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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

RMC No. 127-2022: Lifts the suspension of the conduct of enforcement activities and operations covered under RMC No. 77-2022

2022-09-07T06:34:51+08:00

On September 7, 2022, the BIR Issued the Revenue Memorandum Circular (RMC) No. 127-2022 lifting the Suspension of the Conduce Enforcement Activities and Operations  Covered by Outstanding Mission Orders (MOs) and Removal of the Prohibition on the Issuance of the New MOs Authorizing such Activities and Operations under Revenue Memorandum Circular (RMC) No. 77-2022 dated 30 May 2022 effective immediately, the following are hereby Lifted and Removed: All field audits and other field operations of the Bureau of Internal Revenue (Bureau) are covered by outstanding  Mission Orders (MOs) authorizing the conduct of enforcement activities and operations of any kind, such as [...]

RMC No. 127-2022: Lifts the suspension of the conduct of enforcement activities and operations covered under RMC No. 77-20222022-09-07T06:34:51+08:00

RMC No. 123-2022: Clarifications on the Provisions of Revenue Regulations No. 6-2022 Relative to the Removal of the Five (5) – Year Validity Period on Receipts/Invoices

2022-09-05T04:22:08+08:00

On August 31, 2022 BIR issued the RMC 123-2022 which clarifies the provisions of Revenue Regulation (RR) No. 6-2022 relative to the removal of the five (5) year validity period on receipts/invoices, which shall tale effect on July 16,202 (15 days from the date of its publication, which was July 1, 2022). All taxpayers who are/will be using Principal and Supplementary Receipts/Invoices shall be covered by the said Regulations or taxpayers with/who will apply for any of the following: Authority to Print (ATP) Registration of Computerized Accounting System (CAS)/ Computerized Books of Accounts (CBA) and/or its Components;and Permit to Use (PTU) [...]

RMC No. 123-2022: Clarifications on the Provisions of Revenue Regulations No. 6-2022 Relative to the Removal of the Five (5) – Year Validity Period on Receipts/Invoices2022-09-05T04:22:08+08:00

RMC No. 122-2022: Guidelines for updating of registration information record of Taxpayers

2022-09-01T11:33:53+08:00

On August 22, 2022, the BIR issued RMC No. 122-2022 prescribes the guidelines for updating of registration information record of taxpayers who will enroll in the Bureau's Online Registration and Update System (ORUS). What is ORUS?  According to the BIR, ORUS is a web-based system that taxpayers can use to register with the BIR and Update their taxpayer registration information Online, anytime with real-time access to their registration records. All taxpayers who intend to transact online with the Bureau thru the ORUS, once available, and those who are currently transacting manually for their registration-related transactions, shall update their registration records, such [...]

RMC No. 122-2022: Guidelines for updating of registration information record of Taxpayers2022-09-01T11:33:53+08:00

RMC No. 121-2022: Guidelines pursuant to Revenue Memorandum Circular (RMC) No. 77-2022.

2022-09-01T11:07:36+08:00

On August 22. 2022 the BIR issued the Revenue Memorandum Circular No. 121-2022, which prescribes the guidelines on lifting the suspension of field audit and operations on all outstanding Letters of Authority/Audit Notices and Letter Notices pursuant to Revenue Memorandum Circular (RMC) No. 77-2022. The lifting of the suspension of field audit and operations shall be on per Investigating Office upon approval by the Commissioner of Internal Revenue (CIR) of the Memorandum Request from the following: Investigating Office Requesting Office Recommending Approval Revenue District Offices (RDOs)/ Regional Investigation Divisions (RIDs)/VAT Audit Sections/ Office Audit Sections Regional Director Assistant Commissioner, Assessment Service, [...]

RMC No. 121-2022: Guidelines pursuant to Revenue Memorandum Circular (RMC) No. 77-2022.2022-09-01T11:07:36+08:00

RMC No. 82-2022: Clarifies the service of Letter of Authority pursuant to Revenue Audit Memorandum Order No. 1-2000

2022-07-08T07:37:01+08:00

This circular is issued on June 30, 2022, that clarifies the service of the electronic Letter of Authority (eLA) to the taxpayer within the 30-day period from the date of issuance thereof pursuant to Revenue Audit Memorandum Order (RAMO) No. 1-2000. RAMO No. 1-2000 was already amended by RAMO No. 1-2020, thereby deleting the provision in Item No. VII 2.3 of RAMO No. 1-2000 to read as follows:     “ 1.   Serving of eLA  On the first opportunity of RO to have a personal contact with the taxpayer, he should present the eLA together with the checklist of requirements. The eLA [...]

RMC No. 82-2022: Clarifies the service of Letter of Authority pursuant to Revenue Audit Memorandum Order No. 1-20002022-07-08T07:37:01+08:00
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