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RMC No. 36-2022: Uniform Template for VAT Zero Percent (0%) Certification

2022-04-12T22:19:11+08:00

RMC No. 36-2022: Uniform Template for VAT Zero Percent (0%) Certification BIR Issued RMC No. 24-2022 on March 9, 2022, to clarify issues related to RR No. 21-2021 implementing the amendments to the VAT Zero Rating provisions under Sections 106 and 108 of the National Internal Revenue Code of 1997 (Tax Code). In line with this, on April 6, 2022, the BIR has issued the Revenue Memorandum Circular no. 36-2022 in relation to Q & A No. 34 of RMC No. 24-2022 to prescribe the format of VAT Zero Percent (0%) Certification issued by IPAs to the duly registered export enterprises [...]

RMC No. 36-2022: Uniform Template for VAT Zero Percent (0%) Certification2022-04-12T22:19:11+08:00

RMC No. 26-2021: UPDATE on RMC No. 22-2021

2021-03-15T04:22:21+08:00

RMC No. 22-2021: Reportorial Requirements for DST Exemption By: Hergie Anne C. De Guzman, CPA BIR issued Revenue Regulations (RR) No. 24-2020 on September 30, 2020 to implement the Documentary Stamp Tax (DST) exemption for extended loans or restructured credits due on or before December 31, 2020, as mandated by Republic Act (RA) No. No. 11494 or “Bayanihan to Recover As One Act”. In line with this, BIR has issued Revenue Memorandum Circular (RMC) No. 22-2021 to prescribe the reportorial requirements for this exemption. The covered institutions (e.g. bank, lending companies, real estate developers, pre-need companies, Social Securities System, etc.) shall [...]

RMC No. 26-2021: UPDATE on RMC No. 22-20212021-03-15T04:22:21+08:00

SEC Report Filing Deadline for Fiscal Year December 31, 2020

2021-03-03T02:49:15+08:00

Corporations with fiscal year ending December 31, 2020 should observe the following filing deadlines of the Financial Statements with the SEC based on last numerical digit of their SEC registration or license number:  1 : June 1 to 30  2 : July 1 to 31 3 and 4 : August 1 to 31  5 and 6 : September 1 to 30  7 and 8 : October 1 to 30  9 and 0 : November 1 to 30 Financial Statements of corporations whose fiscal year ends on a date other than December 31 should be filed within 120 days from the end [...]

SEC Report Filing Deadline for Fiscal Year December 31, 20202021-03-03T02:49:15+08:00

Extended Submission of Annual Information Returns and Alphalists

2021-02-02T07:03:36+08:00

By: Hergie Anne De Guzman, CPA The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 17-2021 to extend the filing from January 31, 2021 to February 28, 2021, of the Annual Information Return of Income Taxes Withheld on Compensation (BIR Form 1604C) and Annual Information Return of Income Payments Subjected to Final Withholding Taxes (BIR Form 1604F) and the submission of the related attachments, Annual Alphabetical List of Employees/Payees from Whom Taxes Were Withheld, using the new Alphalist Data Entry and Validation Module (Version 7.0). Moreover, the deadline of submission of the Quarterly Alphalist of Payees (QAPs) for [...]

Extended Submission of Annual Information Returns and Alphalists2021-02-02T07:03:36+08:00

RR No. 26-2020: Donations to Public Schools During the Pandemic

2020-10-19T02:03:45+08:00

By: Hergie Ann De Guzman, CPA The COVID-19 Pandemic undoubtedly affects every aspect of our daily lives - family, work, and especially the students’ means of learning. With the school opening suspended last June, there has been a significant delay in their studies. Finally, this October, classes reopened but in a different setting and mode - the classes went virtual or online. The online classes, I might say, is not for everyone especially to those who cannot afford to purchase the necessary gadgets for this platform. Another thing is not every school is fully equipped with the proper learning materials and [...]

