Description
When the 2024 Edition of the 1997 National Internal Revenue Code as amended (NIRC/Tax Code) was published, the amendatory law incorporated therein was Republic Act (RA) No. 11976 or the Ease of Paying Taxes Act. Eight (8) months following said release, 3 major amendatory tax laws were passed introducing major changes to the income tax and value-added tax (VAT) titles of the Code. These RAs are as follows: RA No. 12023 which imposes value added tax (VAT) on digital services effective October 18, 2024; RA No. 12066 or the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises – Maximize Opportunities for Reinvigorating the Economy) Act effective November 28, 2024; and RA No. 12079 which grants VAT refund to the local purchases worth at least P3,000.00 made by nonresident tourists in the Philippines and taken out of the country within 60 days from purchase, effective December 24, 2024.
