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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 Products

2023-01-03T01:11:43+08:00

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 [...]

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 Products2023-01-03T01:11:43+08:00

Quality Assurance Review: A Navigator of Sustainable Future

2022-11-10T07:57:03+08:00

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 [...]

Quality Assurance Review: A Navigator of Sustainable Future2022-11-10T07:57:03+08:00

RMC No. 142-2022: Prescribing Guidelines on the Registration with BOI of existing RBEs in IT-BPM sector

2022-11-06T16:19:16+08:00

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. 142-2022: Prescribing Guidelines on the Registration with BOI of existing RBEs in IT-BPM sector2022-11-06T16:19:16+08:00

RMC No. 141-2022: Revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC)

2022-11-04T04:14:13+08:00

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 [...]

RMC No. 141-2022: Revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC)2022-11-04T04:14:13+08:00

RR No. 13-2022: Prescribes the guidelines, procedures and requirements for the proper Income Tax treatment of equity based compensation of any kind

2022-10-24T05:06:15+08:00

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 [...]

RR No. 13-2022: Prescribes the guidelines, procedures and requirements for the proper Income Tax treatment of equity based compensation of any kind2022-10-24T05:06:15+08:00

SEC Update

2022-10-20T11:52:50+08:00

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 [...]

SEC Update2022-10-20T11:52:50+08:00

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. 10-2019

2022-10-02T15:42:46+08:00

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, [...]

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. 10-20192022-10-02T15:42:46+08:00

RMC No. 131-2022: Offline eBIRForms Package Version 7.9.3

2022-09-28T06:40:46+08:00

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    [...]

RMC No. 131-2022: Offline eBIRForms Package Version 7.9.32022-09-28T06:40:46+08:00

RMC No. 130-2022: Extension of eFiling/Filing and ePayment/Payment of Taxes due on September 26, 2022

2022-09-27T04:59:59+08:00

On September 26, 2022, the BIR Issued RMC No. 130-2022 in connection with the Memorandum Circular No. 06 issued by the Office of the President due to the inclement weather brought about by Super Typhoon “Karding”. In this regard, the efiling/filing of returns (BIR Forms 2550M, 2550Q, and 2551Q) and the payment of corresponding taxes due thereon as well as the submission of the reportorial documents that will fall due on September 26, 2022, shall be extended until September 27, 2022, due to suspension of work in government offices in National Capital Region (NCR), including provinces in Regions I, II, III, [...]

RMC No. 130-2022: Extension of eFiling/Filing and ePayment/Payment of Taxes due on September 26, 20222022-09-27T04:59:59+08:00

RR No. 12-2022

2022-09-21T08:16:53+08:00

On September 13, 2022, the BIR Issued Revenue Regulation No. 12-2022 which prescribes the policies and guidelines for the availment of incentives under Republic Act No. 9999 (Free Legal Assistance Act of 2010). Lawyers or professional partnerships rendering actual free Legal Services shall be entitled to an allowable deduction from the gross income equivalent to the lower of: The amount that could have been collected for the actual free Legal Services rendered; or Ten percent (10%) of the gross income is derived from the actual performance of the legal profession. The actual free Legal Services shall be exclusive of the minimum [...]

RR No. 12-20222022-09-21T08:16:53+08:00
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