RR No. 26-2020: Donations to Public Schools During the Pandemic2020-10-19T02:03:45+08:00

RMC No. 83-2020: Tax Implications of Measures Implemented Due to COVID-19 on Cross-Border Matters

2020-08-19T13:09:29+08:00

By: Hergie Anne C. De Guzman, CPA The Philippine Government has been undertaking measures to prevent the spread of the COVID-19. This includes implementing a series of quarantines and restricting local and foreign travels, especially unnecessary travels. With the implementation of these, there are affected foreign individual or cross-border employees stranded in the Philippines and thereby causing issues and concern with regard to their taxability. Revisiting Rules of Taxability of Income from Employment Generally, the residence state has the power to tax the employment income of its resident taxpayers except when the employment is exercised in another State. Exception to this [...]

RMC No. 83-2020: Tax Implications of Measures Implemented Due to COVID-19 on Cross-Border Matters2020-08-19T13:09:29+08:00

Revenue Regulations No. 19-2020: Use of BIR Form 1709 or Information Return on Related Party Transactions

2020-07-13T03:48:18+08:00

The Bureau of Internal Revenue (BIR) released on July 10, 2020 Revenue Regulations (RR) No. 19-2020 to prescribe the use of BIR Form No. 1709 or the Information Return on Related Party Transactions (International and/or Domestic) and the submission of its attachments. The form will be used by the taxpayers with related party transactions for the proper disclosures and as support in the implementation of Philippine Accounting Standards (PAS) 24 on Related Party Disclosures. The RR is rooted on the Transfer Pricing Guidelines prescribed in RR No. 2-2013. Seemingly, BIR is now being active with its implementation to go after the [...]

Revenue Regulations No. 19-2020: Use of BIR Form 1709 or Information Return on Related Party Transactions2020-07-13T03:48:18+08:00

SEC ADJUSTED DEADLINES FOR ANNUAL REPORTS AND MODES OF SUBMISSION

2020-07-04T02:24:13+08:00

The Securities and Exchange Commission (SEC) announced just last week the temporary closure of the SEC Main Office in Philippine International Convention Center (PICC), Pasay City to give way for the office disinfection due to the initial positive COVID-19 test result of four SEC employees. SEC resumed their operations last July 1, 2020 after the said employees tested negative on the confirmatory tests. SEC shall likewise resume accepted Annual Financial Statements (AFS) and General Information Sheet (GIS). Below are the modes of submissions allowed and the prescribed adjusted filing schedules: Modes of Submission of Reports Through Courier Services or Registered Mail [...]

SEC ADJUSTED DEADLINES FOR ANNUAL REPORTS AND MODES OF SUBMISSION2020-07-04T02:24:13+08:00

RMC 49-2020: The New Normal on ITR and Related Attachments Submission

2020-06-01T03:04:31+08:00

Long queues for the stamping of the Annual Income Tax Returns (ITR) and Financial Statements (FS) has been a norm in most BIR Revenue District Offices (RDOs) specially on the actual deadline. However, this burdensome practice is expected to finally come to an end as the taxpayers are provided with other options for submission. BIR issued Revenue Memorandum Circular (RMC) No. 49-2020 on May 22, 2020, laying down the following additional options to taxpayers: Submission through Revenue Collection Officers (RCOs) or, Submission through online eAFS Submission through Revenue Collection Officers (RCOs) Taxpayers may submit the required attachments to the nearest RCO, [...]

RMC 49-2020: The New Normal on ITR and Related Attachments Submission2020-06-01T03:04:31+08:00

Guidelines on Filing of Audited FS After ECQ

2020-05-15T15:09:28+08:00

The Philippines is still struggling to win the battle against Covid-19. After almost two (2) months of putting the whole country under quarantine measures, the government has taken gradual steps to open the essential businesses as well as government offices to cope with the declining economy. Philippine Securities and Exchange Commission (SEC) together with other government offices has extended the submission of reports such as the Audited Financial Statements (AFS) to ensure the overall welfare of the public during this challenging pandemic period. With the lifting of the Enhanced Community Quarantine (ECQ) on May 16, 2020, the SEC through Memorandum Circular [...]

Guidelines on Filing of Audited FS After ECQ2020-05-15T15:09:28+08:00
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