Palace unveils P9.3-B business cash transfer 04/01/2012

EO TO ‘MONETIZE’ VAT TAX CREDITS

Palace unveils P9.3-B business cash transfer

04/01/2012
More cash transfers, which are prone to politicial influence, were unveiled by President Aquino yesterday through Executive Order 68 that will monetize tax credit certificates (TCCs) worth P9.3 billion until 2016 on so-called input value added tax (VAT) given to businesses.

EO 68 was released yesterday but it was signed last March 27 based on a copy of the order.

According to the EO, the monetization program provides two options for VAT-registered taxpayers in getting the cash equivalent of their TCCs including the collection in advance from a trustee bank a discounted cash value of the TCCs and reimbursement of the full cash value of TCCs upon a “certain maturity date” to be determined by the Bureau of Internal Revenue (BIR) or the Bureau of Customs (BoC) pursuant to the implementing rules and regulations that will be issued to implement the EO..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20120401hea1.html