BIR removes system-loss VAT from power bills

THE Bureau of Internal Revenue (BIR) said it removed the value-added tax (VAT) charge on system losses from power bills. The BIR issued Revenue Memorandum Circular (RMC) No. 97-2026 on Monday, identifying the allowable system loss charge as a government-mandated pass-through cost that does not form part of the gross sales of generation companies, the […]