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Revenue Memorandum Circular (RMC) 24-2022, which aims to clarify Revenue Regulations (RR) 21-2021, states that the provisions of the Corporate Recovery and Tax Incentives for Enterprise Act (CREATE) and its implementing rules, as it provides the zero-rating on Value Added Tax (VAT) on local purchases, shall only apply to sales of goods and services directly and exclusively used in the ...
Taxable supplies (other than zero-rated) Most property and services supplied in or imported into Canada are subject to GST/HST. For everything except zero-rated or exempt supplies, you must determine which GST/HST rate to charge. Example – Taxable supplies (other than zero-rated) Example – Taxable supplies (other than zero-rated)
Jun 23, 2021 · The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) 09-2021 on June 11, 2021, which implements the imposition of 12 percent Value-Added Tax (VAT) on certain previously zero-rated goods and services. This amendment to RR 16-2005, as earlier amended by RR 13-2008 and RR 26-2018, has been signed following the fulfillment of the conditions set under Republic Act 10963 or the ...
If the transaction was entitled to VAT zero-rating, i.e., the goods and/or services sold were directly and exclusively used in the registered project or activity, and the REE is duly endorsed by the concerned IPA, but the seller failed to secure an approved Application or failed to file an application for VAT Zero-Rate prior to the effectivity of RMC 3-2023, such sale shall be subject to ...
Jul 1, 2014 · Exempt items are different from zero-rated supplies. In both cases VAT is not added to the selling price, but zero-rated goods or services are taxable for VAT — at 0%. Exempt business
GST: Zero-rating of Sale & Lease of Containers and Container Services (PDF, 127KB) Documents GST: Guide For Travel Industry (Second Edition) (PDF, 316KB) Documents GST Guide on Zero-rating Telecommunication and Related Services under Section 21(3)(q) (PDF, 227KB) Documents GST Treatment of Web-Hosting Services and Server Co-location Services ...
Jul 20, 2021 · The imposition of 12% Value-Added Tax (VAT) on local purchases of PEZA-registered enterprises continues to attract debate and draw concerns. The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 9-2021 stating that certain sales which were previously considered zero-rated for VAT are now subject to 12% VAT. This RR implements the provisions of Republic Act (RA) No. 10963 or ...
