Three of the largest export trade associations in the country are urging the government to make good on its promise to resolve the issues concerning their zero VAT rating incentive. | AldenMonzonINQ /PDI
The three trade associations said they believed that failing to address the matter might have a crippling consequence on the parts localization initiatives of exporters.
To recall, the private sector had noted that the Corporate Recovery and Tax Incentives for Enterprises Act -which took effect in 2021- limited the application of the tax perk given to registered firms, restricting it to local purchases of goods that are exclusively and directly used in the registered project or activity of the registered firm.
The qualifier from the CREATE Act meant that registered firms which plan to avail themselves of the VAT zero rating perk must be able to provide paperwork to prove that they satisfy the conditions, adding uncertainty as well as an added level of bureaucracy and compliance.
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