SyCipLaw's Tax Department has prepared a double edition of its Tax Issues and Practical Solutions (T.I.P.S.) for May-June.

The May-June 2024 issue covers the following tax issues:

1. Under the current VAT regulations, is input tax required to be directly attributable (or a factor in the production chain) to zero-rated sales, i.e., to come from purchases of goods and services that form part of the finished product of the zero-rated taxpayer in order to be creditable or refundable?

2. In a claim for refund of erroneously paid output VAT, what is the reckoning date for purposes of the two-year prescriptive period in case the VAT return was amended?

3. What are the requisites for VAT zero-rating of services rendered to persons engaged in international shipping or air transport operations under Section 108 (B) (4) of the Tax Code?

4. May the BIR issue a Letter of Authority covering more than one taxable period?

5. May the Court of Tax Appeals review the Commissioner of Internal Revenue's denial of a taxpayer's offer of compromise?

6. Are taxpayers engaged in the sale of services required to be on an accrual basis and must now issue invoices instead of official receipts?

7. What other changes were made by RR 3-2024 to the VAT regulations to implement the amendments introduced by the EOPT Act?

8. May a taxpayer file his or her income tax return online?

9. Does the EOPT Act modify the procedure for claiming tax credits or tax refunds?

10. What are the new registration procedures and VAT invoicing requirements under the EOPT Act?

11. How would the BIR classify a recently registered taxpayer?

12. What are the benefits of being a Micro or Small Taxpayer under the EOPT Act?

Please read the full texthereor via thislink.