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Manila Bulletin devider Philippines devider National devider BIR exempts various service transactions from VAT to encourage foreign investors

BIR exempts various service transactions from VAT to encourage foreign investors

Published May 3, 2023 03:46 am
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, Jr. has issued new guidelines amending certain provisions of existing revenue issuances pertaining to value-added tax (VAT) zero-rated transaction. The new regulations state that local purchases of goods and local services, including janitorial, security, financial, consultancy, marketing and promotion, and services rendered for administrative operations such as Human Resources (HR), legal, and accounting, shall not be considered as "directly and exclusively used" in the registered project or activity of a registered export enterprise. The BIR chief hopes that Revenue Regulations No.3-2023, which was approved by Finance Secretary Benjamin Diokno, will attract more investors to engage in business in the Philippines and contribute to the country's economy. Lumagui emphasized that the agency is fair and honors VAT incentives while pursuing those who are engage in illicit activities, such as businesses issuing fake receipts to their customers and other fraudulent VAT transactions. The BIR will issue a separate memorandum specifically for the audit procedures that its revenue officers will conduct.
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