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Zero Percent VAT on Export Sales

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Questions and Answers

What is considered as export sales?

Sale of goods to a non-VATregistered person

Sale of goods from one region to another within the Philippines

Sale and shipment of goods from the Philippines to a foreign country (correct)

Sale of goods to a local government agency

What is required to be paid in export sales?

Only Euro

Acceptable foreign currency or its equivalent in goods or services (correct)

Only Philippine Peso

Only US Dollar

What is accounted for in accordance with the rules and regulations of Bangko Sentral ng Pilipinas (BSP)?

Export sales (correct)

Registered enterprises within a separate customs territory

Local sales

Import sales

Who declares the tourism enterprise zones?

Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Signup and view all the answers

What is the Republic Act that provides provisions for tourism enterprise zones?

Republic Act No. 9593 Signup and view all the answers

What sales are subject to a 12% value-added tax and no longer considered export sales subject to 0% VAT rate after certain conditions are met?

Sales that exceed seventy percent (70%) of total annual production by an export-oriented enterprise Signup and view all the answers

What is required for sales to nonresident buyers for delivery to local export-oriented enterprises to be exempt from the 12% value-added tax?

Successful establishment of an enhanced VAT refund system that grants refunds of creditable input tax within 90 days Signup and view all the answers

What must happen for subparagraphs (3), (4), and (5) to no longer be considered export sales subject to 0% VAT rate?

All applications filed from January 1, 2018 must be processed and decided within 90 days Signup and view all the answers

What is automatically appropriated annually and treated as a special account for the purpose of funding claims for VAT refund?

An amount equivalent to 5% of the total VAT collection Signup and view all the answers

Which entity is required to establish a VAT refund center for handling the processing and granting of cash refunds of creditable input tax?

BIR and BOC Signup and view all the answers

Which sales are effectively subjected to a zero rate in accordance with special laws or international agreements?

Sales to entities exempt under special laws or international agreements Signup and view all the answers