Printer Friendly

BIR speeds up release of VAT refund claims.

By Jun Ramirez

The Bureau of Internal Revenue (BIR) has come out with a revised guideline for the speedy processing and grant of value-added tax (VAT) refund claims.

BIR Commissioner Caesar R. Dulay said the claims will be released within 90 days upon submission of complete documents, such as official receipts and sales invoices as required under Section 112 of the Tax Code.

The BIR chief said the VAT refund or credit claims of direct exporters shall be filed with the VAT credit audit division in the national office.

For taxpayers engaged in VAT zero-rate sales and those with cancelled VAT registration, applications must be submitted to the revenue district office (RDO), or the audit division of the large taxpayers service (LTS) having jurisdiction over the claimant.

The applicant must settle all outstanding tax liabilities before filing such claims.

The bureau came out with Revenue Memorandum Circular 47-2019 to facilitate the return of excess payments following complaints from business taxpayers about delays.

"The circular is issued to provide a uniform guidelines and prescribed mandatory requirements in the processing and grant of VAT refund claims," Dulay said.

Many VAT taxpayers including multinationals and inter-related companies have criticized the agency for the unnecessary delay in the release of their claims, saying that while it was quick in demanding tax payments it was slow in granting refunds.

CAPTION(S):

BIR (MANILA BULLETIN FILE PHOTO)

COPYRIGHT 2019 Manila Bulletin Publishing Corp.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:National
Publication:Manila Bulletin
Date:Apr 22, 2019
Words:231
Previous Article:Napoles refuses to enter plea in Malampaya charges; Andaya arraignment moved.
Next Article:PNP to push for inclusion of swimming in school curricula after recording 45 deaths due to drowning.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters