Updates

Updates2019-11-30T06:50:29+08:00
2102, 2024

Revenue Memorandum Circular No. 27-2024

February 21st, 2024|Categories: BIR Updates|Tags: , , , , |

This Circular prescribes the updated Checklist of Documentary Requirements (Annexes) for registration-related frontline services. The Bureau of Internal Revenue (BIR) shall only process applications or requests with complete documentary requirements and shall not process deficient or incomplete applications or requests, [...]

1902, 2024

Revenue Memorandum Circular No. 26-2024

February 19th, 2024|Categories: BIR Updates|Tags: , , , |

This circular is issued to announce the availability of the following BIR Forms in the Electronic Filing and Payment System (eFPS): BIR Form No. Description Deadline of Filing/Payment 2200-AN January 2018 (ENCS) Excise Tax Return for Automobiles  and Non-Essentia Goods [...]

1702, 2024

REVENUE MEMORANDUM CIRCULAR NO. 21-2024

February 17th, 2024|Categories: BIR Updates|Tags: , , , , , , , |

The revised answer in Q & A No. 31 pursuant to RMC No. 49-2022 required the following types of Registered Export Enterprises (REE) to change their registration status from Value-Added Tax (VAT)-registered entity to non-VAT:   Within two (2) months [...]

1502, 2024

Revenue Memorandum Circular No. 25-2024

February 15th, 2024|Categories: BIR Updates|Tags: , , , , |

This circular is issued to amend the pertinent provisions of Revenue Memorandum Circular No. 16-2024, more particularly, on the extension of the deadline of submission of Alphabetical List of Employees/ payees from Whom Taxes Were Withheld (Alphalist) for the taxable [...]

1302, 2024

Revenue Memorandum Circular No. 23-2024

February 13th, 2024|Categories: BIR Updates|Tags: , , , , , |

This circular is issued to announce the availability of BIR Form No. 1701A [Annual Income Tax Return for Individuals Earning PURELY from Business/Profession (Those under the graduated income tax rates with OSD as mode of deduction OR those who opted [...]

602, 2024

REVENUE MEMORANDUM CIRCULAR NO. 19-2024

February 6th, 2024|Categories: BIR Updates|Tags: , , , , , , , , , |

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 [...]

502, 2024

Revenue Memorandum Circular No. 18-2024

February 5th, 2024|Categories: BIR Updates|Tags: , , , , , , , |

This announces the availability of the following BIR Forms in the Electronic Filing and Payment System (eFPS): BIR Form No.   Description   Deadline of Filing/Payment  1700  Annual Income Tax Return for Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession Related [...]

2601, 2024

Revenue Memorandum Circular No. 14-2024

January 26th, 2024|Categories: BIR Updates|Tags: , , , , , |

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). [...]

2601, 2024

Revenue Memorandum Circular No. 13-2024

January 26th, 2024|Categories: BIR Updates|Tags: , , , , , , , , |

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.  [...]

2601, 2024

Revenue Memorandum Circular No. 15-2024

January 26th, 2024|Categories: BIR Updates|Tags: , , , , , , , |

Prescribes the temporary use of BIR Form No. 0605 for the remittance of Creditable Withholding Tax (CWT) by Joint Ventures/Consortiums under Revenue Regulations (RR) No. 14-2023 while waiting for the finalization of the revised BIR Form No. 1601-EQ [Quarterly Remittance [...]

2601, 2024

REVENUE MEMORANDUM CIRCULAR NO. 12-2024

January 26th, 2024|Categories: BIR Updates|Tags: , , , , |

Clarifies the treatment of foreign currency transactions for financial reporting and internal revenue tax purposes.   The Table below shows the differences between the foreign exchange (forex) gains/losses recognized in the financial statements prepared under the Philippine Financial Reporting Standards [...]

2601, 2024

REVENUE MEMORANDUM CIRCULAR NO. 11-2024

January 26th, 2024|Categories: BIR Updates|Tags: , , , , , , , |

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 [...]

2601, 2024

REVENUE MEMORANDUM CIRCULAR NO. 8-2024

January 26th, 2024|Categories: BIR Updates|Tags: , , , , |

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 [...]

