The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 47-2019 which prescribes the revised documentary requirements for the processing and granting of VAT refund claims.
BIR aims to “provide world-class frontline services to the taxpayers” by requiring all Revenue District Offices (RDOs) to introduce a feedback system which can measure customer satisfaction based on the services rendered by RDO personnel.
ADB’s 2019 Asian Development Outlook (ADO) shows that the Philippines’ gross domestic product (GDP) is expected to grow at 6.4% in 2019 and 2020 from last year’s 6.2%.
The latest quarterly Business Expectations Survey (BES) and Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas (BSP) indicate a positive outlook for the first quarter of the Philippines’ economic status.