Revenue Regulations No. 5-2024


This Revenue Regulation implements Sections 76(C), 112(C), 112(D), 204(C), 229 and 269(J) of the Tax Code of 1997, as amended by Republic Act No. 11976 (Ease of Paying Taxes (EOPT) Act), on tax refunds. The Regulations shall cover tax credit/refund claims that are filed starting July 1, 2024, onwards and implements the following: (A) Section 112(C) of the Tax Code that introduced the risk-based approach to verification of VAT refund claims; (B) Section 112(D) of the Tax Code which clarified the liability of the taxpayer-claimant and the BIR in case of disallowance by the Commission of Audit (COA); (C) Section 76(C) [...]