1801, 2024

GUIDELINES ON THE PAG-IBIG FUND’S IMPLEMENTATION OF INCREASE IN THE MAXIMUM FUND SALARY (MFS) EFFECTIVE FEBRUARY 2024

January 18th, 2024|Categories: Pag-IBIG|Tags: , |

The increase in MFS shall be applicable to all Pag-IBIG I members under mandatory and voluntary coverage effective February 2024 onwards. The contribution rate of all Pag-IBIG I members both mandatory and voluntary shall be as follows, unless otherwise specified: [...]

1701, 2024

Revenue Regulations No. 1-2024

January 17th, 2024|Categories: BIR Updates|Tags: , , , , |

This Revenue Regulation further amends Section 2, Sub-section 4.109-1(B)(p) of Revenue Regulations (RR) No. 4-2021, as amended by RR No. 8- 2021, to implement the adjustment of the selling price threshold of the sale of house and lot, and other [...]

1601, 2024

REVENUE MEMORANDUM CIRCULAR NO. 8-2024

January 16th, 2024|Categories: BIR Updates|Tags: , , , , , , |

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 [...]

901, 2024

BIR Advisory: Annual Registration Fee (ARF)

January 9th, 2024|Categories: BIR Updates|Tags: , , , , , , |

Effective January 22, 2024, the Bureau of Internal Revenue (BIR) will cease collecting the Annual Registration Fee (ARF) from business taxpayers. This change complies with the Republic Act No. 11976, the “Ease of Paying Taxes Act”. As a result, business [...]

601, 2024

Revenue Memorandum Circular No. 3-2024

January 6th, 2024|Categories: BIR Updates|Tags: , , , , , , , , , |

This circularizes Republic Act (RA) No. 11976 (Ease of Paying Taxes [EOPT] Act), together with the Veto Message both signed by President Ferdinand R. Marcos Jr. on January 5, 2024. The following Sections of the National Internal Revenue Code (NIRC) [...]

2712, 2023

Revenue Regulations No. 15-2023

December 27th, 2023|Categories: BIR Updates|Tags: , , , , , , , , |

Implements the grant of Donor's Tax exemption on the donation of imported capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project or activity by Registered Business Enterprises (RBEs) of any existing Investment Promotion [...]

2012, 2023

Revenue Memorandum Circular No. 120-2023

December 20th, 2023|Categories: BIR Updates|Tags: , , , , , , , , |

Announces the availability, use and acceptance of Digital Taxpayer Identification Number (TIN) ID as additional functionality and feature of the BIR Online Registration and Update System (ORUS) Starting November 21, 2023. The following policies are hereby prescribed relative to the [...]

1812, 2023

Revenue Memorandum Order No. 39-2023

December 18th, 2023|Categories: Audit, BIR Updates|Tags: , , , , , , , , , , , , , |

Suspension of All Audit and Other Field Operations of the Bureau of Internal Revenue Effective December 16, 2023  All field audits and related field operations by the Bureau of Internal Revenue about the examination and verification of taxpayers’ books of [...]

2311, 2023

Revenue Regulations No. 14-2023

November 23rd, 2023|Categories: BIR Updates|Tags: , , , , |

Amends the pertinent provisions of Revenue Regulations (RR) No. 2-98, as amended, by adding items (V) and (W) to impose a Creditable Withholding Tax on certain income payments by joint ventures/consortiums.   The pertinent provisions of Section 2.57.2 of RR [...]

2311, 2023

Revenue Regulations No. 13-2023

November 23rd, 2023|Categories: BIR Updates|Tags: , , , , |

Prescribes the policies and guidelines for the optional VAT – registration of Registered Business Enterprises (RBE) classified as Domestic Market Enterprise (DME) under the five percent (5%) tax on Gross Income Earned (GIE) in lieu of all taxes regime during [...]

611, 2023

Revenue Memorandum Circular No. 109-2023

November 6th, 2023|Categories: BIR Updates|Tags: , , , , |

This circular is issued to announce the availability of the Taxpayer Registration - Related Applications (TRRA ) Portal on October 16, 2023. The TRRA Portal is an alternative option that can be used by taxpayers to submit registration-related applications thru [...]

1110, 2023

Revenue Regulations No. 12-2023

October 11th, 2023|Categories: BIR Updates|Tags: , , , , , , |

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) [...]

