SEC Memorandum Circular No. 9 Series of 2022 2023 Filing of Annual Financial Statements and General Information Sheet To maintain an organized and orderly filing of Annual Financial Statements (AFS) and General Information Sheet (GIS), and to comply with the zero-contact policy and automation of business-related transactions mandated by Republic Act No. 11302, otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”, the Securities and Exchange Commission (SEC), pursuant to its authority under Republic Act No. 11232, otherwise known as “Revise Corporation Code of the Philippines,” and Republic Act No. 8799, otherwise known as [...]
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RR No. 15-2022: Relative to some changes in the rate of Creditable Withholding Tax on certain income paymentssuper_admin2023-01-03T01:50:46+00:00
BIR Issued RR No. 15-2022 amending certain provisions of Revenue Regulations (RR) No. 2-98 as Amended by RR No. 11-2018, which implemented the provisions of Republic Act 10963, otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) Law, Relative to some changes in the rate of Creditable Withholding Tax on Certain Income Payments These regulations are effective from December 3, 2022. Income payments are subject to Creditable Withholding Tax and Rates Prescribed thereon. - Except as herein otherwise provided, there shall be withheld creditable income tax at the rate herein specified for each class of payee from the following items [...]
Revenue Regulations No. 14-2022: Prescribes the rules and regulations relative to the importation, manufacture, sale, packaging, distribution, use, and communication of Vaporized Nicotine and Non-Nicotine Products, and Novel Tobacco Productssuper_admin2023-01-03T01:11:43+00:00
Revenue Regulations No. 14-2022 Prescribes the rules and regulations implementing the provisions of Republic Act (RA) No. 11900, relative to the importation, manufacture, sale of packaging, distribution, use, and communication of Vaporised Nicotine and None-Nicotine Products, and Novel Tobacco Products. There shall be levied, assessed, and collected an Excise tax on Vaporized Nicotine and Non- Nicotine Products at the rate of tax prescribed under RA Nos. 11346 and 11467 as implemented by Revenue Regulations (RR) No. 7-2021, and Novel Tobacco Products under Section 144 (A)(b) of National Interna Revenue Code (NIRC) of 1997, as amended, to wit: Heated Tobacco Products [...]
By: Joelex Cortes, CPA The world has been changing a lot and it is a challenge that poses either a threat or opportunities in the present and future days to come. The business perspective is no exception. Since the financial statements are the product of business operations and business transactions evolve dynamically, then there is a real need for the quality of the assurance represented through the reports attached on these financial statements. Reliance on the assurance reports of the business owners and its third party-users for business decision-making purposes is proof that the confidence level entrusted to CPAs is their [...]
RMC No. 142-2022: Prescribing Guidelines on the Registration with BOI of existing RBEs in IT-BPM sectorsuper_admin2022-11-06T16:19:16+00:00
For the information and guidance of all internal revenue officers, employees, and others concerned, attached is the DTI MC No. 22-19, s. 2022 dated October 18, 2022, prescribing the guidelines on the transfer of RBEs in the IT-BPM sector from their concerned Investment Promotion Agency administering economic or Freeport zone to BOI. This is in view of the Fiscal Incentives Review Board Resolution No. 026-2022 dated September 14, 2022, which allows RBEs in the IT-BPM sector to transfer their registration to BOI to implement up to one hundred percent (100%) work-from-home (WFH) arrangements without their tax incentives being adversely affected.
RMC No. 141-2022: Revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC)super_admin2022-11-04T04:14:13+00:00
BIR Issued Revenue Memorandum Circular (RMC) No. 141-2022 to inform eBIRForms users/filers on the revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC) The revised email content shall be read as follows: This Confirms receipt of your submission with the following details subject to validation by BIR: File Name: 2222222222- 0605-01182022104744.xml Date Received by BIR: 18 January 2022 Time Received by BIR: 10:47:44 AM Penalties may be imposed for any violation of the provisions of the NIRC and issuance thereof. For Returns with TAX PAYABLE: Please pay through any of the following ePayment Channels: Land [...]
RR No. 13-2022: Prescribes the guidelines, procedures and requirements for the proper Income Tax treatment of equity based compensation of any kindsuper_admin2022-10-24T05:06:15+00:00
On October 7, 2022, BIR issued Revenue Regulation 13- 2022 to prescribe more definitive guidelines, procedures, and requirements for the proper income tax treatment of equity-based compensation. Which shall take effect fifteen (15) days following its publication in the Official Gazette or in a newspaper whichever comes first. For the income tax treatment, base on Section 32 (A) of NIRC of 1997 as amended, defines gross income as all income derived from whatever source, including compensation for services in whatever form paid, including but not limited to, fees, salaries, wages, commissions, and similar items. As implemented, compensation includes payment in some [...]
Reportorial Requirements Submitted by Corporations shall be accepted and considered complete and accurate. Any Inaccuracy, incompleteness, and/or false or misleading information in the submitted reports shall be penalized accordingly. Pursuant to Sec. 162 of Republic Act No. 11232 otherwise known as the Revised Corporation Code. "Any person who willfully certifies a report required under this Code, knowing that the same contains incomplete, inaccurate, false, or misleading information or statements, shall be punished with a fine ranging from twenty thousand pesos (P20,000.00) to Two hundred thousand pesos (P200,000.00). When the wrongful certification is injurious or detrimental to the public, the auditor or [...]
RMO No. 43-2022: Prescribes the policies, guidelines and procedures in the issuance and use of Notice to Issue Receipt/lnvoice (NIRI) pursuant to Revenue Regulations No. 10-2019super_admin2022-10-02T15:42:46+00:00
On September 29, 2022, the BIR issued RMO No. 43-2022 prescribing the policies, guidelines, and procedures in the issuance and use of Notice to Issue Receipt/Invoice (NIRI) and defining the duties and responsibilities of all the offices involved in the issuance of NIRI that shall take effect immediately. Policies: This covers all new business owners (NBR) head offices and branches by the Revenue District Office (RDO) where the taxpayer is registered; Online sellers and merchants, vloggers, social media influencers, and online content creators earning income from the platform and/on advertising. “Ask for Receipt” shall still be valid until June 30, [...]
On September 28, 2022, the BIR issues the RMC No 131-2022 to announce the availability of Offline eBIRForms Package Version 7.9.3 which can be downloaded from the following sites: www.bir.gov.ph and www.knowyourtaxes.ph/ebirforms The new Offline eBIRForms Package has the following modifications: Additional Alphanumeric Tax Codes (ATCs) in BITR Form No. 0605 to be used by the International Carriers in paying their taxes in reference to Revenue Memorandum Order No. 37-2022, to wit: Type of Tax Tax Type ATC Income Tax IT IC 080 Percentage Tax PT PT 041 Documentary Stamp Tax [...]