Guidelines on the Issuance of Tentative Tax Credit Certificate for Value-Added tax VAT, the Nature of which is Tentative Pending the Final determination of the Creditable or Refundable Amount to which the Claimant is Entitled under a Letter of Authority Pursuant to RAMO 191

August 14, 1991REVENUE AUDIT MEMORANDUM ORDER NO. 3-91SUBJECT:Guidelines on the Issuance of Tentative Tax Credit Certificate for Value-Added tax VAT, the Nature of which is Tentative Pending the Final determination of the Creditable or Refundable Amount to which the Claimant is Entitled under a Letter of Authority Pursuant to RAMO 191 I. SCOPE This Order prescribes the guidelines on the issuance of tentative tax credit certificate for value-added tax (VAT), the nature of which is tentative pending the final determination of the creditable or refundable amount to which the claimant is entitled under a letter of authority pursuant to RAMO 1-91. II. ADMINISTRATIVE REQUIREMENTS 1. MINIMUM qualifications a) The tentative tax credit certificate is only available to a claimant whose transactions are zero-rated or effectively zero-rated and the amount of which constitutes at least 70% of total annual sales. Example 1 ABC Company has a total sales for the period of P2,000,000.00, the breakdown of which as shown in the books of accounts, VAT returns and others accounting records consist of the following: Zero-rated/effectively zero-rated...