- The EMB will release new procedures for exporters seeking VAT exemption and zero rating by March.
- The EMB conducted a public consultation following the signing of the CREATE MORE Act.
- Export-oriented enterprises must be VAT-registered with the BIR.
- Export sales must reach 70 percent of total sales in the preceding taxable year.
- Goods or services must be directly attributable to the export activity.
- Digital services consumed by export-oriented enterprises are VAT zero-rated.
- Suppliers must issue a VAT invoice with “VAT zero-rated” stamped.
- Export-oriented enterprises can avail of VAT-zero rating on local purchases and VAT-exempt importation based on an EMB certificate.
- BIR conducts post-audit investigations to ensure goods and services are directly attributable to the export activity.
Source: business.inquirer.net
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.
