We wish to inform our member consumer owners that pursuant to RMC 116-2024 issued by the Bureau of Internal Revenue (BIR) on October 18, 2024, the Form 2307 for the 5% creditable VAT withheld by the government customers will now be named only to BENGUET ELECTRIC COOPERATIVE as stated in the following statement of the RMC:
Q4: What is the treatment of the 5% creditable VAT withheld by the government customers?
A4: The amount of 5% creditable VAT withheld by the government customers which was computed based on the total invoiced amount, including pass through charges, shall be claimed as creditable VAT as evidenced by BIR Form No. 2307 in the VAT Returns of the DUs and ECs who issued the invoice of the sale of electricity.
The 5% VAT withholding will be pre-computed and will appear in the billing statement of the government customers. Thus, the 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐚𝐠𝐞𝐧𝐜𝐢𝐞𝐬 𝐰𝐡𝐨 𝐚𝐫𝐞 𝐰𝐢𝐭𝐡𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐕𝐀𝐓 shall submit one set of Form 2307. These changes in the billing statement will start beginning this November 2024 billing cycle.
We will still process Form 2307 for payments for October 2024 billing named to our power supplier, Limay Power Inc. (LPI) 𝐢𝐟 𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐞𝐝 on or before November 30, 2024.
For everyone’s information and guidance.
Thank you.
THE MANAGEMENT
