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Revenue Memorandum Circular No. 75-2023: Extension of Replacing “Ask for Receipt” notice with the niew “Notice to Issue Receipt/Invoice”

2023-07-12T12:23:13+08:00

Revenue Memorandum Circular No. 75-2023 The Bureau informed the taxpayers to replace their old “Ask for Receipt” Notice with the new NIRI until June 30, 2023. While the deadline was already set, several inquiries are being received from business taxpayers asking if there is an extension on the replacement of Ask for Receipt Notice (ARN) with Notice to Issue Receipt/Invoice (NIRI).  In this regard, the Circular is issued to extend the deadline of securing the new "Notice to Issue Receipt/Invoice” (NIRI) on or before September 30, 2023. To secure the NIRI, the taxpayer shall fill out S1905-Registration Update Sheet to indicate/update [...]

Revenue Memorandum Circular No. 75-2023: Extension of Replacing “Ask for Receipt” notice with the niew “Notice to Issue Receipt/Invoice”2023-07-12T12:23:13+08:00

Revenue Memorandum Circular No. 74-2023

2023-07-12T12:25:57+08:00

Revenue Memorandum Circular No. 74-2023 prescribes the standard templates for the "Sworn Statement” and “Sworn Declaration” that shall be submitted by the domestic corporation as an attachment to the Annual Income Tax Return (AITR) pertaining to the taxable year when the dividend is received and to the AITR for the immediately succeeding taxable year, respectively. The required sworn statement/declaration is part of the requirements for availing the income tax exemption of foreign-sourced dividends pursuant to Section 27 (D)(4) of the National Internal Revenue Code, as amended.  Considering that the prescribed templates pursuant to RR No. 5-2023 only include dividend income received [...]

Revenue Memorandum Circular No. 74-20232023-07-12T12:25:57+08:00

Revenue Memorandum Circular No. 71-2023

2023-07-12T12:30:59+08:00

Revenue Memorandum Circular No. 71-2023, provides uniform guidelines and prescribes the revised mandatory documentary requirements in the processing and grant of Value-Added-Tax (VAT) credit/refund claims under Section 112 of the Tax Code of 1997, as amended, in line with the latest developments on VAT introduced by Republic Act (R.A.) No. 10963 (TRAIN Law) and R.A. No. 11534 (CREATE Act), except those under the authority and jurisdiction of the Legal Group. The Circular shall take effect for VAT refund/credit claims that will be filed starting July 1, 2023.  The time frame to process and grant claims for VAT refund is ninety (90) [...]

Revenue Memorandum Circular No. 71-20232023-07-12T12:30:59+08:00

Revenue Memorandum Circular No. 70-2023

2023-07-12T12:35:46+08:00

The BIR issued the Revnue Memorandum Circular No. 70-2023 on June 22, 2023 circularizes the additional List of Top Withholding Agents (TWAs) for inclusion to and deletion from the existing List of TWAs required to deduct and remit either the one percent (1%) or two percent (2%) Creditable Withholding Tax (CWT) from the income payments to their suppliers of goods and services, respectively, pursuant to Revenue Regulations (RR) No. 31-2020. The said Lists are posted at the BIR's website (www.bir.gov.ph). Accordingly, the obligation to deduct and remit to the BIR the 1% and 2% CWT shall commence or cease, as the [...]

Revenue Memorandum Circular No. 70-20232023-07-12T12:35:46+08:00

Revenue Memorandum Circular No. 58-2023

2023-07-07T02:56:34+08:00

Revenue Memorandum Circular No. 58-2023, clarifies the policies and guidelines on the issuance and validity of Taxpayer Identification Number (TIN) Card and Certificate of Registration (COR).  The old TIN cards (yellow-orange) is no longer being issued by the BIR. It was replaced with a new design TIN card (BIR Form No. 1931) (color green), which is an accountable form of the BIR. In spite of the issuance of the new TIN card, previously issued old TIN cards (yellow-orange color) are still valid TIN IDs that do not expire. Thus, it need not be replaced by the taxpayer since the TIN (the [...]

