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Law
Approved November 21, 2006

Republic Act No. 9361

An act amending section 110 (b) of the national internal revenue code of 1997, as amended, and for other purposes

AN ACT AMENDING SECTION 110 (B) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES

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In plain language

This Republic Act amends Section 110(b) of the National Internal Revenue Code to clarify the handling of excess output or input tax, establishes implementing rules, repeals inconsistent laws, and specifies its effectivity.

  • Amendment to Section 110(b) of the NIRC
  • Establishment of implementing rules and regulations
  • Repeal of inconsistent laws
  • Specified effectivity period
Tax Law
Revenue Code
VAT
Amendment

Thirteenth Congress Third Regular Session

Begun and held in Metro Manila, on Monday, the twenty-fourth day of July, two thousand six.

REPUBLIC ACT No. 9361 November 21, 2006

AN ACT AMENDING SECTION 110 (B) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section 110 (B) of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

(B)Excess Output or Input Tax - If at the end of any taxable quarter the output tax exceeds the input tax, the excess shall be paid by the VAT-registered person.

If the input tax exceeds the output tax, the excess shall be carried over to the succeeding quarter or quarters: Provided, however, that any input tax attributable to zero-rated sales by a VAT-registered person may at his option be refunded or credited against other internal revenue taxes, subject to the provisions of Section 112." SEC. 2. Implementing Rules and Regulations. - The Secretary of Finance shall, upon the recommendation of the Commissioner of Internal Revenue, promulgate the necessary rules and regulations for the effective implementation of this Act.

Section 3. Repealing Clause

All laws, decrees, executive orders, rules and regulations or parts thereof of which are contrary to or inconsistent with this Act are hereby repealed, amended or modified accordingly.

Section 4. Effectivity

This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in any two newspapers of general circulation, whichever comes earlier.

Approved,

MANNY VILLAR

President of the Senate

JOSE DE VENECIA, JR.

Speaker of the House of Representatives

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.