- House Committee on Ways and Means is working on a proposal to enhance the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act in the Philippines.
- The proposal aims to establish a simplified VAT refund system for registered business enterprises.
- The implementation of VAT and tax administration provisions under the CREATE Act has been challenging.
- The proposal includes conditions for VAT on the sale of goods and services, depending on the nature of the transaction.
- Guidelines are provided for the sale, transfer, or disposal of previously VAT-exempt imported capital equipment, raw materials, spare parts, and accessories.
- Special considerations are given to large domestic market enterprises.
- A separate service or unit within the Bureau of Internal Revenue will be created for registered business enterprises to ensure simplified compliance with tax rules and regulations.
Source: businessmirror.com.ph
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.
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