Export, services sale slapped with 12% VAT

By Mayvelin U. Caraballo

Jun 14, 2021 12:30 am

The Bureau of Internal Revenue (BIR) has implemented a 12-percent value-added tax on transactions that were previously taxed at zero percent.

Last June 9, Finance Secretary Carlos Dominguez 3rd signed Revenue Regulation 9-2021, which was issued on June 11 to implement the imposition of a 12-percent VAT on transactions covered by various sections of the Tax Code as amended by Republic Act 10963, or the 'Tax Reform for Acceleration and Inclusion Act.'

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