VAT Ruling No. 090-92
VAT Ruling No. 090-92 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Jul 15, 1992
Full text
July 15, 1992 VAT RULING NO. 090-92 NIRC Sec. 102 (a) (2) Precedent Ruling 030-92 Selma Shipping Philippines, Inc. 5th Floor, Vernida Building Alfaro Street, Salcedo Village Makati, Metro Manila Attention: Mr. Gerardo A. Plamenco Managing Director Gentlemen : This has reference to your letter dated June 5, 1992 requesting for a ruling on whether or not the payment you receive as a shipping agent of foreign owned and operated vessels shall be subject to the value-added tax (VAT). In reply, please be informed that if the payments you receive as a shipping agent of foreign owned and operated vessels are in acceptable foreign currency inwardly remitted to the Philippines in accordance with Central Bank rules and regulations, said payment shall be subject to 0% or zero rate VAT pursuant to Section 102(a)(2) of the Tax Code. On the other hand, if the payments you receive are in local currency, it shall be subject to the 10% VAT. Please be guided accordingly. Very truly yours, (SGD.) JOSE U. ONG Commissioner of Internal Revenue
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