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Jan 11, 2023 · Buyer will amend the affected VAT return and secure from the seller the reimbursement thereof and the corresponding VAT-zero rated sales invoice and/or official receipt. What is the tax impact on the sales and local purchases of REEs after complying with the mandatory shift from VAT to Non-VAT?
- Imposition of 12% VAT on Zero-rated Goods and Services
The Bureau of Internal Revenue (BIR) has issued Revenue...
- Imposition of 12% VAT on Zero-rated Goods and Services
Mar 22, 2022 · Sales declared by the taxpayers as zero-rated for the period of 1 July 2021 up to 9 December 2021 (before the effectivity of RR No. 21-2021) shall remain as zero-rated transactions applying the non-retroactivity rule under Section 246 of the Tax Code.
(c) If the sale is subject to zero percent (0%) value-added tax, the term ‘zero-rated sale’ shall be written or printed prominently on the invoice;
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.
Under Section 108(B) of the National Internal Revenue Code, as amended, the following are value added tax (VAT) zero-rated sales of services in the Philippines by a VAT-registered person: Processing, manufacturing or repacking goods
Dec 14, 2021 · 1. Services other than processing, manufacturing or repacking of goods rendered to a person engaged in business conducted outside the Philippines, or to a non-resident person not engaged in business who is outside the Philippines when the services are performed; 2.
Feb 18, 2022 · Based on this revenue regulation, export sales are VAT zero-rated. VAT Zero-rated means that the business the rate of Value-Added Tax on the sales of products or services. Following RMO 12-2013, export sales should be placed on the part of the invoice designated for Zero-rated sales. RR 13-2018 classified the following transactions as export ...
