Tax Code

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

REVENUE MEMORANDUM CIRCULAR NO. 8-2024

2024-02-07T16:08:32+08:00

Issued on January 15, 2024 clarifies the provisions of Revenue Regulations (RR) No. 16-2023 imposing Withholding Tax on gross remittances made by electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) to sellers/merchants.   The Withholding Tax obligation of e-marketplace operator and DFSPs shall take effect after fifteen (15) days following the publication of RR No. 16-2023 in a newspaper of general circular or the Official Gazette, whichever comes first. RR No. 16-2023 was first published in Manila Bulletin on December 27, 2023. Thus, RR No. 16-2023 shall take effect on January 11, 2024.   The e-marketplace operators and DFSPs are allowed [...]

REVENUE MEMORANDUM CIRCULAR NO. 8-20242024-02-07T16:08:32+08:00

Revenue Regulations No. 12-2023

2023-10-11T18:21:55+08:00

In accordance with Section 237 of the Tax Code, as amended, all persons subject to an internal revenue tax shall, at a point of each sale and transfer of merchandise or for services rendered valued at One hundred pesos (P100.00) or more, issue duly registered receipts or sales or commercial invoices. However, the Commissioner of Internal Revenue may, in meritorious cases, exempt any person subject to internal revenue tax from compliance with the issuance of receipts or sales or commercial invoices.  For ease of doing business, the Commissioner, hereby exempts Agricultural Producers from the issuance of principal and supplementary receipts or [...]

Revenue Regulations No. 12-20232023-10-11T18:21:55+08:00

Revenue Memorandum Circular No. 84- 2023

2023-08-22T13:59:47+08:00

The revised BIR Form No. 2200-M is already available for download on the BIR website (www.bir.gov.ph) under the BIR Forms-Excise Tax Return Section. However, the Form is not yet available in the Electronic Filing System (eFPS) and Electronic Bureau of Internal Revenue Forms (eBIRForms). Thus, eFPS/eBIRForms filers shall continue to use the BIR Form No. 2200-M [October 2022 (ENCS)] in the eFPS in Office eBIRForms Package v7.9.4 in filing and paying the Excise Tax due. A separate revenue issuance shall be issued to announce its availability in the eFPS and in the Offline eBIRForms Package.   Manual filers shall download the [...]

Revenue Memorandum Circular No. 84- 20232023-08-22T13:59:47+08:00

Revenue Memorandum Circular No. 71-2023

2023-07-12T12:30:59+08:00

Revenue Memorandum Circular No. 71-2023, provides uniform guidelines and prescribes the revised mandatory documentary requirements in the processing and grant of Value-Added-Tax (VAT) credit/refund claims under Section 112 of the Tax Code of 1997, as amended, in line with the latest developments on VAT introduced by Republic Act (R.A.) No. 10963 (TRAIN Law) and R.A. No. 11534 (CREATE Act), except those under the authority and jurisdiction of the Legal Group. The Circular shall take effect for VAT refund/credit claims that will be filed starting July 1, 2023.  The time frame to process and grant claims for VAT refund is ninety (90) [...]

Revenue Memorandum Circular No. 71-20232023-07-12T12:30:59+08:00
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