NIRC

Revenue Regulations No. 14-2024

2024-11-06T11:02:10+08:00

This revenue regulations prescribes the rules and regulations governing the modes of disposition of seized/forfeited articles in line with Sections 130,131 and 225 of the National Internal Revenue Code (NIRC) of 1997, as amended. Per Section 131 of the NIRC, as amended, Excise Taxes on imported articles shall be paid by the owner or importer to the Custom Officers, comfortably with the regulations of the Department of Finance and before the release of such articles from the customs house, or by than those legally entitled to exemption. Articles confiscated shall be destroyed using the most environmentally friendly method available in accordance [...]

Revenue Regulations No. 14-20242024-11-06T11:02:10+08:00

Revenue Memorandum Circular No. 60-2024

2024-05-17T16:35:05+08:00

This Circular is issued to provide clarification and guidance on the amendments introduced by Republic Act No. 11976 otherwise known as the "Ease of Paying Taxes (EOPT) Act", particularly on the repeal of Section 34 (K) of the National Internal Revenue Code (Tax Code) of 1997, as amended. The amendment is implemented through Section 6 of Revenue Regulations No. 4-2024. With the repeal of the provision under the Ease of Paying Taxes (EOPT) Act, a particular income payment where a tax is required to be withheld can now be allowed as deduction from the gross income, even if no tax was [...]

Revenue Memorandum Circular No. 60-20242024-05-17T16:35:05+08:00

Revenue Memorandum Circular No. 74-2023

2023-07-12T12:25:57+08:00

Revenue Memorandum Circular No. 74-2023 prescribes the standard templates for the "Sworn Statement” and “Sworn Declaration” that shall be submitted by the domestic corporation as an attachment to the Annual Income Tax Return (AITR) pertaining to the taxable year when the dividend is received and to the AITR for the immediately succeeding taxable year, respectively. The required sworn statement/declaration is part of the requirements for availing the income tax exemption of foreign-sourced dividends pursuant to Section 27 (D)(4) of the National Internal Revenue Code, as amended.  Considering that the prescribed templates pursuant to RR No. 5-2023 only include dividend income received [...]

Revenue Memorandum Circular No. 74-20232023-07-12T12:25:57+08:00
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