Latest News2015-12-02T10:52:51+00:00
1011, 2022

Quality Assurance Review: A Navigator of Sustainable Future

By |November 10th, 2022|Categories: Audit|Tags: , , , |

By: Joelex Cortes, CPA The world has been changing a lot and it is a challenge that poses either a  threat or opportunities in the present and future days to come. The business perspective is no exception. Since the financial statements are the product of business operations and  business transactions evolve dynamically, then there is a real need for the quality of the assurance represented through the reports attached on [...]

611, 2022

RMC No. 142-2022: Prescribing Guidelines on the Registration with BOI of existing RBEs in IT-BPM sector

By |November 6th, 2022|Categories: BIR Updates|

For the information and guidance of all internal revenue officers, employees, and others concerned, attached is the DTI MC No. 22-19, s. 2022 dated October 18, 2022, prescribing the guidelines on the transfer of RBEs in the IT-BPM sector from their concerned Investment Promotion Agency administering economic or Freeport zone to BOI. This is in view of the Fiscal Incentives Review Board Resolution No. 026-2022 dated September 14, 2022, which [...]

411, 2022

RMC No. 141-2022: Revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC)

By |November 4th, 2022|Categories: BIR Updates|

BIR Issued Revenue Memorandum Circular (RMC) No. 141-2022 to inform eBIRForms users/filers on  the revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC) The revised email content shall be read as follows:   This Confirms receipt of your submission with the following details subject to validation by BIR: File Name: 2222222222- 0605-01182022104744.xml Date Received by BIR: 18 January 2022 Time Received by BIR: 10:47:44 AM Penalties [...]

2410, 2022

RR No. 13-2022: Prescribes the guidelines, procedures and requirements for the proper Income Tax treatment of equity based compensation of any kind

By |October 24th, 2022|Categories: BIR Updates|

On October 7, 2022, BIR issued Revenue Regulation 13- 2022 to prescribe more definitive guidelines, procedures, and requirements for the proper income tax treatment of equity-based compensation. Which shall take effect fifteen (15) days following its publication in the Official Gazette or in a newspaper whichever comes first. For the income tax treatment, base on Section 32 (A) of NIRC of 1997 as amended, defines gross income as all income [...]

2010, 2022

SEC Update

By |October 20th, 2022|Categories: SEC|

Reportorial Requirements Submitted by Corporations shall be accepted and considered complete and accurate. Any Inaccuracy, incompleteness, and/or false or misleading information in the submitted reports shall be penalized accordingly. Pursuant to Sec. 162 of Republic Act No. 11232 otherwise known as the Revised Corporation Code. "Any person who willfully certifies a report required under this Code, knowing that the same contains incomplete, inaccurate, false, or misleading information or statements, shall [...]

210, 2022

RMO No. 43-2022: Prescribes the policies, guidelines and procedures in the issuance and use of Notice to Issue Receipt/lnvoice (NIRI) pursuant to Revenue Regulations No. 10-2019

By |October 2nd, 2022|Categories: Uncategorized|

On September 29, 2022, the BIR issued RMO No. 43-2022 prescribing the policies, guidelines, and procedures in the issuance and use of Notice to Issue Receipt/Invoice (NIRI) and defining the duties and responsibilities of all the offices involved in the issuance of NIRI that shall take effect immediately.   Policies: This covers all new business owners (NBR) head offices and branches by the Revenue District Office (RDO) where the taxpayer [...]

2809, 2022

RMC No. 131-2022: Offline eBIRForms Package Version 7.9.3

By |September 28th, 2022|Categories: BIR Updates|

On September 28, 2022, the BIR issues the RMC No 131-2022 to announce the availability of Offline eBIRForms Package Version 7.9.3 which can be downloaded from the following sites: www.bir.gov.ph and www.knowyourtaxes.ph/ebirforms The new Offline eBIRForms Package has the following modifications: Additional Alphanumeric Tax Codes (ATCs) in BITR Form No. 0605 to be used by the International Carriers in paying their taxes in reference to Revenue Memorandum Order No. 37-2022, [...]

2709, 2022

RMC No. 130-2022: Extension of eFiling/Filing and ePayment/Payment of Taxes due on September 26, 2022

By |September 27th, 2022|Categories: BIR Updates|

On September 26, 2022, the BIR Issued RMC No. 130-2022 in connection with the Memorandum Circular No. 06 issued by the Office of the President due to the inclement weather brought about by Super Typhoon “Karding”. In this regard, the efiling/filing of returns (BIR Forms 2550M, 2550Q, and 2551Q) and the payment of corresponding taxes due thereon as well as the submission of the reportorial documents that will fall due [...]

