By Ben O. de Vera, 30 Jul 2021
The Bureau of Internal Revenue (BIR) has suspended the implementation of a regulation that slapped a 12-percent value-added tax (VAT) on some previously zero-rated transactions of exporters.
Revenue Regulations No. 15-2021, dated July 21 but signed by Finance Secretary Carlos Dominguez III and Internal Revenue Commissioner Caesar Dulay on July 27, deferred the implementation of RR 9-2021 issued last month “until the issuance of an amendatory revenue regulations.”
RR 15-2021 was released to stakeholders on Wednesday, a Department of Finance (DOF) official said.
RR 9-2021 charged exporters operating in economic zones with VAT for their local purchases, prompting them to seek a repeal of the regulation.
The earlier Tax Reform for Acceleration and Inclusion Act implemented in 2018 was the basis of RR 9-2021.
But the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act signed by President Duterte in March exempted exporters from this levy.
The DOF had said that the forthcoming regulations to amend RR 9-2021 will cover sales to exporters in the third quarter of taxable year 2021.
Since VAT returns were quarterly, the provisions of CREATE law will cover returns starting the quarter beginning July. INQ
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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