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National Internal Revenue Code

Revenue Regulations No. 12-2024

2024-07-17T17:24:30+08:00

This Revenue Regulation is issued that amends Sections 5 and 6 of Revenue Regulations (RR) No. 3-2019 on the validity if Certificate Authorizing Registration (eCAR) and its revalidation. Pursuant to the provisions of Section 244 in relation of Sections 58(E), 95 and 97 of the National Internal Revenue Code 1997, as amended, these Regulations are promulgated to pertinent provisions of RR No, 3-2019, which prescribed the use of eCAR System. Section 5 and 6 of RR No. 3-2019 are amended to read as follows: "SEC. 5- VALIDITY OF eCAR - The eCAR shall be valid from the date of its issuance [...]

Revenue Regulations No. 12-20242024-07-17T17:24:30+08:00

REVENUE MEMORANDUM CIRCULAR NO. 19-2024

2024-02-15T15:20:43+08:00

The Table below shows the differences between the accounting treatment and current tax treatment on interest expenses.  Particulars  Accounting Treatment  Current Tax Treatment  Interest Expense on borrowing arrangements  Interest is recognized as an expense using the effective interest method. Interests incurred directly attributable to the acquisition of a qualifying asset are capitalized as part of the cost of the asset.  Interest can be claimed as a deduction, subject to certain limitations, provided all the criteria are met.    Interest incurred to acquire property used in trade, business or exercise of profession may be recognized as an expense in the year incurred [...]

REVENUE MEMORANDUM CIRCULAR NO. 19-20242024-02-15T15:20:43+08:00

Revenue Memorandum Circular No. 13-2024

2024-02-12T16:00:17+08:00

The table below shows the differences between the recording and treatment of income and expenses relating to employee retirement benefits under the Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS) and the National Internal Revenue Code of 1997, as amended.  Particulars  PFRS  Taxation  RA No. 4917  RA No. 7641  Employee benefit expense  Employee benefit expense comprises of:  Service costs  Net interest costs  Contribution to a tax qualified plan is deductible expense  Actual retirement benefits paid is a deductible expense  Current service cost  Recognized in profit or loss as part of employee benefit expense  Contribution for normal cost is deductible in full [...]

Revenue Memorandum Circular No. 13-20242024-02-12T16:00:17+08:00
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