RMC No. 30-2006: Prescribes the submission of a narrative memorandum report to accompany the VAT Credit Evaluation Report and requires the attachment of certain documents prior to approval of the Tax Credit Certificate

Summary

RMC No. 30-2006 requires a narrative memorandum report with each VAT Credit Evaluation Report, and sets the documents that must accompany a Tax Credit Certificate before it is approved.

Key points

1. Narrative Memorandum Report. Every VAT Credit Evaluation Report sent to the Assessment Service for review and approval must come with this report.
2. Required statements. The report must state that VAT input tax sources were verified against original VAT invoices or official receipts issued under Section 113 in relation to Sec. 110 of the Tax Code. It must also state that the original purchase invoices or official receipts were or will be cancelled, with the word Cancelled stamped on their face.
3. Who signs. The TRG evaluators or Revenue Officers, the Group Supervisor and the Head-TRG sign the report. The Executive Director of DOF-OSS notes it.
4. Attachments to the TCC. A TCC sent for the signature of the ACIR-AS must carry four attachments: the VAT Credit Evaluation Report, the Authority to Issue VAT Credit, the Endorsement Letter, and the reviewer’s Memorandum Report recommending the TCC, approved by the ACIR-AS.

Who is affected

• TRG evaluators and Revenue Officers
• Group Supervisor and Head-TRG
• Executive Director of DOF-OSS

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