August 14, 1991
REVENUE AUDIT MEMORANDUM ORDER NO. 3-91
| SUBJECT | : | 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...
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Mobile No. +639451244898 |
