“Exports Sales” of Omnibus Investment Code of 1987 are Zero-Rated Sales Under the NIRC

Paragraph (2)(a)(2) of Section 106 of the National Internal Revenue Code (NIRC), as amended by the Tax Reform for Acceleration and Inclusion (TRAIN) Act (TRAIN Law), provides that those considered as "export sales" under Executive Order No. 226, otherwise known as the Omnibus Investment Code of 1987, shall be considered as "export sales" subject to …

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What are “Incidental Transactions” Subject to Value-Added Tax (VAT) Under the National Internal Revenue Code (NIRC) of the Philippines?

The law provides certain transactions that are subject of the Value-Added Tax (VAT) as defined and provided for by the National Internal Revenue Code. Included in these transactions are "incidental" ones, which, although not done in the manner as described by the Code, are still subject of the twelve per centum (12%) VAT. At the …

Continue reading What are “Incidental Transactions” Subject to Value-Added Tax (VAT) Under the National Internal Revenue Code (NIRC) of the Philippines?