Bilyonaryo - Business

Simplifying business transactions: BIR’s Lumagui eases VAT refund requirements

June 23, 2023

Bilyonaryo.com

In an effort to promote ease of doing business, the Bureau of Internal Revenues announced significant reductions in the requirements for obtaining VAT refunds.

This move is expected to simplify procedures and expedite the refund process for eligible entities.

The BIR issued two new revenue directives in response to the concerns raised by taxpayer-claimants, who have faced challenges in complying with the previous documentary requirements.

Among the noteworthy changes introduced by these new directives are the significant reduction in the number of documentary requirements, which have been slashed from 30 to a minimum of nine and a maximum of 17.

Additionally, taxpayers claiming VAT refunds will no longer be required to submit soft copies of scanned sales invoices or official receipts as evidence of purchases and sales of goods or services. Instead, the original copies of these documents will suffice.

Furthermore, certain documents that can be easily verified from the records of the BIR, either through existing tax information systems or by accessing records from other BIR offices, will no longer need to be submitted.

As part of the new directives, the number of processing offices will be reduced.

Taxpayers falling under the Large Taxpayers Service will now file their VAT refund claims at the LT VAT Audit Unit.

“Cutting the BIR requirements of VAT refund to half, is a historic step towards Ease of Doing Business. We hope that with this landmark issuance, taxpayers will realize that the BIR is now a service-oriented agency, not merely a goal-oriented one. We will continue to look for ways that will make the Philippines a haven for businesses and investments,” said BIR commissioner Romeo D. Lumagui Jr.

Related News Tags: Bureau of Internal Revenues, business, VAT

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