RMC No. 05-2013: Publishes the full text of Joint Circular No. 5-2012 entitled “Joint Guidelines Implementing the Special Provision of the General Appropriations Act on VAT Refunds on Importation”

Summary

RMC No. 05-2013 publishes the full text of Joint Circular No. 5-2012 of the DOF, DBM and BOC on guidelines for VAT refunds on importation under the General Appropriations Act.

Key points

1. Claims covered. The guidelines cover claims for refund of input VAT on importations attributable to zero-rated transactions under Section 112 of the NIRC of 1997 (R.A. No. 8424), as amended. Only claims filed or lodged after the Joint Circular takes effect are covered.
2. Agency roles. The Joint Circular sets out the responsibilities of the DBM, DOF and BOC in processing these claims.
3. Refund procedures. The procedures for refund are governed by rules and regulations to be issued by the BOC.
4. Option to apply for refund. Applicants whose tax credit certificates have not yet been issued when the Joint Circular takes effect, after choosing that form, may apply for refund instead.

Who is affected

• Claimants of input VAT refund on importations attributable to zero-rated transactions

Deadlines and effectivity

• Covers claims filed after the Joint Circular takes effect

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