Tuesday, February 07, 2012
Other Areas
HR Matters
VAT Exemption of Services by Agricultural Contract Growers
Thursday, January 06, 2011
Filed Under: Tax Updates
Revenue Memorandum Circular No. 97-2010 issued on December 21, 2010 clarifies the VAT exemption of services by agricultural contract growers.
Toll processing/toll dressing/toll manufacturing services performed independently from growing poultry, livestock or other agricultural and marine food products is subject to VAT pursuant to Section 108 of the National Internal Revenue Code.
Toll processing services confirmed as VAT exempt pertain only to services to clients from which growing of animals were contracted. If done independently, the same can be considered as VATable.
Thursday, January 06, 2011
Filed Under: Tax Updates
Revenue Memorandum Circular No. 97-2010 issued on December 21, 2010 clarifies the VAT exemption of services by agricultural contract growers.
Toll processing/toll dressing/toll manufacturing services performed independently from growing poultry, livestock or other agricultural and marine food products is subject to VAT pursuant to Section 108 of the National Internal Revenue Code.
Toll processing services confirmed as VAT exempt pertain only to services to clients from which growing of animals were contracted. If done independently, the same can be considered as VATable.