BIR Updates

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. 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 [...]

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 [...]

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 [...]

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, [...]

Issues in Invoicing During ECQ Due to the strict implementation of the Enhanced Community Quarantine (ECQ), many taxpayers experience difficulties when it comes to the issuance of receipts/invoices to their customers.  Manual receipts with Authority to Print (ATP) and computer-generated receipts with duly approved Permit to Use (PTU) or Acknowledgment Certificate are not accessible due the closure of most business establishments. Sending or mailing of the actual receipts/invoices through postal services is currently impossible due to non-observance of standard operating hours.  Also, some taxpayers have their ATP expired during ECQ.  Work-around Invoicing Procedures During ECQ BIR has issued Revenue Memorandum Circular [...]

By: Hergie Ann De Guzman, CPA The Bureau of Internal Revenue (BIR) has issued last April 30, 2020 Revenue Regulations (RR) No. 11-2020 dated April 29, 2020 to further extend the deadline of filing/submission of returns/reports and payment of taxes due to the extended Enhanced Community Quarantine (ECQ).  Taxpayers who will file their tax returns within the original deadline or prior to the extended deadline can amend their tax returns at any time before the extended due date. An amendment that will result in additional tax can still be paid without penalties provided that it should be done not later than [...]