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Revenue Memorandum Circular No. 26-2024

2024-02-19T16:59:02+08:00

This circular is issued to announce the availability of the following BIR Forms in the Electronic Filing and Payment System (eFPS): BIR Form No. Description Deadline of Filing/Payment 2200-AN January 2018 (ENCS) Excise Tax Return for Automobiles  and Non-Essentia Goods Before removal of the aforementioned products from the place of production. 2200-A January 2020 (ENCS) Excise Tax Return for Alcohol Products Before removal of the alcohol products from the place of production. 2200-T August 2022 (ENCS) Excise Tax Return for Tobacco, Heated Tobacco, Vapor and Novel Tobacco Products Before removal of the tobacco products from the place of production.                   [...]

Revenue Memorandum Circular No. 26-20242024-02-19T16:59:02+08:00

REVENUE MEMORANDUM CIRCULAR NO. 21-2024

2024-02-17T11:51:24+08:00

The revised answer in Q & A No. 31 pursuant to RMC No. 49-2022 required the following types of Registered Export Enterprises (REE) to change their registration status from Value-Added Tax (VAT)-registered entity to non-VAT:   Within two (2) months from the expiration of their Income Tax Holiday (ITH): Those whose sales are generated only from the registered activity and have shifted from ITH to 5% Gross Income Tax (GIT) or Special Corporate Income Tax (SCIT) regime; and Within two (2) months from the effectivity of RMC No. 49-2022: Those enjoying 5% GIT regime but are still VAT-registered at the time [...]

REVENUE MEMORANDUM CIRCULAR NO. 21-20242024-02-17T11:51:24+08:00

Revenue Memorandum Circular No. 25-2024

2024-02-19T16:44:05+08:00

This circular is issued to amend the pertinent provisions of Revenue Memorandum Circular No. 16-2024, more particularly, on the extension of the deadline of submission of Alphabetical List of Employees/ payees from Whom Taxes Were Withheld (Alphalist) for the taxable year 2023. Those taxpayers with their own extract program shall strictly observe the attached revised file structures and standard naming convention. Moreover, in order to provide all concerned taxpayers sufficient time to submit the alphalist for the taxable year 2023, the deadline of submission thereof shall be thirty (30) days from the date of posting of a tax advisory on the [...]

Revenue Memorandum Circular No. 25-20242024-02-19T16:44:05+08:00

Revenue Memorandum Circular No. 22-2024

2024-02-19T14:13:25+08:00

This Circular is issued to announce the availability of BIR Form No. 1702-EX [Annual Income Tax Return Corporation, Partnership and Other Non-Individual Taxpayers EXEMPT Under the Tax Code, as Amended, {Sec. 30 and those exempt in Sec. 27 (C)} and Other Special Laws, With NO Other Taxable Income] January 2018 (ENCS) v2 in the Electronic Filing and Payment System (eFPS). The aforementioned BIR Form shall be filed and the tax due thereon paid on or before the 15th day of the 4th month following the close of the taxpayer's taxable year.  

Revenue Memorandum Circular No. 22-20242024-02-19T14:13:25+08:00

Revenue Memorandum Circular No. 23-2024

2024-02-19T16:06:20+08:00

This circular is issued to announce the availability of BIR Form No. 1701A [Annual Income Tax Return for Individuals Earning PURELY from Business/Profession (Those under the graduated income tax rates with OSD as mode of deduction OR those who opted to avail of the 8% flat income tax rate)] in the Electronic Filing and Payment System (eFPS).  The return shall be filed on or before April 15 each year covering income for the preceding taxable year. Mandated eFPS users/filers who are required to file the said return are advised to check if it is already included in the list of tax [...]

Revenue Memorandum Circular No. 23-20242024-02-19T16:06:20+08:00

REVENUE MEMORANDUM CIRCULAR NO. 19-2024

2024-02-15T15:20:43+08:00

The Table below shows the differences between the accounting treatment and current tax treatment on interest expenses.  Particulars  Accounting Treatment  Current Tax Treatment  Interest Expense on borrowing arrangements  Interest is recognized as an expense using the effective interest method. Interests incurred directly attributable to the acquisition of a qualifying asset are capitalized as part of the cost of the asset.  Interest can be claimed as a deduction, subject to certain limitations, provided all the criteria are met.    Interest incurred to acquire property used in trade, business or exercise of profession may be recognized as an expense in the year incurred [...]

REVENUE MEMORANDUM CIRCULAR NO. 19-20242024-02-15T15:20:43+08:00

Revenue Memorandum Circular No. 18-2024

2024-02-15T13:26:05+08:00

This announces the availability of the following BIR Forms in the Electronic Filing and Payment System (eFPS): BIR Form No.   Description   Deadline of Filing/Payment  1700  Annual Income Tax Return for Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Related Income)  On or before April 15 of each year covering income for the preceding taxable year.  2000  Monthly Documentary Stamp Tax Declaration/Return  Within five (5) days after the close of the month when the taxable document was made, signed, issued, accepted or transferred or when reloading a metering machine becomes necessary or upon remittance by revenue collection agents of collection from [...]

Revenue Memorandum Circular No. 18-20242024-02-15T13:26:05+08:00

Revenue Memorandum Circular No. 14-2024

2024-02-15T13:25:17+08:00

This memorandum circular advises all taxpayers that effective January 22, 2024, the BIR will cease to collect the Annual Registration Fee (ARF) from business taxpayers. This is in compliance with the Republic Act No 11976 (Ease of Paying Taxes Act). As a result, business taxpayers are exempt from filing BIR Form No. 0605 and paying the Five Hundred Pesos (P500.00) ARF (for new business and annual renewal). Business taxpayers with existing BIR Certificate of Registration (COR) that includes the Registration Fee will retain its validity. They may choose to update/replace their COR at their convenience by surrendering their old COR at [...]

Revenue Memorandum Circular No. 14-20242024-02-15T13:25:17+08:00

Revenue Memorandum Circular No. 13-2024

2024-02-12T16:00:17+08:00

The table below shows the differences between the recording and treatment of income and expenses relating to employee retirement benefits under the Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS) and the National Internal Revenue Code of 1997, as amended.  Particulars  PFRS  Taxation  RA No. 4917  RA No. 7641  Employee benefit expense  Employee benefit expense comprises of:  Service costs  Net interest costs  Contribution to a tax qualified plan is deductible expense  Actual retirement benefits paid is a deductible expense  Current service cost  Recognized in profit or loss as part of employee benefit expense  Contribution for normal cost is deductible in full [...]

Revenue Memorandum Circular No. 13-20242024-02-12T16:00:17+08:00

Revenue Memorandum Circular No. 15-2024

2024-02-15T13:25:33+08:00

Prescribes the temporary use of BIR Form No. 0605 for the remittance of Creditable Withholding Tax (CWT) by Joint Ventures/Consortiums under Revenue Regulations (RR) No. 14-2023 while waiting for the finalization of the revised BIR Form No. 1601-EQ [Quarterly Remittance Return of Creditable Income Taxes (Expanded)], which shall include the additional Alphanumeric Tax Code (ATCs) for the different new CWT rates.  All concerned joint ventures/consortiums shall comply with the following procedures in remitting the CWT prescribed by RR No. 14-2023:  BIR Form No. 0605 (Payment Form) shall be accomplished using only the electronic Filing and Payment System (eFPs) or the eBIRForms [...]

Revenue Memorandum Circular No. 15-20242024-02-15T13:25:33+08:00
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