The BIR announced that Commissioner Romeo D. Lumagui Jr. decided to amend certain provisions of existing revenue issuances pertaining to value-added tax (VAT) zero-rated transactions by issuing Revenue Regulations 3-2023. Know more:
THE Bureau of Internal Revenue announced that Commissioner Romeo D. Lumagui Jr. decided to amend certain provisions of existing revenue issuances pertaining to value-added tax zero-rated transactions by issuing Revenue Regulations 3-2023. The same was signed by Department of Finance Secretary Benjamin E. Diokno, a statement by the BIR read.
“With the issuance of this regulation, the BIR is optimistic that it will help the economy by attracting more investors who are willing to engage in business in the Philippines, adding to the list of our partners in nation building,” Lumagui was quoted in the statement as saying. As mentioned in the said regulations, local purchases of goods and local services such as janitorial, security, financial, consultancy, marketing and promotionand services rendered for administrative operations such as Human Resources , legal and accounting shall not be considered as “directly and exclusively used” in the registered project or activity of a registered export enterprise.
“We are a fair agency. We honor VAT incentives. We run relentlessly against taxpayers involved in illicit activities such as those involved in ghost receipts [and/or] fake VAT transactions,” the BIR Commissioner said. A separate revenue issuance will be issued by the BIR particularly in the audit procedures that will be conducted by its revenue officers, the BIR statement read.
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