RMC No.
21-2012 dated May 3, 2012 Monetization Program of Outstanding VAT TCC
► VAT TCC Monetization Program is adopted in
order to give qualified VAT-
registered taxpayers the cash equivalent of their outstanding TCCs under the
following options:
a. Collect in advance from a trustee bank a discounted cash value of their
registered taxpayers the cash equivalent of their outstanding TCCs under the
following options:
a. Collect in advance from a trustee bank a discounted cash value of their
TCCs; or b Collect the full cash value of the TCCs upon
a certain maturity date, to be determined by the Bureau of Internal Revenue
(BIR) or the Bureau of Customs (BOC), as the case may be, pursuant to the
implementing rules and regulations that will be issued to implement Executive
Order No. 68.
► The VAT TCC monetization program will be
spread over a five-year period
from 2012-2016.
from 2012-2016.
►
The DBM, DOF, BIR and BOC shall jointly issue
the IRRs on the VAT TCC monetization program.
► Beginning
2012, BIR and BOC shall no longer issue TCCs for VAT refund, unless applied for
by the VAT taxpayer
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