By: Recovering accumulated excess input value-added tax (VAT) has always put our VAT-registered taxpayers in a quandary on what is the best means to get back the excess tax payment when it amounts to ...

Upon the effectivity of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on April 11, 2021, a new requirement to support the VAT zero-rating of local purchases of registered ...

Generally, it is only when a taxpayer is engaged in zero-rated sale that the input value-added tax attributable to such sale may be subject to a refund. This applies to input VAT (purchases) incurred ...

The CREATE MORE law has been in effect for approximately six months, and it has already drawn renewed attention from foreign investors. The incentive framework it introduced has encouraged ...

THE Philippine Congress on May 24, 2005, enacted into law the Value Added Tax Reform Act otherwise known as Republic Act No. (RA) 9337, which eventually became effective on Nov. 1, 2005. The validity ...

Potential fraud such as the “missing trader” scheme, identify-theft tax evasion or claiming input VAT for non-qualifying expenses are probed. To address economic pressures, the government is ...

The Value Added Tax (VAT) was first implemented in the Philippines in 1988 and has been one of the structural reforms provided under the 1986 Tax Reform Program designed to simplify tax administration ...

The Philippine Tax Whiz discusses the introduction of Output VAT Credit on Uncollected Receivables through Revenue Memorandum Circular 65-2024 of the Bureau of Internal Revenue. As a seller, who is ...

The much-mooted introduction of VAT (value added tax) across the UAE is finally about to become a reality. Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, announced the ...

Oman was the fourth Gulf State to introduce VAT after Saudi Arabia, the UAE, and Bahrain Also In This Package UAE: Money ‘rules of thumb’ you always need to know 7 common misconceptions about credit ...