Tax Notes
Clarifications on the entitlement of economic zone developers and operators to the Value-Added Tax (VAT) zero-rating on local purchases of goods and services directly and exclusively used in the registered project or activity
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No 53 – 2023 last May 11, 2023, to clarify the entitlement of economic zone developers and operators to the Value-Added Tax (VAT) zero-rating on local purchases of goods and services directly and exclusively used in the registered project or activity.