Philippines Tax Agency Posts Revenue Regulation on Amendments of Specific VAT, Percentage Tax Provisions

The Philippine Bureau of Internal Revenue April 11 posted online Revenue Regulation No. 3/2024, implementing amendments of specific VAT and percentage tax provisions. The regulation includes measures: 1) defining key terms; 2) implementing the 12 percent VAT rate for sales or exchanges of services, as well as the use or lease of properties; 3) clarifying that the VAT-exempt threshold shall be adjusted every three years based on the applicable Consumer Price Index (CPI); 4) exempting the 12 percent VAT, for taxpayers subject to the 8 percent tax on gross sales and other non-operating income; 5) specifying allowable deductions from the ...