Considering the retroactivity of the exemptions prior to the effectivity of the law, some clients and taxpayers have been confused about the value-added tax (VAT) treatment of purchases and importations prior to the effectivity of the law, VAT on sales of these products and the treatment of excess input VAT as of the effectivity of the VAT exemptions, among others. This prompted the Bureau of Internal Revenue (BIR) on Sept. 1, 2021 to issue RMC 99-2021 dated Aug. 16, 2021.
Source: manilatimes.net
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