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(From BusinessWorld (Philippines))
Byline: Felipe F. Salvosa II
Unless they close shop, companies won't likely recover excess input taxes used to reduce value-added tax (VAT) liabilities because of a 70% cap imposed by the new VAT law, Republic Act 9337, putting businesses on the losing end, a top accounting firm said.
As it is, it's hard to get a tax refund from the Bureau of Internal Revenue (BIR).
And even if businesses get a refund after some time, the value of money will have been diminished, so a "full or substantial recovery may lie more in the realm of fantasy than reality," said Roselle Yu, manager of tax services at Isla Lipana & …