- Japanese companies threaten to leave the Philippines due to VAT refund issues
- Senate President Zubiri discussed the issue with the executive secretary of Japanese Prime Minister Fumio Kishida
- The previous administration did not refund VAT to Japanese companies exporting goods
- The government owes billions of pesos in VAT refunds to Japanese companies
- The Senate chief committed to tackling amendments to the CREATE Law to address the issue
- VAT refunds will be paid within 90 days, but some cases are still pending in court
- The government’s policy of asking investors to bring their VAT refunds to court is criticized
- The government will pay VAT refunds as long as the documents are complete
- The Court of Tax Appeals and the BIR are urged to act quickly on the cases and refunds
- The House of Representatives is deliberating on a bill to amend the CREATE Law
- The proposed CREATE MORE bill aims to clarify provisions and improve the VAT refund process
- The Department of Finance supports the bill to enhance incentives and address investment climate issues.
Source: gmanetwork.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
