The Bureau of Internal Revenue (BIR) introduced a VAT return simplification for taxpayers in the Philippines.
Timeline
Beginning January 1st, 2023, liable taxpayers should submit their VAT returns quarterly.
Impact
Instead of monthly filing, beginning January 1st, 2023, liable taxpayers are obliged to file their VAT returns quarterly after the amendment of Revenue Regulation No. 13-2018.
The transitional rules for the change are provided in Revenue Memorandum Circular No.5 of 2023. It states that taxpayers are no longer obliged to file the monthly VAT return form (BIR Form No. 2550M), ….
Source: Fonoa
Latest Posts in "Philippines"
- Philippines Considers VAT Cut, Fiscal Incentives to Boost Garment Industry Competitiveness
- BOC’s Zero VAT Procedures: Streamlining Export Import Logistics and Compliance for Export-Oriented Enterprises
- Philippines Extends E-Invoicing Compliance Deadline for Large Taxpayers to December 31, 2026
- Philippine Tax Court Partially Grants Petition, Invalidates VAT and Compromise Penalty Assessments
- Supreme Court Rules Condominium Association Dues Not Subject to Value-Added Tax (VAT)
