Tax Alert No. 29 [Revenue Memorandum Circular (RMC) No. 65-2024 dated 14 June 2024]

Clarifies certain issues relative to the implementation of Section 19 of RA No. 11976 (Ease of Paying Taxes Act), which added Section 110(D) of the National Internal Revenue Code of 1997, as amended (Tax Code), that introduced the Output VAT Credit on uncollected receivables.

Please be informed that RMC No. 65-2024 has been issued to clarify issues and set guidelines for the effective implementation of Section 110(D) of the Tax Code, as introduced in Republic Act (RA) No. 11976, also known as “Ease of Paying Taxes Act”, which provides Output VAT Credit on Uncollected Receivables.

The Q&As relative to this Circular may be accessed through this link.

You may access the full version of this Regulation through the BIR website.

For any inquiry or request for assistance, please feel free to contact anyone from our Tax Services group. You may also reach us through this link.