The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 29-2023 (10 March 2023) to clarify the effects of publishing the list of taxpayers who cannot be located (CBL).
The circular also explains the tax consequences of transactions with CBL taxpayers, which include non-deductibility of purchases and the inability to claim the value added tax (VAT) on purchases as input tax, unless the buyer can prove the existence of the supplier tagged as CBL and authenticity of the purchases made.
Source:
Latest Posts in "Philippines"
- Aquino Urges VAT Suspension on Fuel to Ease Rising Prices Amid Middle East Crisis
- Philippines Court Clarifies Rules on Unutilized Input VAT Refunds for Zero-Rated Sales
- Marcos: Government Weighs Oil Law Repeal, VAT Removal Amid Focus on Immediate Fuel Relief
- Philippines Releases New Rules Granting VAT Exemption for Natural Gas Transactions
- Philippines Grants VAT Exemption for Indigenous Natural Gas and Related Power Generation
