Tax Notes
BIR prior approval on VAT zero-rating of qualified purchases of Registered Export Enterprises (REEs) no longer required
The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 3-2023 to inform all concerned on the amendments on the VAT rules applicable to Registered Export Enterprises (REEs) pursuant to Revenue Regulations (RR) No. 16-2005 as amended by RR No. 21-2021, implementing Sections 294(E) and 295(D), Title XIII of the Tax Code as amended by Republic Act No. 11534, also known as the CREATE Act and its Implementing Rules and Regulations.