210, 2023

Revenue Regulations No. 11-2023

October 2nd, 2023|Categories: BIR Updates|Tags: , , , , , , , , |

Prescribes the use of electronic mail (e-mail) and electronic signature as additional mode of service of the Warrant of Garnishment (WG) pursuant Section 208 in relation to Section 244 of the National Internal Revenue Code of 1997, as amended.  The [...]

210, 2023

SEC Memorandum Circular No. 17 series of 2023

October 2nd, 2023|Categories: SEC|Tags: , , , , |

The Commission hereby resolves to FURTHER EXTEND the deadline for amnesty applications until 06 November 2023, and amends previous memorandum circulars for the purpose. Accordingly, the Commission also resolves to provide the following guidelines: To provide the public with updates [...]

1409, 2023

Revenue Memorandum Circular No. 94-2023

September 14th, 2023|Categories: BIR Updates|Tags: , , , |

Announcing the availability of Online Customer Satisfaction Survey as an additional functionality and feature of the BIR Online Registration and Update System (ORUS) Starting September 5, 2023.  The Online Customer Satisfaction Survey aims to determine and measure the overall taxpayer [...]

1309, 2023

Revenue Memorandum Circular No. 92-2023

September 13th, 2023|Categories: BIR Updates|Tags: , , , , |

Announces the availability of the BIR Form No. 1621 (Quarterly Remittance Return of Tax Withheld on the Amount Withdrawn from Decedent's Deposit Account) in the Electronic Filing and Payment System (eFPS). The aforementioned BIR Form BIR Form is required to be [...]

1309, 2023

Revenue Memorandum Circular No. 91-2023

September 13th, 2023|Categories: BIR Updates|Tags: , , , , , |

All registered export and domestic enterprises that will continue to avail of their existing tax incentives subject to Sections 1,2 and 3 of this Rule, may continue to enjoy the duty exemption, VAT exemption on importation, and VAT zero-rating on [...]

2208, 2023

Revenue Memorandum Circular No. 86-2023

August 22nd, 2023|Categories: BIR Updates|Tags: , , , |

Circularizing the List of Qualified Personal Equity and Retirement Account (PERA) Eligible Products Duly Approved by the Securities and Exchange Commission  Under Section 9 of Republic Act No. 9505, otherwise known as the Personal Equity and Retirement Account (PERA) Act [...]

2208, 2023

Revenue Memorandum Circular No. 84- 2023

August 22nd, 2023|Categories: BIR Updates|Tags: , , , , , , , , , |

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 [...]

1408, 2023

Revenue Memorandum Circular No. 80-2023

August 14th, 2023|Categories: BIR Updates|Tags: , , , , , , , |

This Circular is issued to provide clarification on the provisions of RR No. 3-2023 and certain issues and concerns pertaining to transactions with other entities granted VAT zero-rate incentives on local purchases under special laws and international agreements.  RR No. [...]

1108, 2023

Revenue Memorandum Circular No. 79-2023

August 11th, 2023|Categories: BIR Updates|Tags: , , , , , , , , , , |

Availability of BIR Form Nos. 1600-PT, 1600-VT, 1602Q, 1603Q, 2551Q and 2552 in the Electronic Filing and Payment System (eFPS)  This Circular is issued to announce the availability of the following BIR Forms in the Electronic Filing and Payment System [...]

708, 2023

Revenue Memorandum Circular No. 78-2023

August 7th, 2023|Categories: BIR Updates|Tags: , , , , , , , , |

BIR issued RMC No. 78-2023 Prescribing the Administrative Requirements for Importers and Manufacturers of Raw Materials, Apparatus or Mechanical Contrivances, and Equipment Specially Used for the Manufacture of Heated Tobacco Products and Vapor Products. Importers or manufacturers of raw materials, [...]

208, 2023

Revenue Regulations No. 8-2023

August 2nd, 2023|Categories: BIR Updates|Tags: , , , , , |

Revenue Regulations No. 8- 2023 clarifies the information that shall appear in the official receipts/sales invoices on purchases of Senior Citizens (SCs) and Persons With Disabilities (PWDs) through online (E-Commerce) or mobile applications, in relation to Revenue Regulations (RR) No. [...]