Revenue Memorandum Circular No. 58-20232023-07-07T02:56:34+08:00

Revenue Memorandum Circular No. 53-2023

2023-06-08T05:34:32+08:00

Clarifies the entitlement of economic zone developers and operators to the Value-Added Tax (VAT) zero-rating on local purchases of goods and services directly and exclusively used in the registered project or activity. The Board of Investments (BOI) Memorandum Circular (MC) No. 2022-003 which amended the Specific Guidelines of Activities in Support of Exporters under the 2020 Investment Priorities Plan (IPP), also known as the transitional Strategic Investment Priority Plan (SIPP), included the development and operation of economic zones; and industrial parks and buildings for exporters, as “Activities in Support of Exporters”. This covers the development and operation of economic zones and [...]

Revenue Memorandum Circular No. 53-20232023-06-08T05:34:32+08:00

Revenue Memorandum Circular No. 52-2023

2023-06-06T03:50:18+08:00

Clarifies the guidelines for optional filing and payment of monthly Value-Added Tax (VAT) Returns (BIR Form No. 2550M) for VAT-registered persons. While the Tax Code now mandates the filing of VAT returns and payment of the corresponding VAT liabilities on a quarterly basis, VAT-registered persons may continue to file and pay the VAT on a monthly basis and still use BIR Form No. 2550M. The procedures and guidelines set forth in Revenue Regulations Nos. 16-2005 and 6-2014, Revenue Memorandum Circular No. 68-2005 and other related revenue issuances, regarding the use of BIR Form No. 2550M shall continue to apply. If the [...]

Revenue Memorandum Circular No. 52-20232023-06-06T03:50:18+08:00

Revenue Regulations No. 5- 2023

2023-06-02T03:50:07+08:00

Amends Revenue Regulations No. 5-2021 on the requirements in availing the Income Tax exemption of foreign-sourced dividends received by a Domestic Corporation. In General, foreign-sourced dividends received by domestic corporations are subject to Income Tax. However, the same shall be exempt if all of the following conditions concur: The dividends actually received or remitted into the Philippines are reinvested in the business operations of the domestic corporation within the next taxable year from the time the foreign-sourced dividends were received or remitted; The dividends received shall be used to find the working capital requirements, capital expenditures, dividend payments, investment in domestic [...]

Revenue Regulations No. 5- 20232023-06-02T03:50:07+08:00

Revenue Regulation No. 4- 2023

2023-06-02T03:43:44+08:00

Amends Section  2 of Revenue Regulation No. 9-2016 which further expand the coverage of taxpayers mandated to file tax returns through electronic Bureau of Internal Revenue Forms (eBIRForms), to wit: Accredited Tax Agents/Practitioners and all its client –taxpayers; Accredited Printers of Principal and Supplementary Receipts/Invoices; One-Time Transaction (ONETT) taxpayers who are classified as real estate dealers/developers; those who are considered as habitually engaged in the sale of real property and regular taxpayers already covered by eBIRForms. Thus taxpayers who are filing BIR Form No. 1706, 1707,1800, 1801 and 2000-OT (for BIR Form No. 1706 only) are excluded in the mandatory coverage [...]

Revenue Regulation No. 4- 20232023-06-02T03:43:44+08:00

Revenue Regulations No. 3-2023

2023-06-02T03:46:27+08:00

Amends certain provisions of Revenue Regulations (RR) No. 16-2005, as amended by RR No. 21- 2021, to implement Sections 294 (E) and 295 (D), Title Xlll of the National Internal Revenue Code of 1997, as amended by Republic Act (RA) No. 11534 (Corporate Recovery and Tax Incentives for Enterprise Act or CREATE Act), and Section 5, Rule 2 and Section 5, Rule 18 of the CREATE Act Implementing Rules and Regulations (IRR), as amended. Section 4.106-5 of RR No. 16-2005, as amended by RR No. 21-2021, is hereby further amended and shall now be read as follows:   "SEC. 4.106-5. Zero-Rated [...]

Revenue Regulations No. 3-20232023-06-02T03:46:27+08:00
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