Summary
RMC No. 63-2010 implements in full Section 108 of the National Internal Revenue Code (NIRC), which imposes Value-Added Tax (VAT) on Tollway Operators.
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Key points
- VAT on toll receipts. VAT applies to the Gross Receipts of Tollway Operators from all types of vehicles starting August 16, 2010.
- Abatement for prior assessments. Tollway Operators assessed for VAT on toll fees for prior periods can apply for abatement of the tax liability, surcharge and interest under Section 204 of the NIRC and Revenue Regulations No. 13-2001.
- Input VAT reset. The accumulated Input VAT account of Toll Companies has a zero balance on August 16, 2010. Input VAT recorded afterwards must relate to purchases of goods and services delivered or rendered and invoiced or receipted on or after that date.
- Invoice format. All Tollway Operators must follow the invoice and receipt format prescribed in Revenue Memorandum Circular No. 40-2005.
Who is affected
- Tollway Operators
- Toll Companies
Deadlines and effectivity
- VAT on toll receipts starts: August 16, 2010
- Input VAT account zero balance: August 16, 2010
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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.