RMC No. 75-2012: Clarifies Section 109(1)(R) of the National Internal Revenue Code of 1997, as amended, on the VAT exemption of the sale, importation, printing or publication of books, newspapers, magazines, reviews or bulletins

Key points

1. Conditions for exemption. A newspaper, magazine, review or bulletin is VAT exempt only if it is printed or published at regular intervals, available for subscription and sale at fixed prices, and not principally devoted to paid advertisements.
2. Printed materials only. The terms book, newspaper, magazine, review and bulletin refer to printed materials in hard copies. They do not include digital or electronic formats, such as e-books, e-journals, electronic copies, online library sources, CDs and software.

Who is affected

• Sellers, importers, printers and publishers of books, newspapers, magazines, reviews or bulletins