FacebookXInstagramLinkedIn

Republic Act No 11976

Revenue Memorandum Circular No. 68-2024

2024-07-02T13:35:02+08:00

This Circular is issued that prescribed the newly revised BIR Form No. 2550Q [Quarterly Value-Added Tax (VAT) Return] April 2024 (ENCS) version. The said return, attached as Annex "A" in the Circular, contains the items/fields listed below in compliance with the provisions of Republic Act No. 11976 (Ease of Paying Taxes Act): Item No.   Particulars  35  Output VAT on Uncollected Receivables  36  Output VAT on Recovered uncollected Receivables Previously Deducted  55  Input VAT on Unpaid Payables  58  Input VAT on Settled Unpaid Payables Previously Deducted   The revised BIR Form No. 2550Q is already available on the BIR Website under the [...]

Revenue Memorandum Circular No. 68-20242024-07-02T13:35:02+08:00

Revenue Memorandum Circular No. 65-2024

2024-06-29T17:53:29+08:00

This Circular is issued to clarify certain issues relative to the implementation of Section 19 of Republic Act No. 11976 (Ease of Paying Taxes Act), which added Section 110(D) of the National Internal Revenue Code of 1997, as amended (Tax Code), that introduced the Output Value Added Tax (VAT) Credit on uncollected receivables. The rationale of Section 110(D) is that sales are either made in cash or on account. In cash sales, the seller, who has passed-on the VAT to the buyer has no problem in the corresponding VAT due thereon to the BIR since the seller has already collected the [...]

Revenue Memorandum Circular No. 65-20242024-06-29T17:53:29+08:00

Revenue Memorandum Circular No. 14-2024

2024-02-15T13:25:17+08:00

This memorandum circular advises all taxpayers that effective January 22, 2024, the BIR will cease to collect the Annual Registration Fee (ARF) from business taxpayers. This is in compliance with the Republic Act No 11976 (Ease of Paying Taxes Act). As a result, business taxpayers are exempt from filing BIR Form No. 0605 and paying the Five Hundred Pesos (P500.00) ARF (for new business and annual renewal). Business taxpayers with existing BIR Certificate of Registration (COR) that includes the Registration Fee will retain its validity. They may choose to update/replace their COR at their convenience by surrendering their old COR at [...]

Revenue Memorandum Circular No. 14-20242024-02-15T13:25:17+08:00
Go to Top