secure a certification from the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) to avail of the VAT zero-rating or exemption.
- The DTI-EMB certification is required for EOEs with at least 70% export sales of total annual production, as mandated by the CREATE MORE Act.
- BOC will verify the authenticity of the DTI-EMB certification and ensure imported goods align with the EOE’s export activities.
- A new procedural code (061) has been added to the BOC system for qualified VAT-exempt importations.
Source: portcalls.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"
- Business, Labor Groups Urge Lawmakers to Scrap VAT on Electricity to Lower Costs, Boost Jobs
- Philippine Court Clarifies Input VAT Refunds for Zero-Rated Sales in Renewable Energy Sector
- Philippine Court Clarifies Input VAT Refund Rules for Zero-Rated Sales and Documentation Requirements
- Philippine Senate Considers Bill to Reduce VAT Rate to 10 Percent with Temporary Increase Provision
- Philippine Court Clarifies Refunds of Unutilized Input VAT on Zero-Rated Sales for 2020
