REVENUE MEMORANDUM CIRCULAR NO. 5-2013 issued on January 18, 2013 publishes the full text of Joint Circular No. 5-2012 issued by the Department of Finance (DOF), Department of Budget and Management (DBM) and Bureau of Customs (BOC) entitled “Joint Guidelines Implementing the Special Provision of the General Appropriations Act on VAT Refunds on Importation”.

     The guidelines shall cover all claims for refund of input Value-Added Tax (VAT) on importations attributable to zero-rated transactions under Section 112 of the National Internal Revenue Code (NIRC) of 1997 or R.A. No. 8424, as amended, which have been filed or lodged after the date of effectivity of the Joint Circular.

     The responsibilities of the DBM, DOF and BOC in the processing of claims for VAT refunds on importation are specified in the Joint Circular. The procedures for the refund of VAT claims shall be governed by relevant rules and regulations to be issued by the BOC.

      Applicants whose tax credit certificates have yet to be issued (after they have signified their preference for the same) at the time of the effectivity of the Joint Circular, will be given the option to apply for refund instead.