SyCipLaw’s Tax Department has prepared a double edition of its Tax Issues and Practical Solutions (T.I.P.S.) for May-June.
The May-June 2024 issue covers the following tax issues:
- Under the current VAT regulations, is input tax required to be directly attributable (or a factor in the production chain) to zero-rated sales, i.e., to come from purchases of goods and services that form part of the finished product of the zero-rated taxpayer in order to be creditable or refundable?
- In a claim for refund of erroneously paid output VAT, what is the reckoning date for purposes of the two-year prescriptive period in case the VAT return was amended?
- What are the requisites for VAT zero-rating of services rendered to persons engaged in international shipping or air transport operations under Section 108 (B) (4) of the Tax Code?
- May the BIR issue a Letter of Authority covering more than one taxable period?
- May the Court of Tax Appeals review the Commissioner of Internal Revenue’s denial of a taxpayer’s offer of compromise?
- Are taxpayers engaged in the sale of services required to be on an accrual basis and must now issue invoices instead of official receipts?
- What other changes were made by RR 3-2024 to the VAT regulations to implement the amendments introduced by the EOPT Act?
- May a taxpayer file his or her income tax return online?
- Does the EOPT Act modify the procedure for claiming tax credits or tax refunds?
- What are the new registration procedures and VAT invoicing requirements under the EOPT Act?
- How would the BIR classify a recently registered taxpayer?
- What are the benefits of being a Micro or Small Taxpayer under the EOPT Act?
Please read the full text here or via this link.