2109, 2022

RR No. 12-2022

By |September 21st, 2022|Categories: BIR Updates|

On September 13, 2022, the BIR Issued Revenue Regulation No. 12-2022 which prescribes the policies and guidelines for the availment of incentives under Republic Act No. 9999 (Free Legal Assistance Act of 2010). Lawyers or professional partnerships rendering actual free Legal Services shall be entitled to an allowable deduction from the gross income equivalent to the lower of: The amount that could have been collected for the actual free Legal [...]

709, 2022

RMC No. 127-2022: Lifts the suspension of the conduct of enforcement activities and operations covered under RMC No. 77-2022

By |September 7th, 2022|Categories: BIR Updates|

On September 7, 2022, the BIR Issued the Revenue Memorandum Circular (RMC) No. 127-2022 lifting the Suspension of the Conduce Enforcement Activities and Operations  Covered by Outstanding Mission Orders (MOs) and Removal of the Prohibition on the Issuance of the New MOs Authorizing such Activities and Operations under Revenue Memorandum Circular (RMC) No. 77-2022 dated 30 May 2022 effective immediately, the following are hereby Lifted and Removed: All field audits [...]

509, 2022

RMC No. 123-2022: Clarifications on the Provisions of Revenue Regulations No. 6-2022 Relative to the Removal of the Five (5) – Year Validity Period on Receipts/Invoices

By |September 5th, 2022|Categories: BIR Updates|

On August 31, 2022 BIR issued the RMC 123-2022 which clarifies the provisions of Revenue Regulation (RR) No. 6-2022 relative to the removal of the five (5) year validity period on receipts/invoices, which shall tale effect on July 16,202 (15 days from the date of its publication, which was July 1, 2022). All taxpayers who are/will be using Principal and Supplementary Receipts/Invoices shall be covered by the said Regulations or [...]

109, 2022

RMC No. 122-2022: Guidelines for updating of registration information record of Taxpayers

By |September 1st, 2022|Categories: Uncategorized|

On August 22, 2022, the BIR issued RMC No. 122-2022 prescribes the guidelines for updating of registration information record of taxpayers who will enroll in the Bureau's Online Registration and Update System (ORUS). What is ORUS?  According to the BIR, ORUS is a web-based system that taxpayers can use to register with the BIR and Update their taxpayer registration information Online, anytime with real-time access to their registration records. All [...]

109, 2022

RMC No. 121-2022: Guidelines pursuant to Revenue Memorandum Circular (RMC) No. 77-2022.

By |September 1st, 2022|Categories: BIR Updates|

On August 22. 2022 the BIR issued the Revenue Memorandum Circular No. 121-2022, which prescribes the guidelines on lifting the suspension of field audit and operations on all outstanding Letters of Authority/Audit Notices and Letter Notices pursuant to Revenue Memorandum Circular (RMC) No. 77-2022. The lifting of the suspension of field audit and operations shall be on per Investigating Office upon approval by the Commissioner of Internal Revenue (CIR) of [...]

807, 2022

RMC No. 82-2022: Clarifies the service of Letter of Authority pursuant to Revenue Audit Memorandum Order No. 1-2000

By |July 8th, 2022|Categories: BIR Updates|

This circular is issued on June 30, 2022, that clarifies the service of the electronic Letter of Authority (eLA) to the taxpayer within the 30-day period from the date of issuance thereof pursuant to Revenue Audit Memorandum Order (RAMO) No. 1-2000. RAMO No. 1-2000 was already amended by RAMO No. 1-2020, thereby deleting the provision in Item No. VII 2.3 of RAMO No. 1-2000 to read as follows:     “ 1. [...]

807, 2022

RR No. 8-2022: Issuance of e-receipts instead of manual receipts and electronic reporting of the sales data to BIR.

By |July 8th, 2022|Categories: BIR Updates|

Revenue Regulation No. 8-2022 issued on June 30, 2022, prescribes the policies and guidelines for the implementation of the issuance of e-receipts instead of manual receipts and electronic reporting of the sales data to the Bureau.   These regulations shall take effect immediately after publication in a newspaper of general circulation. The following taxpayers are mandated to issue electronic receipts or sales/ commercial invoices under Section 237 of NIRC, as amended: [...]

107, 2022

RR No. 6-2022: The Removal of Five(5)-year Validity Period on Receipts/ Invoices

By |July 1st, 2022|Categories: BIR Updates|

Revenue Regulation No 6- 2022 issued on June 30, 2022, implements the removal of 5 year Validity Period on Receipts/Invoices. This Regulation shall cover taxpayers who will apply the following: ATP Official Receipts, Sales Invoices (SIs), and other Commercial Invoices (CIS); Registration of Computerized Accounting System (CAS)/Component of CAS; and PTU CRMs and POS machines. This shall take effect fifteen (15) days after publication in the Official Gazette or in [...]

