Philippines: Guidance concerning VAT certifications, other measures

The Bureau of Internal Revenue has issued guidance concerning VAT certifications.

The Bureau of Internal Revenue has issued guidance concerning VAT certifications.

The Bureau of Internal Revenue has issued the following guidance:

  • Revenue Memorandum Circular No. 36-2022 (6 April 2022) prescribes the format of the value added tax (VAT) 0% certification to be issued by investment promotion agencies to duly registered export enterprises.
  • Revenue Memorandum Circular No. 37-2022 (6 April 2022) clarifies the coverage of the provisions stated in Revenue Memorandum Circular No. 28-2022 (16 March 2022), which provides information and guidance regarding the requirement to submit the “Certificate of Entitlement to Tax Incentives,” as an attachment to the annual income tax return of registered business enterprises. Read TaxNewsFlash
  • Revenue Memorandum Circular No. 38-2022 (6 April 2022) clarifies the transition-related provisions for non-income related tax incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
  • Revenue Memorandum Circular No. 39-2022 (6 April 2022) provides the manner of penalty payments relative to Revenue Memorandum Circular No. 23-2022 (9 March 2022) for violating the work-from-home threshold as prescribed by the Fiscal Incentive Review Board for registered business enterprises in the Information Technology-Business Process Management (IT-BPM) sector wishing to continue to avail of tax incentives. Read TaxNewsFlash
  • Revenue Memorandum Circular No. 40-2022 (6 April 2022) clarifies the guidelines on the use of the electronic audited financial statement system.

Read an April 2022 report prepared by the KPMG member firm in the Philippines

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.