BIR Updates

On May 30, 2022, BIR Issued the Revenue Memorandum Circular (RMC) No. 77-2022, which suspends all field audits of the BIR covered by Letters of Authority (LOAs)/Mission Orders (MOs) relative to examinations of taxpayers’ books of account and accounting records. As such, no field audit, field operations, or any form of business visitation in the execution of LOAs/MOs should be conducted, nor any new LOAs/MOAs ve further issued, except in the following cases: Investigation of cases prescribing on or before October 31, 2022 Processing and verification of estate tax returns, donor’s tax returns, capital gains tax returns, and withholding tax returns [...]

On May 30, 2022 BIR Issued the Revenue Memorandum Circular (RMC) NO. 76-2022, to suspends until further notice all field audit of the BIR pursuant to, and under authority of, all Task Forces, created thru Revenue Special Orders (RSOs), Operation Memoranda (OM), and other similar orders or directives, relative to examinations of taxpayers’ books of account and accounting records effective May 30, 2022. As such, no field audit, field operations or any form of business visitation in the execution of Letters of Authority/Audit Notices (LOAs) or Mission Orders (MOs) should be conducted by the said Task Forces. All reports must be [...]

On May 18, 2022 the BIR Issued the Revenue Memorandum Circular No. 71-2022, which circularizes the Joint Memorandum Circular No. 1-2022 entitled “Guidelines on the Provision of the Mandatory Statutory Benefits and Privileges of the Senior Citizens and Persons with Disabilities on their Purchases through Online (E-Commerce) and Phone Call/SMS”. The following were the highlights included in the Joint Memorandum Circular No. 1-2022: Senior Citizens (SC) or a Person with Disabilities (PWD) shall be entitled to the 20% discount and 12% Value-Added Tax (VAT) exemption of their purchase of goods and services; and 5% special discount for basic necessities and prime [...]

RMC No. 46-2022: Clarifications on the Deadline of Submission of Attachments to the 2021 Annual Income Tax Return and Other Matters On April 18, 2022, the BIR issued the Revenue Memorandum Circular (RMC) No. 46-2022 in relation to Revenue Memorandum Circular (RMC) No. 42-2022 and 44-2022, particularly on the deadline for the submission of attachments to the 2021 Annual Income Tax Return (AITR). In view thereof, it is hereby clarified that the deadline for submission of attachments to the said AITR is on or before May 31, 2022, whether the electronically filled AITR is an original or an amended return. The [...]

RMC No. 42-2022: Clarifying the Deadline for Filing of Annual Income Tax Return (AITR) for Taxable Year Ending December 31, 2021; Providing Guidelines in the Manner of Filing and Payment thereof; and Non-imposition of Surcharge on Amended Returns On April 12, 2022 BIR has issued the Revenue Memorandum Circular No. 42-2022 in relation to the BIR Advisory dated March 22, 2022 this Circular is hereby issued to reiterate the deadline for the filing of Annual Income Tax Return (AITR) for Calendar Year 2021 as well as the payment of the corresponding taxes due thereon is on April 18, 2022 (Monday), since [...]

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, [...]