2006, 2022

RR No. 4-2022: Tax Treatment of Importation of Petroleum Products in Freeport and Ecozone

By |June 20th, 2022|Categories: Uncategorized|

Implementing Section 295(F), in relation to Section 2994, both of the National Internal Revenue Code of 1997, as Amended by Republic Act (RA) No. 11534. Otherwise known as the “Corporate Recovery and Tax Incentives for Enterprise Act” (CREATE Act), on the Tax Treatment of the Importation of Petroleum Products into, and Subsequent Transfer, Transport and/or Withdrawal through and from Freeport Zones and Economic Zones. Section 1- Scope Upon the effectivity [...]

1606, 2022

RMC No. 78-2022 – BIR Clarifies the Tax Treatments and Obligations of the different classifications of Educational Institutions.

By |June 16th, 2022|Categories: BIR Updates|

On June 9, 2022, BIR issued RMC No. 78-2022 which clarifies the Income Tax Treatment for the different classifications of educational institutions and their tax obligations. Income Tax Treatment: I. Proprietary Educational Institution Domestic Corporation The Income of a proprietary educational institution, as well as Non-stock, Non-Profit educational institution is subject to the ten percent (10%) preferential Income Tax rate under Section 27(B) of the Tax Code. Provided that beginning [...]

1406, 2022

RMC No. 77-2022: BIR Suspends All Field Audit Pursuant To LOA/MOA Effective May 30, 2022

By |June 14th, 2022|Categories: 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 [...]

1306, 2022

RMC No. 76-2022: BIR Suspends All Field Audit Pursuant to Special Orders, Operations Memoranda & Other Similar Directives of Special Task Force Effective May 30, 2022

By |June 13th, 2022|Categories: BIR Updates|

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 [...]

306, 2022

RMC No. 71-2022: BIR Circularizes the Joint Guidelines on the Benefits & Privileges of the Senior Citizens & Persons With Disabilities on their Online Purchases & Phone Calls/SMS

By |June 3rd, 2022|Categories: BIR Updates|

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 [...]

1904, 2022

SEC Report Filing Deadline for Fiscal Year December 31, 2021

By |April 19th, 2022|Categories: Uncategorized|

On February 8, 2022, SEC released the SEC Memorandum Circular No. 2 series of 2022 for the schedules for filing of Annual Financial Statements and General Information Sheet for all concerned corporations. Audited Financial statements of companies whose fiscal year ends on December 31, 2021: All corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations shall file their AFS depending on the last numerical [...]

1904, 2022

RMC No. 46-2022: Clarifications on RMC No. 42-2022 and 44-2022

By |April 19th, 2022|Categories: BIR Updates|

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 [...]

1804, 2022

RMC No. 42-2022: Filing Annual Income Tax Return and Payment of Tax Due Deadline

By |April 18th, 2022|Categories: BIR Updates|

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 [...]

1204, 2022

RMC No. 36-2022: Uniform Template for VAT Zero Percent (0%) Certification

By |April 12th, 2022|Categories: 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 [...]

1503, 2021

RMC No. 26-2021: UPDATE on RMC No. 22-2021

By |March 15th, 2021|Categories: BIR Updates|

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 [...]

303, 2021

SEC Report Filing Deadline for Fiscal Year December 31, 2020

By |March 3rd, 2021|Categories: Uncategorized|

Corporations with fiscal year ending December 31, 2020 should observe the following filing deadlines of the Financial Statements with the SEC based on last numerical digit of their SEC registration or license number:  1 : June 1 to 30  2 : July 1 to 31 3 and 4 : August 1 to 31  5 and 6 : September 1 to 30  7 and 8 : October 1 to 30  9 [...]

202, 2021

Extended Submission of Annual Information Returns and Alphalists

By |February 2nd, 2021|Categories: Uncategorized|

By: Hergie Anne De Guzman, CPA The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 17-2021 to extend the filing from January 31, 2021 to February 28, 2021, of the Annual Information Return of Income Taxes Withheld on Compensation (BIR Form 1604C) and Annual Information Return of Income Payments Subjected to Final Withholding Taxes (BIR Form 1604F) and the submission of the related attachments, Annual Alphabetical List [...]

1910, 2020

RR No. 26-2020: Donations to Public Schools During the Pandemic

By |October 19th, 2020|Categories: BIR Updates|

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 [...]

