Clarification on Risk-Based Approach for Processing VAT Refund Claims: Key Points and Procedures

• BIR issued RMC No. 115-2024 to clarify risk-based approach in processing VAT refund claims
• Taxpayers must submit all required documents for VAT refund regardless of risk level
• 90-day processing period for VAT refund claims starts after acceptance of complete documents
• Process includes checklisting, cursory checking, risk level determination, and verification
• High-risk claims require 100% verification, while low-risk claims are automatically recommended for refund
• RMC No. 115-2024 effective from October 18, 2024 and applies to ongoing VAT refund claims

Source: grantthornton.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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