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Tax Code

Revenue Regulations No. 2-2025

2026-06-15T10:12:05+08:00

This Revenue Regulation is issued on January 8, 2025 implements the tax provisions of RA No. 9267, otherwise known as "The Securitization Act of 2004." The sale or transfer of assets to the Special Purpose Entity (SPE), including sale or transfer of any and all security interest thereto, made in accordance with the Securitization Plan shall be exempted from Value-Added Tax (VAT) and Documentary Stamp Tax (DST) or any other taxes imposed in lieu thereof. Moreover, pursuant to Section 28 of RA No. 9267, the transfer of assets by dation in payment (dacion en pago) by the obligor in favor of [...]

Revenue Regulations No. 2-20252026-06-15T10:12:05+08:00

Revenue Regulations No. 15- 2024

2024-11-19T15:42:17+08:00

This revenue regulation prescribes the policies and guidelines in mandatory registration of persons engaged in business and administrative sanctions and criminal liabilities for non-registration. Section 236(A) of the Tax Code, provides that every person subject to any internal revenue tax shall register once, either electronically or manually, with the Bureau of Internal Revenue (BIR): Within ten (10) days from date of employment; or On or before the commencement of business; or Before payment of any tax due; or Upon filing of a return, statement or declaration as required under the Tax Code. Consequently, any person who is engaged in any trade [...]

Revenue Regulations No. 15- 20242024-11-19T15:42:17+08:00

Revenue Regulations No. 10-2024

2024-07-04T14:31:26+08:00

This regulation amends certain provisions of Revenue Regulations (RR) No. 10-2006, as amended, relative to the registration of Master Securities Lending Agreement and Global Master Securities Lending Agreement. Section 3 of RR No. 10-2006, as amended, is further amended to read as follows: "SECTION 3. Definition of Terms -  b. Collateral. Cash government securities, equity securities, standby letter of credit issued by a bank, or other forms collateral provided to the Lender as security in accordance with the rules prescribed by the SEC and/or PSE until the borrowed share/security is returned. f. Global Master Securities Lending Agreement (GMSLA). Master Securities Agreement [...]

Revenue Regulations No. 10-20242024-07-04T14:31:26+08:00

Revenue Regulations No. 7-2024

2024-04-18T19:17:24+08:00

This Revenue Regulation implements Section 113, 235, 236,237,238,242,243 of the Tax Code of 1997, as amended by Republic Act (RA) No. 11976 (Ease of Paying Taxes Act), on the registration procedures and invoicing requirements. The following registration procedures and invoicing requirements are specified in the Regulations: A. Invoicing and Accounting Requirements for Value-Added Tax (VAT) Registered Persons under Section 113 of the Tax Code Invoicing Requirements Information Contained in a VAT Invoice Accounting Requirements Consequence of Issuing Erroneous VAT Invoice B. Preservation of Books of Accounts and Other Accounting Records under Section 235 of the Tax Code Preservation Examination and Inspection [...]

Revenue Regulations No. 7-20242024-04-18T19:17:24+08:00

Revenue Regulations No. 5-2024

2024-04-17T17:04:54+08:00

This Revenue Regulation implements Sections 76(C), 112(C), 112(D), 204(C), 229 and 269(J) of the Tax Code of 1997, as amended by Republic Act No. 11976 (Ease of Paying Taxes (EOPT) Act), on tax refunds. The Regulations shall cover tax credit/refund claims that are filed starting July 1, 2024, onwards and implements the following: (A) Section 112(C) of the Tax Code that introduced the risk-based approach to verification of VAT refund claims; (B) Section 112(D) of the Tax Code which clarified the liability of the taxpayer-claimant and the BIR in case of disallowance by the Commission of Audit (COA); (C) Section 76(C) [...]

Revenue Regulations No. 5-20242024-04-17T17:04:54+08:00

Revenue Regulations No. 4-2024

2024-04-17T16:22:46+08:00

This Revenue Regulation implements Sec 22, 34, 51(A) (2)(e), 51(D), 56(A)(1), 58(A), 58(C), 58(E), 77, 81,90,91,103,114,128,200 and 248 of the Tax Code of 1997, as amended by Republic Act No. 11976 (Ease of Paying Taxes [EOPT] Act) on the filing of tax returns and payment of taxes and other matters affecting the declaration of taxable income. The filing of tax returns shall be done electronically - on any of the available electronic platforms. However, in case of unavailability of the electronic platforms, manual filing of tax returns may be allowed. The civil penalty of 25% of the amount due in case [...]

Revenue Regulations No. 4-20242024-04-17T16:22:46+08:00

Revenue Regulations No. 3-2024

2024-04-17T14:03:32+08:00

This Revenue Regulation implements the amendments introduced by RA No. 11976 (Ease of Paying Taxes[EOPT] Act), on the relevant provisions of Title IV - Value-Added tax and Title V - Percentage Tax of the Tax Code of 1997, as amended. Under the Regulations, all references to "gross selling price", "gross value in money", and "gross receipts" shall now be referred to as the "GROSS SALES", regardless of whether the sale is for goods under Section 106, or for services under Section 108 of the Tax Code. The term "Invoice" will also now be used instead of Sales/Commetccial Invoices or Official Receipts. [...]

Revenue Regulations No. 3-20242024-04-17T14:03:32+08:00

Revenue Regulations No. 2-2024

2024-03-05T09:53:36+08:00

This prescribes the policies and guidelines for the publication of revenue issuances and other information materials of the BIR pursuant to Section 245(i) of the Tax Code, as amended by Republic Act (RA) No. 11976 (Ease of Paying Taxes), to wit: " SEC. 245. Specific Provisions to be Contained in Rules and Regulations. The rules and regulations of the Bureau of Internal Revenue shall, among other things, contain provisions specifying, prescribing or defining: xxx "(i) The manner in which tax returns, information and reports shall be prepared and reported and the tax collected and paid, as well as the conditions under [...]

Revenue Regulations No. 2-20242024-03-05T09:53:36+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

REVENUE MEMORANDUM CIRCULAR NO. 11-2024

2024-02-08T13:32:51+08:00

For Income Tax purposes, an operating lease is defined as a contract under which the asset is not wholly amortized during the primary period of the lease, and where the lessor does not rely solely on the rentals during the primary period for his profits, but looks for the recovery of the balance of his costs and for the rest of his profits from the sale or re-lease of the returned asset of the primary lease period.   "Finance lease" or full payout lease, on the other hand, is a contract involving payment over an obligatory period (also called primary or [...]

REVENUE MEMORANDUM CIRCULAR NO. 11-20242024-02-08T13:32:51+08:00
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