Latest News2015-12-02T10:52:51+00:00
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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