- Republic Act No. 11976 aims to simplify tax compliance procedures and reduce administrative burdens on taxpayers
- EoPT Act introduced a risk-based classification approach for VAT refund process
- Taxpayers in the Philippines must manually file for tax credit/refund within two years from the close of the taxable quarter
- Taxpayers face difficulties during filing due to scrutiny by BIR offices
- Other APAC countries have different timelines for deciding on refund cases
- China takes 5 to 20 working days, Vietnam takes 40 days for first-time filers
- Singapore, Vietnam, India, Thailand, and Indonesia compensate taxpayers with interest in case of delay in deciding on refund case
Source: bworldonline.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.
