22 January 2018 Philippine Tax Authority releases draft regulations on recent VAT amendments The Philippine Bureau of Internal Revenue recently released draft regulations implementing the recent amendments to the Tax Code on Value Added Tax (VAT) under the Tax Reform for Acceleration and Inclusion (TRAIN) Law. The draft regulations amend Revenue Regulations No. 16-2005 and provides implementing rules on transactions subject to "VAT 0%" and those that are exempt from VAT. Document ID: 2018-0150 |