The Bureau of Internal Revenue (BIR) said economic zone (ecozone) developers and operators are eligible for value-added tax (VAT) zero rating subject to a number of eligibility conditions.
In a memorandum circular, the BIR said that the developers and operators of economic zones and industrial parks and buildings housing export enterprises qualify for VAT zero-rating if they pass the 70% threshold for leasable or saleable area dedicated to exporters.
Source: www.bworldonline.com
Latest Posts in "Philippines"
- Philippines Extends Deadline for Mandatory Structured E-Invoicing to December 31, 2026
- Navigating Output VAT Credit Under the EOPT Act: Key Rules and Remedies for Taxpayers
- Philippine Court Denies VAT Refund for Prescription Drugs Due to Insufficient Proof of Non-Claim
- DOF Denies VAT Hike Rumors, Urges Officials to Stop Spreading Fake News
- DOF Denies VAT Hike, Urges Responsible Reporting Amid Revenue Collection Updates and Reforms
