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Good Day po! I’m a budget officer po of a foreign assisted project. It is stated on the Exchange of Notes po that “Government of the Republic of the Philippines, by itself or through its executing agency, assume all fiscal levies and taxes imposed in the RoP”.
Need your help and guidance po on how does the implementing agency process for the settlement of taxes imposed by the RoP on the Foreign Assisted Project’s Contractor?
Thank you and Stay Safe!
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U need a counterpart funds from the Philippines where u can charged all taxes/levies imposed on the FAP.
The taxes imposed are directly deductable from billings of contractors and consequently remits the same to the BIR, however, for materials purchased WVAT are also withheld