Key Takeaways in Revenue Regulation No. 5 series of 2024 | 19 January 2025

These regulations do not cover processing of tax refund/credit claims pursuant to the final and executory judgment by the courts.

Author

Alburo Law
January 19, 2025

Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of R.A. No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act”, these Regulations are hereby promulgated to implement Section 112 (C) of the Tax Code on the risk-based approach in verifying VAT refund claims, Section 112 (D) of the Tax Code on the liabilities in case of disallowance by the Commission on Audit (COA), Section 76 (C) of the Tax Code on the refund of unutilized excess income tax credit in case of dissolution or cessation of business, Section 204 (C) of the Tax Code on the processing of tax refund, and Section 229 of the Tax Code on the policies for judicial claims. 

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