Processing VAT Bonds

Tags: VAT, VAT Bonds

In keeping with the Ministry of Finance’s directive to facilitate the payment of Value Added Tax (VAT) Refunds via ‘VAT Bonds’, the Board of Inland Revenue (BIR) wishes to advise persons registered  for VAT, of the following:

  • The ‘VAT Bonds’ facility is available only to persons registered for VAT (VAT Registrants), who have requested a refund of VAT for specified VAT periods.
  • VAT Registrants must submit applications to the Chairman, BIR to access the ‘VAT Bonds’ facility
  • ‘Application for VAT Bonds’ forms are available online
  • Before downloading the form, applicants must have in-hand the following:
    • VAT Account No.
    • BIR File No.
    • Letter ID No. (This number can be obtained from any letter issued by the IRD over the last (12) months)
    • VAT period/s for which the bond payment is to be made
    • Bank’s name & bank account No. (This is a Central Bank requirement to facilitate the deposit of interest payments)
  • Application forms must be completed and signed by authorised persons only
  • Completed applications must be scanned and e-mailed to
  • Applications will be reviewed and processed on a ‘first come-first served’ basis
  • Applications will be processed and ‘VAT Bonds’ issued to approved applicants, within (1) month of receipt (Please note that the value of the bonds will be rounded down to the nearest thousand dollar and any remaining balance will be issued via cheques. Additionally, a single bond will be issued for each VAT period approved for refund)
  • The usual criteria will apply in processing requests for VAT Refunds. These may include, but are not limited to the following:
    • The filing of VAT Returns must be up-to-date
    • Liabilities must be cleared for all tax types (Please note that where a liability is outstanding, it will be deducted before issuance of the Bond)
    • Applications must relate to VAT Filing Periods prior to 2023
  • Applicants will be contacted by telephone and notified of the availability of the ‘VAT Bonds’ and the date for collection, as well as, the status of unprocessed applications
  • ‘VAT Bonds’ will be delivered to applicants on scheduled date, upon presentation of the ID indicated on their application forms or on issuance of a letter indicating the name and ID of the person authorised to collect the Bond and the applicant’s ID, as stated on the application form

Application Form