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One of the most overlooked assets on a company's balance sheet is an unutilized Value Added Tax (VAT) input balance. For export-oriented businesses and other taxpayers entitled to VAT refunds, these amounts can represent significant cash recovery opportunities.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 71-2026, clarifying the extended validity of Certificates of Compliance (COC) for cooperatives applying for a Certificate of Tax Exemption (CTE) in line with the extension granted by the Cooperative Development Authority (CDA) under Memorandum Circular No. 2026-07, Series of 2026.
The BIR’s move toward digital taxation is not merely changing how transactions are reported. It is placing greater visibility on how both businesses and regulators capture, process, and manage information.
Internal audit is no longer limited to providing assurance on past activities. It has evolved into a trusted advisor that helps organisations navigate uncertainty and respond proactively to emerging risks.
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