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VAT-registered

Revenue Memorandum Circular No. 65-2024

2024-06-29T17:53:29+08:00

This Circular is issued to clarify certain issues relative to the implementation of Section 19 of Republic Act No. 11976 (Ease of Paying Taxes Act), which added Section 110(D) of the National Internal Revenue Code of 1997, as amended (Tax Code), that introduced the Output Value Added Tax (VAT) Credit on uncollected receivables. The rationale of Section 110(D) is that sales are either made in cash or on account. In cash sales, the seller, who has passed-on the VAT to the buyer has no problem in the corresponding VAT due thereon to the BIR since the seller has already collected the [...]

Revenue Memorandum Circular No. 65-20242024-06-29T17:53:29+08:00

REVENUE MEMORANDUM CIRCULAR NO. 21-2024

2024-02-17T11:51:24+08:00

The revised answer in Q & A No. 31 pursuant to RMC No. 49-2022 required the following types of Registered Export Enterprises (REE) to change their registration status from Value-Added Tax (VAT)-registered entity to non-VAT:   Within two (2) months from the expiration of their Income Tax Holiday (ITH): Those whose sales are generated only from the registered activity and have shifted from ITH to 5% Gross Income Tax (GIT) or Special Corporate Income Tax (SCIT) regime; and Within two (2) months from the effectivity of RMC No. 49-2022: Those enjoying 5% GIT regime but are still VAT-registered at the time [...]

REVENUE MEMORANDUM CIRCULAR NO. 21-20242024-02-17T11:51:24+08:00
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