VAT Ruling No. 086-91
VAT Ruling No. 086-91 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Nov 8, 1991
Full text
November 8, 1991 VAT RULING NO. 086-91 Alas and Company Certified Public Accountants 2nd Flr. Priscilla Bldg. 2278 Pasong Tamo Ext., Makati, Metro Manila Attention: Mr . Ramir M . Macabuhay Tax Services Group Gentlemen : In reply to your letter dated July 8, 1991, please be informed that travel and tour agencies which render services to foreign tour agencies and paid in foreign currency which are inwardly remitted and duly accounted for in accordance with Central Bank regulations are subject to value-added tax at 0% pursuant to Section 102(a) (2) of the Tax Code. It is not required to apply for zero rating with the VAT Division under Section 8(d) of Revenue Regulation No. 5-87. Accordingly, their transaction prior to the approval of their application under said provision shall be recognized as a zero-rated transaction. cdt Very truly yours, JOSE U. ONG Commissioner of Internal Revenue
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