January 11, 1991
REVENUE AUDIT MEMORANDUM ORDER NO. 1-91
| SUBJECT | : | Audit of Claims for Refund of Tax Credit of Value-added Tax Arising from Zero-rated Transaction, as well as Purchase or Importation of Capital Goods |
I. SCOPE:
This order shall govern the audit of claims for refund or tax credit of value-added tax arising from zero-rated transactions, as well as purchase or importation of capital goods. cdt
II. ADMINISTRATIVE POLICIES:
1. That every audit of claim for refund or tax credit shall be covered by a Letter of Authority (LA).
2. That any outstanding delinquent account shall first be settled by the claimant before the refund/tax credit certificate (TCC) shall be issued either by agreeing to the issuance of a separate TCC that may be used only to pay the said account or by paying in cash. Under the former, the fact that it shall be used only for the payment of the delinquent account shall be indicated on the face of the TCC. Refund or TCC shall then be issued for the excess of the approved claim...
