ECs and RES provided that the same is also accompanied by the appropriate withholding tax certificate under BIR Form 2307. Being service entities, there is a possibility of deferred VAT for sales ...

MANILA, Philippines – The Bureau of Internal Revenue (BIR) will closely monitor the tax compliance of online marketplaces and online sellers during the holiday season, Commissioner Romeo Lumagui Jr.

Provided, beginning Jan. 1, 2021, the VAT withholding system shall shift from final to creditable. Such 5% VAT withheld by the government can be claimed by the construction firms as tax credits if ...