1207, 2023

Revenue Memorandum Order No. 25-2023

July 12th, 2023|Categories: BIR Updates|Tags: , , , , , , , |

Revenue Memorandum Order No. 25-2023 issued on July 4, 2023, prescribes the policies, guidelines and procedures in the preparation and processing of payroll in the National Office and Regional Offices using the new Nationwide BIR Payroll System (NBPS).   The [...]

1007, 2023

Revenue Memorandum Circular No. 75-2023: Extension of Replacing “Ask for Receipt” notice with the niew “Notice to Issue Receipt/Invoice”

July 10th, 2023|Categories: BIR Updates|Tags: , , |

Revenue Memorandum Circular No. 75-2023 The Bureau informed the taxpayers to replace their old “Ask for Receipt” Notice with the new NIRI until June 30, 2023. While the deadline was already set, several inquiries are being received from business taxpayers [...]

1007, 2023

Revenue Memorandum Circular No. 74-2023

July 10th, 2023|Categories: BIR Updates|Tags: , , , |

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 [...]

1007, 2023

Revenue Memorandum Circular No. 71-2023

July 10th, 2023|Categories: BIR Updates|Tags: , , , , |

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 [...]

707, 2023

Revenue Memorandum Circular No. 58-2023

July 7th, 2023|Categories: BIR Updates|Tags: , , , |

Revenue Memorandum Circular No. 58-2023, clarifies the policies and guidelines on the issuance and validity of Taxpayer Identification Number (TIN) Card and Certificate of Registration (COR).  The old TIN cards (yellow-orange) is no longer being issued by the BIR. It [...]

3003, 2023

RMC No. 40- 2023: Availability of the Offline electronic Bureau of Internal Revenue Forms (eBIRForms) Package Version 7.9.4

March 30th, 2023|Categories: BIR Updates|

BIR Issued this circular to announce the availability of the Offline eBIRForms Package Version 7.9.4 which can be downloaded from the following websites: www.bir.gov.ph  www.knowyourtaxes.ph/ebirforms The Offline eBIRForms Package v7.9.4 now includes the April 2021 version of the following forms: [...]

2103, 2023

RMC No. 32-2023: Guidelines in filing of the Annual Income Tax Returns for CY 2022 and payment of Taxes due thereon until April 17, 2023

March 21st, 2023|Categories: BIR Updates|

Filing of Annual Income Tax Returns for Calendar Year 2022 as well as Payment of Taxes Due Thereon Until April 17, 2023 For the information and guidance of all concerned, this Circular is being issued to provide the guidelines in [...]

303, 2023

SEC Update: Extension of Deadlines for the 2023 Filing of Annual Financial Statements

March 3rd, 2023|Categories: SEC|

SEC Memorandum Circular No. 1 Series of 2023 Extension of deadlines for the 2023 Filing of Annual Financial Statements To demonstrate commitment to ensuring high-quality financial reports, the Commission provides sufficient time for external auditors to complete their statutory audits [...]

302, 2023

RR No. 1-2023

February 3rd, 2023|Categories: BIR Updates|

On January 18, 2023, the BIR issued RR No. 1-2023 that implements the ten percent (10%) discount and the Value-Added Tax (VAT) exemption under Republic Act (RA) No. 11861 (Expanded Solo Parents Welfare Act), to wit: Solo parents that meet [...]

301, 2023

RR No. 15-2022: Relative to some changes in the rate of Creditable Withholding Tax on certain income payments

January 3rd, 2023|Categories: BIR Updates|

BIR Issued RR No. 15-2022 amending certain provisions of Revenue Regulations (RR) No. 2-98 as Amended by RR No. 11-2018, which implemented the provisions of Republic Act 10963, otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) Law, Relative [...]

301, 2023

Revenue Regulations No. 14-2022: Prescribes the rules and regulations relative to the importation, manufacture, sale, packaging, distribution, use, and communication of Vaporized Nicotine and Non-Nicotine Products, and Novel Tobacco Products

January 3rd, 2023|Categories: BIR Updates|

Revenue Regulations No. 14-2022 Prescribes the rules and regulations implementing the provisions of Republic Act (RA) No. 11900, relative to the importation, manufacture, sale of packaging, distribution, use, and communication of Vaporised Nicotine and None-Nicotine Products, and Novel Tobacco Products. [...]

