Tax Notes
Clarification on risk-based approach in processing VAT refund claims
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 115-2024 to clarify issues regarding risk-based approach verification and processing of VAT refund claims, pursuant to Section 112(A) of the Tax Code, as amended and as implemented by Revenue Regulations (RR) No. 05-2024, and Revenue Memorandum Order (RMO) No. 23-2024, as amended by RMO No. 42-2024.