Philippines: Guidance concerning VAT certifications, other measures

The Bureau of Internal Revenue has issued guidance concerning VAT certifications.

The Bureau of Internal Revenue has issued guidance concerning VAT certifications.

The Bureau of Internal Revenue has issued the following guidance:

  • Revenue Memorandum Circular No. 36-2022 (6 April 2022) prescribes the format of the value added tax (VAT) 0% certification to be issued by investment promotion agencies to duly registered export enterprises.
  • Revenue Memorandum Circular No. 37-2022 (6 April 2022) clarifies the coverage of the provisions stated in Revenue Memorandum Circular No. 28-2022 (16 March 2022), which provides information and guidance regarding the requirement to submit the “Certificate of Entitlement to Tax Incentives,” as an attachment to the annual income tax return of registered business enterprises. Read TaxNewsFlash
  • Revenue Memorandum Circular No. 38-2022 (6 April 2022) clarifies the transition-related provisions for non-income related tax incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
  • Revenue Memorandum Circular No. 39-2022 (6 April 2022) provides the manner of penalty payments relative to Revenue Memorandum Circular No. 23-2022 (9 March 2022) for violating the work-from-home threshold as prescribed by the Fiscal Incentive Review Board for registered business enterprises in the Information Technology-Business Process Management (IT-BPM) sector wishing to continue to avail of tax incentives. Read TaxNewsFlash
  • Revenue Memorandum Circular No. 40-2022 (6 April 2022) clarifies the guidelines on the use of the electronic audited financial statement system.

Read an April 2022 report prepared by the KPMG member firm in the Philippines


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