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Bacolod City, PhilippinesThursday, August 23, 2012
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Regional biz VAT pushed

MANILA – A lawmaker is seeking an amendment to Republic Act 8424, or the National Internal Revenue Code of 1997, to prompt taxpayers to pay their value-added tax in the region where their business branches are located.

Rep. Ferdinand Martin Romualdez (Leyte, 1st District) said this is because those business branches were enjoying the local services of the local government units.

"Thus, it should follow that the VAT should be paid in the location of the business branches for the mutual benefit of LGUs," Romualdez said.

In House Bill 6424, Romualdez sought the amendment of Section 114 (B) of RA 8424 so that "Except as the Commissioner otherwise permits, the return shall be filed with and the VAT paid to an authorized agent bank, Revenue Collection Officer or duly authorized city or municipal Treasurer in the Philippines located within the revenue district where the taxpayer is doing business."

The current law provides the VAT payment and filing of tax returns shall be done within the revenue district where the taxpayer is registered or required to register.

It also provides that in general, every person liable to pay the VAT shall file a quarterly return of the amount of his gross sales or receipts within 25 days following the close of each taxable quarter prescribed for each taxpayer. Furthermore, VAT-registered persons shall pay the VAT on a monthly basis.*PNA


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