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REVENUE MEMORANDUM CIRCULAR NO. 11-2024

2024-02-08T13:32:51+08:00

For Income Tax purposes, an operating lease is defined as a contract under which the asset is not wholly amortized during the primary period of the lease, and where the lessor does not rely solely on the rentals during the primary period for his profits, but looks for the recovery of the balance of his costs and for the rest of his profits from the sale or re-lease of the returned asset of the primary lease period.   "Finance lease" or full payout lease, on the other hand, is a contract involving payment over an obligatory period (also called primary or [...]

REVENUE MEMORANDUM CIRCULAR NO. 11-20242024-02-08T13:32:51+08:00

Revenue Memorandum Circular No. 16-2024

2024-02-07T14:18:36+08:00

Extension of the Deadline for the Submission of Alphabetical List of Employees/Payees from whom taxes were withheld. The deadline of submission of the alphalist for the taxable year 2023 using the new version of the Alphalist Data Entry and Validation Module is hereby extended up to February 28, 2024. A separate tax advisory shall be posted on the website of the Bureau informing the availability of the updated version of the said module. For those taxpayers- employers who have employees availing 5% tax credit under the PERA Act of 2008 and who have not submitted their alphalist for the year 2022, [...]

Revenue Memorandum Circular No. 16-20242024-02-07T14:18:36+08:00

REVENUE MEMORANDUM CIRCULAR NO. 9-2024

2024-02-08T12:47:45+08:00

Advises the Electronic Filing and Payment System (eFPS) users/taxpayers to disregard the surcharge computed by the system when filing an AMENDED tax return while the eFPS is being enhanced to adjust the computation of the surcharge.   If there is an additional tax to be paid as a result of such amendment, said taxpayers shall pay only the basic tax, the computed interest and the compromise, provided, that the taxpayer was able to file the original tax return on or before the set deadline. 

REVENUE MEMORANDUM CIRCULAR NO. 9-20242024-02-08T12:47:45+08:00

REVENUE MEMORANDUM CIRCULAR NO. 8-2024

2024-02-08T11:55:51+08:00

The Withholding Tax obligation of e-marketplace operator and DFSPs shall take effect after fifteen (15) days following the publication of RR No. 16-2023 in a newspaper of general circular or the Official Gazette, whichever comes first. RR No. 16-2023 was first published in Manila Bulletin on December 27, 2023. Thus, RR No. 16-2023 shall take effect on January 11, 2024.   The e-marketplace operators and DFSPs are allowed a period of ninety (90) days from the date of issuance of the Circular to comply with the relative policies or requirements of other government agencies, if any, and to give them an opportunity [...]

REVENUE MEMORANDUM CIRCULAR NO. 8-20242024-02-08T11:55:51+08:00

GUIDELINES ON THE PAG-IBIG FUND’S IMPLEMENTATION OF INCREASE IN THE MAXIMUM FUND SALARY (MFS) EFFECTIVE FEBRUARY 2024

2024-01-18T13:43:40+08:00

The increase in MFS shall be applicable to all Pag-IBIG I members under mandatory and voluntary coverage effective February 2024 onwards. The contribution rate of all Pag-IBIG I members both mandatory and voluntary shall be as follows, unless otherwise specified: Contribution Rate                                        Fund Salary                                            Employee                Employer(if any) P 1,500 and below                                           1.0%                               2.0% Over P1,500                                                2.0%                               2.0% “Fund Salary” shall refer to the basic salary and other allowances, where basic salary includes, but not limited to, fees, [...]

GUIDELINES ON THE PAG-IBIG FUND’S IMPLEMENTATION OF INCREASE IN THE MAXIMUM FUND SALARY (MFS) EFFECTIVE FEBRUARY 20242024-01-18T13:43:40+08:00

Revenue Regulations No. 1-2024

2024-02-12T12:15:21+08:00

This Revenue Regulation further amends Section 2, Sub-section 4.109-1(B)(p) of Revenue Regulations (RR) No. 4-2021, as amended by RR No. 8- 2021, to implement the adjustment of the selling price threshold of the sale of house and lot, and other residential dwellings for Value-Added Tax (VAT) exemption purposes. Taken into account the Consumer Price Index (CPI) values for 2023 as published by the Philippine Statistics Authority (PSA), the new price threshold, for sale of house and lot and other residential dwellings for VAT-exemption purposes, rounded up is Three Million Six Hundred Thousand Pesos (Php 3,600,000.00) from the current threshold amount of [...]

Revenue Regulations No. 1-20242024-02-12T12:15:21+08:00

REVENUE MEMORANDUM CIRCULAR NO. 8-2024

2024-02-07T16:08:32+08:00

Issued on January 15, 2024 clarifies the provisions of Revenue Regulations (RR) No. 16-2023 imposing Withholding Tax on gross remittances made by electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) to sellers/merchants.   The Withholding Tax obligation of e-marketplace operator and DFSPs shall take effect after fifteen (15) days following the publication of RR No. 16-2023 in a newspaper of general circular or the Official Gazette, whichever comes first. RR No. 16-2023 was first published in Manila Bulletin on December 27, 2023. Thus, RR No. 16-2023 shall take effect on January 11, 2024.   The e-marketplace operators and DFSPs are allowed [...]

REVENUE MEMORANDUM CIRCULAR NO. 8-20242024-02-07T16:08:32+08:00

BIR Advisory: Annual Registration Fee (ARF)

2024-01-09T17:40:11+08:00

Effective January 22, 2024, the Bureau of Internal Revenue (BIR) will cease collecting the Annual Registration Fee (ARF) from business taxpayers. This change complies with the Republic Act No. 11976, the “Ease of Paying Taxes Act”. As a result, business taxpayers are exempt from filing BIR Form No. 0605 and paying the Five Hundred Pesos (PHP 500.00) ARF on or before January 31 every year. Business taxpayers with existing BIR Certificate of Registration (COR) that includes the Registration Fee will retain its validity. These taxpayers may choose to update/replace their COR at their convenience. This can be done at the Revenue [...]

BIR Advisory: Annual Registration Fee (ARF)2024-01-09T17:40:11+08:00

Revenue Memorandum Circular No. 3-2024

2024-02-12T12:14:28+08:00

This circularizes Republic Act (RA) No. 11976 (Ease of Paying Taxes [EOPT] Act), together with the Veto Message both signed by President Ferdinand R. Marcos Jr. on January 5, 2024. The following Sections of the National Internal Revenue Code (NIRC) were amended under the EOPT Act: Section 21. Sources of Revenue and Classification of Taxpayers Section 22. Definitions Section 51. Individual Returns Section 56. Payment and Assessment on Income Tax for Individuals and Corporations Section 57. Withholding Tax at Source Section 58. Returns and Payment of Taxes Withheld at Source Section 76. Final Adjustment Return Section 77. Place and Time of [...]

Revenue Memorandum Circular No. 3-20242024-02-12T12:14:28+08:00

Revenue Regulations No. 15-2023

2023-12-27T17:41:05+08:00

Implements the grant of Donor's Tax exemption on the donation of imported capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project or activity by Registered Business Enterprises (RBEs) of any existing Investment Promotion Agencies (IPAs) under Section 295 (C)(2)(e) of the Tax Code of 1997, as amended. The donation of capital equipment, raw materials, spare parts, or accessories, which were granted tax and customs duty exemption to the Technical Education and Skills Development Authority (TESDA), State Universities, and Colleges (SUCs), or Department of Education (DepEd) and Commission on Higher Education (CHED) - accredited schools [...]

Revenue Regulations No. 15-20232023-12-27T17:41:05+08:00
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