Philippines: Updated VAT guidance regarding export enterprises
Clarifications on transitory provisions and issues pertaining to VAT treatment of transactions by registered business enterprises
VAT treatment of transactions by registered business enterprises
The Bureau of Internal Revenue has issued Revenue Memorandum Circular No. 49-2022 (20 April 2022) to amend certain portions of the questions and answers in Revenue Memorandum Circular No. 24-2022, which provides clarifications on the transitory provisions under Revenue Regulations No. 21-2021 and certain issues pertaining to the value added tax (VAT) treatment of transactions by registered business enterprises—particularly registered export enterprises. Read TaxNewsFlash
The amendments in Revenue Memorandum Circular No. 49-2022 align the relevant guidance with the Corporate Recovery and Tax Incentives for Enterprises Act and its implementing rules and regulations, and reflect the deferment of Revenue Regulations No. 9-2021 pursuant to Revenue Regulations No. 15-2021.
Read an April 2022 report prepared by the KPMG member firm in the Philippines
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