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Revenue Memorandum Circular

Global Tax Update:January 2015/Philippines

Pursuant to Executive Order (EO) No. 68, series of 2012 which provides the mechanism for the cash conversion of outstanding VAT TCCs, the BIR issued the guidelines on the monetization of VAT tax credit certificates (TCCs).(Global Tax Update:January 2015/Philippines)

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1. Revenue Memorandum Circular
Pursuant to Executive Order (EO) No. 68, series of 2012 which provides the mechanism for the cash conversion of outstanding VAT TCCs, the BIR issued the guidelines on the monetization of VAT tax credit certificates (TCCs).

2. Court of Tax Appeals (CTA) decisions
Under Section 112 (C) of the Tax Code of 1997, as amended, the Commissioner of Internal Revenue (CIR), in proper cases, shall grant a refund or issue the tax credit certificate (TCC) for creditable input taxes within 120 days from the date of submission of complete documents.

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