Tag: BIR RMC 97-2026
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BIR Scraps 12% VAT on Power System Loss Charges
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In a bid to temper rising utility costs for end-users, the Bureau of Internal Revenue (BIR) has officially scrapped the 12% Value-Added Tax (VAT) imposed on allowable system loss charges collected by electric distribution utilities across the Philippines. Under Revenue Memorandum Circular (RMC) No. 97-2026, the tax authority clarified that…