Tax Updates May-June 2024 (SyCipLaw Tax Issues And Practical Solutions (T.I.P.S.) Double Edition Vol. 32)

SyCipLaw's Tax Department has prepared a double edition of its Tax Issues and Practical Solutions (T.I.P.S.) for May-June.

The May-June 2024 issue covers the following tax issues:

1. Under the current VAT regulations, is input tax required to be directly attributable (or a factor in the production chain) to zero-rated sales, i.e., to come from purchases of goods and services that form part of the finished product of the zero-rated taxpayer in order to be creditable or refundable?

2. In a claim for refund of erroneously paid output VAT, what is the reckoning date for purposes of the two-year prescriptive period in case the VAT return was amended?

3. What are the requisites for VAT zero-rating of services rendered to persons engaged in international shipping or air transport operations under Section 108 (B) (4) of the Tax Code?