The chairman of the House Committee on Ways and Means vowed to resolve value-added tax (VAT) issues among indirect exporters through a resolution and amendments to the National Internal Revenue Code.
THE chairman of the House Committee on Ways and Means vowed to resolve value-added tax issues among indirect exporters through a resolution and amendments to the National Internal Revenue Code.
The implementing rules and regulations of Republic Act 11534 restricted VAT zero-rating to items directly and exclusively used for exports and to registered exporters. However, Salceda pointed out that “the law did not make the latter distinction.” “And of course, if they are unable to refund their costs, our export prices go up, costing us our competitiveness. This is why for two years now the Committee has sought relief from the FIRB [Fiscal Incentives Review Board] on this matter,” he added.WITH this, Salceda said that the committee will file a resolution expressing the legislative intent of the Create Law , as well as a bill clarifying ambiguities in both RA 11534 and RA 10963 for indirect exporters and local suppliers.
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