Revocation of BIR Ruling on VAT in Mergers

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BIR REVENUE MEMORANDUM CIRCULAR NO. 19-99: Revocation of BIR Ruling on VAT in Mergers

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Title Source: Supreme Court: Revocation of BIR Ruling on VAT in Mergers

Law: Bir Revenue Memorandum Circular No. 19-99

Decision Date: Feb 25, 1999

BIR Revenue Memorandum Circular No. 19-99 establishes that for VAT purposes, the transfer of merchandise inventories during corporate mergers is considered a "deemed sale," requiring the absorbed corporations to pay VAT on their inventory, while disallowing the transfer of unused input taxes to the surviving corporation.

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