VAT Ruling No. 069-91

July 5, 1991 VAT RULING NO. 069-91 Unno Commercial Enterprises # 605 Downtown Center Bldg. Binondo, Manila Attention: Ronaldo R . Cruz Accountant S i r : This refers to your letter dated October 26, 1990 requesting for confirmation as to the tax liability of a VAT registered enterprise on its indent service income paid in acceptable foreign currency and inwardly remitted to the Philippines through Central Bank. In reply, please be informed that pursuant to paragraph 2 of Section 102 of the Tax Code, as amended, to wit: "Services other than those mentioned in the preceding sub-paragraph, the consideration for which is paid for in acceptable foreign currency which is remitted inwardly to the Philippines and accounted for in accordance with the rules and regulations of the Central Bank of the Philippines shall be subject to zero-rated VAT." your indent service income which is paid for in acceptable foreign currency and inwardly remitted in accordance with the rules and regulations of the Central Bank qualifies for zero-rate VAT. This finds support in VAT Ruling No. 212-90. LexLib Very truly yours, JOSE U. ONG Commissioner of Internal Revenue