611, 2022

RMC No. 142-2022: Prescribing Guidelines on the Registration with BOI of existing RBEs in IT-BPM sector

November 6th, 2022|Categories: BIR Updates|

For the information and guidance of all internal revenue officers, employees, and others concerned, attached is the DTI MC No. 22-19, s. 2022 dated October 18, 2022, prescribing the guidelines on the transfer of RBEs in the IT-BPM sector from [...]

411, 2022

RMC No. 141-2022: Revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC)

November 4th, 2022|Categories: BIR Updates|

BIR Issued Revenue Memorandum Circular (RMC) No. 141-2022 to inform eBIRForms users/filers on  the revised contents of eBIRForms email notification or the Tax Return Receipt Confirmation (TRRC) The revised email content shall be read as follows:   This Confirms receipt [...]

2410, 2022

RR No. 13-2022: Prescribes the guidelines, procedures and requirements for the proper Income Tax treatment of equity based compensation of any kind

October 24th, 2022|Categories: BIR Updates|

On October 7, 2022, BIR issued Revenue Regulation 13- 2022 to prescribe more definitive guidelines, procedures, and requirements for the proper income tax treatment of equity-based compensation. Which shall take effect fifteen (15) days following its publication in the Official [...]

2010, 2022

SEC Update

October 20th, 2022|Categories: SEC|

Reportorial Requirements Submitted by Corporations shall be accepted and considered complete and accurate. Any Inaccuracy, incompleteness, and/or false or misleading information in the submitted reports shall be penalized accordingly. Pursuant to Sec. 162 of Republic Act No. 11232 otherwise known [...]

210, 2022

RMO No. 43-2022: Prescribes the policies, guidelines and procedures in the issuance and use of Notice to Issue Receipt/lnvoice (NIRI) pursuant to Revenue Regulations No. 10-2019

October 2nd, 2022|Categories: Uncategorized|

On September 29, 2022, the BIR issued RMO No. 43-2022 prescribing the policies, guidelines, and procedures in the issuance and use of Notice to Issue Receipt/Invoice (NIRI) and defining the duties and responsibilities of all the offices involved in the [...]

2809, 2022

RMC No. 131-2022: Offline eBIRForms Package Version 7.9.3

September 28th, 2022|Categories: BIR Updates|

On September 28, 2022, the BIR issues the RMC No 131-2022 to announce the availability of Offline eBIRForms Package Version 7.9.3 which can be downloaded from the following sites: www.bir.gov.ph and www.knowyourtaxes.ph/ebirforms The new Offline eBIRForms Package has the following [...]

2709, 2022

RMC No. 130-2022: Extension of eFiling/Filing and ePayment/Payment of Taxes due on September 26, 2022

September 27th, 2022|Categories: BIR Updates|

On September 26, 2022, the BIR Issued RMC No. 130-2022 in connection with the Memorandum Circular No. 06 issued by the Office of the President due to the inclement weather brought about by Super Typhoon “Karding”. In this regard, the [...]

2109, 2022

RR No. 12-2022

September 21st, 2022|Categories: BIR Updates|

On September 13, 2022, the BIR Issued Revenue Regulation No. 12-2022 which prescribes the policies and guidelines for the availment of incentives under Republic Act No. 9999 (Free Legal Assistance Act of 2010). Lawyers or professional partnerships rendering actual free [...]

709, 2022

RMC No. 127-2022: Lifts the suspension of the conduct of enforcement activities and operations covered under RMC No. 77-2022

September 7th, 2022|Categories: BIR Updates|

On September 7, 2022, the BIR Issued the Revenue Memorandum Circular (RMC) No. 127-2022 lifting the Suspension of the Conduce Enforcement Activities and Operations  Covered by Outstanding Mission Orders (MOs) and Removal of the Prohibition on the Issuance of the [...]

509, 2022

RMC No. 123-2022: Clarifications on the Provisions of Revenue Regulations No. 6-2022 Relative to the Removal of the Five (5) – Year Validity Period on Receipts/Invoices

September 5th, 2022|Categories: BIR Updates|

On August 31, 2022 BIR issued the RMC 123-2022 which clarifies the provisions of Revenue Regulation (RR) No. 6-2022 relative to the removal of the five (5) year validity period on receipts/invoices, which shall tale effect on July 16,202 (15 [...]

