Jan 152017
(Second of three parts)In the first part of this series, we discussed the difference in the procedures for processing refund claims for unutilized input Value-Added Tax (VAT) on account of zero- or effectively zero-rated sales prior to and after the issuance of Revenue Memorandum Circular (RMC) 54-2014; given the Bureau of Internal Revenue’s (BIR) mandate to increase tax collection, it needs every peso it can collect from, and not refund to, taxpayers; and the maintenance of the status quo under the current administration insofar as the application of the circular.