Revenue Memorandum Circular No. 53-2023
super_admin2023-06-08T05:34:32+08:00Clarifies the entitlement of economic zone developers and operators to the Value-Added Tax (VAT) zero-rating on local purchases of goods and services directly and exclusively used in the registered project or activity. The Board of Investments (BOI) Memorandum Circular (MC) No. 2022-003 which amended the Specific Guidelines of Activities in Support of Exporters under the 2020 Investment Priorities Plan (IPP), also known as the transitional Strategic Investment Priority Plan (SIPP), included the development and operation of economic zones; and industrial parks and buildings for exporters, as “Activities in Support of Exporters”. This covers the development and operation of economic zones and [...]