109, 2022

RMC No. 122-2022: Guidelines for updating of registration information record of Taxpayers

September 1st, 2022|Categories: Uncategorized|

On August 22, 2022, the BIR issued RMC No. 122-2022 prescribes the guidelines for updating of registration information record of taxpayers who will enroll in the Bureau's Online Registration and Update System (ORUS). What is ORUS?  According to the BIR, [...]

109, 2022

RMC No. 121-2022: Guidelines pursuant to Revenue Memorandum Circular (RMC) No. 77-2022.

September 1st, 2022|Categories: BIR Updates|

On August 22. 2022 the BIR issued the Revenue Memorandum Circular No. 121-2022, which prescribes the guidelines on lifting the suspension of field audit and operations on all outstanding Letters of Authority/Audit Notices and Letter Notices pursuant to Revenue Memorandum [...]

807, 2022

RMC No. 82-2022: Clarifies the service of Letter of Authority pursuant to Revenue Audit Memorandum Order No. 1-2000

July 8th, 2022|Categories: BIR Updates|

This circular is issued on June 30, 2022, that clarifies the service of the electronic Letter of Authority (eLA) to the taxpayer within the 30-day period from the date of issuance thereof pursuant to Revenue Audit Memorandum Order (RAMO) No. [...]

807, 2022

RR No. 8-2022: Issuance of e-receipts instead of manual receipts and electronic reporting of the sales data to BIR.

July 8th, 2022|Categories: BIR Updates|

Revenue Regulation No. 8-2022 issued on June 30, 2022, prescribes the policies and guidelines for the implementation of the issuance of e-receipts instead of manual receipts and electronic reporting of the sales data to the Bureau.   These regulations shall take [...]

107, 2022

RR No. 6-2022: The Removal of Five(5)-year Validity Period on Receipts/ Invoices

July 1st, 2022|Categories: BIR Updates|

Revenue Regulation No 6- 2022 issued on June 30, 2022, implements the removal of 5 year Validity Period on Receipts/Invoices. This Regulation shall cover taxpayers who will apply the following: ATP Official Receipts, Sales Invoices (SIs), and other Commercial Invoices [...]

2006, 2022

RR No. 4-2022: Tax Treatment of Importation of Petroleum Products in Freeport and Ecozone

June 20th, 2022|Categories: Uncategorized|

Implementing Section 295(F), in relation to Section 2994, both of the National Internal Revenue Code of 1997, as Amended by Republic Act (RA) No. 11534. Otherwise known as the “Corporate Recovery and Tax Incentives for Enterprise Act” (CREATE Act), on [...]

1606, 2022

RMC No. 78-2022 – BIR Clarifies the Tax Treatments and Obligations of the different classifications of Educational Institutions.

June 16th, 2022|Categories: BIR Updates|

On June 9, 2022, BIR issued RMC No. 78-2022 which clarifies the Income Tax Treatment for the different classifications of educational institutions and their tax obligations. Income Tax Treatment: I. Proprietary Educational Institution Domestic Corporation The Income of a proprietary [...]

1406, 2022

RMC No. 77-2022: BIR Suspends All Field Audit Pursuant To LOA/MOA Effective May 30, 2022

June 14th, 2022|Categories: BIR Updates|

On May 30, 2022, BIR Issued the Revenue Memorandum Circular (RMC) No. 77-2022, which suspends all field audits of the BIR covered by Letters of Authority (LOAs)/Mission Orders (MOs) relative to examinations of taxpayers’ books of account and accounting records. [...]

1306, 2022

RMC No. 76-2022: BIR Suspends All Field Audit Pursuant to Special Orders, Operations Memoranda & Other Similar Directives of Special Task Force Effective May 30, 2022

June 13th, 2022|Categories: BIR Updates|

On May 30, 2022 BIR Issued the Revenue Memorandum Circular (RMC) NO. 76-2022, to suspends until further notice all field audit of the BIR pursuant to, and under authority of, all Task Forces, created thru Revenue Special Orders (RSOs), Operation [...]

