Showing posts with label filing of tax credit/refund. Show all posts
Showing posts with label filing of tax credit/refund. Show all posts

Friday, January 20, 2017

Regulations Governing Applications for Value-Added Tax (VAT) Credit/Refund

Revenue Regulations (RR) No. 1-2017 has issued by the bureau recently Prescribing the Regulations Governing Application for Value-Added Tax (VAT) Credit/Refund Filed Under Section 112 of the Tax Code, as Amended, Prior to Revenue Memorandum Circular No. 54-2014 dated June 11, 2014.
 
It is stated in regulations that on August 27, 2003, Revenue Memorandum Circular (RMC) No. 49-2003 dated August 15, 2003, was issued to allow taxpayers to file the complete documents to enable the Commissioner of Internal Revenue to properly process the administrative claims for tax credit or tax refund. It provided that upon filing of his application for tax credit/refund, the taxpayer-claimant is given thirty (30) days within which to complete the required documents unless given further extension by the head of the processing unit but such extension shall not exceed thirty (30) days. The claim shall be officially received only upon submission of complete documents. It is only upon such submission that the 120-day period would begin to run. In this sense, it is the taxpayer "who ultimately determines when complete documents have been submitted for the purpose of commencing and continuing the running of the 120-day period."
 
It is also stated in the regulations the Processing of Administrative Claims.