- The government aims to attract more investors by simplifying processes and making the Philippines more investment-friendly.
- Recent tax laws are adapting to the digital world to enhance convenience and simplicity.
- A key focus is on improving the VAT refund process for taxpayers and investors.
- Republic Act 12066, known as the CREATE MORE Act, was signed into law to facilitate this.
- The CREATE MORE Act amends Section 112 of the National Internal Revenue Code for VAT refunds.
- Revenue Regulation 10-2025 and Revenue Memorandum Circular 30-2025 were issued to implement these changes.
- RA 12079 was enacted to create a VAT refund mechanism for non-resident tourists.
- Three types of VAT refunds are covered:
- Refund of input VAT related to zero-rated sales.
- Refund of input VAT from cancellation of VAT registration or business cessation.
- VAT refund on locally purchased goods by non-resident tourists.
Source: grantthornton.com.ph
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.
