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RMC No. 29-2005: Clarifies the provisions of Republic Act No. 9337 (VAT Law of 2005) applicable to the petroleum industry

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Summary

RMC No. 29-2005 clarifies the provisions of Republic Act No. 9337 (VAT Law of 2005) that apply to the petroleum industry.

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Key points

  1. Covered transactions. The clarification covers transactions of oil refineries and importers of refined petroleum products, including intermediate petroleum products. It also covers their dealers, customers and local suppliers.
  2. VAT status. These transactions are already subject to Value-Added Tax (VAT) effective July 1, 2005.

Who is affected

  • Oil refineries
  • Importers of refined petroleum products, including intermediate petroleum products
  • Their dealers, customers and local suppliers

Deadlines and effectivity

  • VAT applies effective July 1, 2005

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances (1)

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CitesRR No. 14-2005

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.