1908, 2020

RMC No. 83-2020: Tax Implications of Measures Implemented Due to COVID-19 on Cross-Border Matters

By |August 19th, 2020|Categories: Uncategorized|

By: Hergie Anne C. De Guzman, CPA The Philippine Government has been undertaking measures to prevent the spread of the COVID-19. This includes implementing a series of quarantines and restricting local and foreign travels, especially unnecessary travels. With the implementation of these, there are affected foreign individual or cross-border employees stranded in the Philippines and thereby causing issues and concern with regard to their taxability. Revisiting Rules of Taxability of [...]

1307, 2020

Revenue Regulations No. 19-2020: Use of BIR Form 1709 or Information Return on Related Party Transactions

By |July 13th, 2020|Categories: BIR Updates|

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 [...]

407, 2020

SEC ADJUSTED DEADLINES FOR ANNUAL REPORTS AND MODES OF SUBMISSION

By |July 4th, 2020|Categories: Uncategorized|

The Securities and Exchange Commission (SEC) announced just last week the temporary closure of the SEC Main Office in Philippine International Convention Center (PICC), Pasay City to give way for the office disinfection due to the initial positive COVID-19 test result of four SEC employees. SEC resumed their operations last July 1, 2020 after the said employees tested negative on the confirmatory tests. SEC shall likewise resume accepted Annual Financial [...]

106, 2020

RMC 49-2020: The New Normal on ITR and Related Attachments Submission

By |June 1st, 2020|Categories: BIR Updates|

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 [...]

1505, 2020

Guidelines on Filing of Audited FS After ECQ

By |May 15th, 2020|Categories: SEC|

The Philippines is still struggling to win the battle against Covid-19. After almost two (2) months of putting the whole country under quarantine measures, the government has taken gradual steps to open the essential businesses as well as government offices to cope with the declining economy. Philippine Securities and Exchange Commission (SEC) together with other government offices has extended the submission of reports such as the Audited Financial Statements (AFS) [...]

1205, 2020

RMC No. 47-2020: Compliance with the Receipting/Invoicing  Requirements During ECQ

By |May 12th, 2020|Categories: BIR Updates|

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 [...]

805, 2020

SEC ONLINE FILING OF CERTAIN APPLICATIONS DURING COVID-19 OUTBREAK

By |May 8th, 2020|Categories: SEC|

By: Hergie Ann De Guzman The pandemic we are facing now is a challenge to everyone, including the business owners for the continuance of their business operations. Moreover, governing bodies, such as the Philippine Securities and Exchange Commission (SEC ) are also faced with the challenge to effectively continue catering the needs of the companies and new business registrants. Company Registrations The SEC continues to accept online applications for the [...]

705, 2020

SEC Extension on Reportorial Requirements Submission During COVID-19 Outbreak

By |May 7th, 2020|Categories: SEC|

By: Hergie Ann De Guzman The Philippine Securities and Exchange Commission (SEC), amid the COVID-19 pandemic and implemented Community Quarantine, has been continuously providing the public with convenient ways on how companies could comply with the SEC’s reportorial requirements without compromising the public’s health condition.  Below are the policies implemented by the SEC to ensure proper compliance of registered companies even during the pandemic.  Covered Reports   Audited Financial Statements [...]

505, 2020

Further BIR Deadline Extensions Related to Covid-19

By |May 5th, 2020|Categories: BIR Updates|

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 [...]

2204, 2020

Updates on the Remittance of Government Contributions Amidst COVID-19 Pandemic

By |April 22nd, 2020|Categories: Government Contributions Updates|

By: Arianne Keith Velasquez, CPA Battling with the unseen opponent due to the COVID-19 is the greatest struggle Philippines and the rest of the world has been dealing with the past months which sprouted to different socio-economic problems especially those in the business sector. Employers are in constant search of the best formula to meet the needs of its employees without compromising the continuance of the business in a long [...]

204, 2020

Five Ways Young Professionals Can Deal With Failure

By |April 2nd, 2020|Categories: Inspirational|

By: Michael John D. Natabla, CPA   Have you ever experienced to commit yourself in something, to give your 100% and more, but still you haven’t received the result that you have expected? Or, have you ever had countless sleepless nights just to submit your deliverable on time but despite your best effort, you still haven’t met the deadline? One way or another, it happens to all of us. As [...]

1702, 2020

2020 Guidelines on Submission of Annual Financial Statements of Philippine Registered Entities

By |February 17th, 2020|Categories: Uncategorized|

By: Seala Marie Asis, CPA Wrapping the financial year ending December 31, 2019 could have been one of the most common works of Philippine accountants this first quarter of 2020.  In this article, let's deal about one of the most important reports, every SEC registered entities in the Philippines must properly comply with - the Annual Financial Statements. The Securities and Exchange Commission (SEC) through SEC Memorandum Circular No. 2 Series [...]

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