306, 2022

RMC No. 71-2022: BIR Circularizes the Joint Guidelines on the Benefits & Privileges of the Senior Citizens & Persons With Disabilities on their Online Purchases & Phone Calls/SMS

June 3rd, 2022|Categories: BIR Updates|

On May 18, 2022 the BIR Issued the Revenue Memorandum Circular No. 71-2022, which circularizes the Joint Memorandum Circular No. 1-2022 entitled “Guidelines on the Provision of the Mandatory Statutory Benefits and Privileges of the Senior Citizens and Persons with [...]

1804, 2022

RMC No. 42-2022: Filing Annual Income Tax Return and Payment of Tax Due Deadline

April 18th, 2022|Categories: BIR Updates|

RMC No. 42-2022: Clarifying the Deadline for Filing of Annual Income Tax Return (AITR) for Taxable Year Ending December 31, 2021; Providing Guidelines in the Manner of Filing and Payment thereof; and Non-imposition of Surcharge on Amended Returns On April [...]

1204, 2022

RMC No. 36-2022: Uniform Template for VAT Zero Percent (0%) Certification

April 12th, 2022|Categories: BIR Updates|

RMC No. 36-2022: Uniform Template for VAT Zero Percent (0%) Certification BIR Issued RMC No. 24-2022 on March 9, 2022, to clarify issues related to RR No. 21-2021 implementing the amendments to the VAT Zero Rating provisions under Sections 106 [...]

1908, 2020

RMC No. 83-2020: Tax Implications of Measures Implemented Due to COVID-19 on Cross-Border Matters

August 19th, 2020|Categories: Uncategorized|

By: Hergie Anne C. De Guzman, CPA The Philippine Government has been undertaking measures to prevent the spread of the COVID-19. This includes implementing a series of quarantines and restricting local and foreign travels, especially unnecessary travels. With the implementation [...]

1307, 2020

Revenue Regulations No. 19-2020: Use of BIR Form 1709 or Information Return on Related Party Transactions

July 13th, 2020|Categories: BIR Updates|

The Bureau of Internal Revenue (BIR) released on July 10, 2020 Revenue Regulations (RR) No. 19-2020 to prescribe the use of BIR Form No. 1709 or the Information Return on Related Party Transactions (International and/or Domestic) and the submission of [...]

407, 2020

SEC ADJUSTED DEADLINES FOR ANNUAL REPORTS AND MODES OF SUBMISSION

July 4th, 2020|Categories: Uncategorized|

The Securities and Exchange Commission (SEC) announced just last week the temporary closure of the SEC Main Office in Philippine International Convention Center (PICC), Pasay City to give way for the office disinfection due to the initial positive COVID-19 test [...]

1205, 2020

RMC No. 47-2020: Compliance with the Receipting/Invoicing  Requirements During ECQ

May 12th, 2020|Categories: BIR Updates|

Issues in Invoicing During ECQ Due to the strict implementation of the Enhanced Community Quarantine (ECQ), many taxpayers experience difficulties when it comes to the issuance of receipts/invoices to their customers.  Manual receipts with Authority to Print (ATP) and computer-generated [...]

705, 2020

SEC Extension on Reportorial Requirements Submission During COVID-19 Outbreak

May 7th, 2020|Categories: SEC|

By: Hergie Ann De Guzman The Philippine Securities and Exchange Commission (SEC), amid the COVID-19 pandemic and implemented Community Quarantine, has been continuously providing the public with convenient ways on how companies could comply with the SEC’s reportorial requirements without [...]

2204, 2020

Updates on the Remittance of Government Contributions Amidst COVID-19 Pandemic

April 22nd, 2020|Categories: Government Contributions Updates|

By: Arianne Keith Velasquez, CPA Battling with the unseen opponent due to the COVID-19 is the greatest struggle Philippines and the rest of the world has been dealing with the past months which sprouted to different socio-economic problems especially those [...]

1702, 2020

2020 Guidelines on Submission of Annual Financial Statements of Philippine Registered Entities

February 17th, 2020|Categories: Uncategorized|

By: Seala Marie Asis, CPA Wrapping the financial year ending December 31, 2019 could have been one of the most common works of Philippine accountants this first quarter of 2020.  In this article, let's deal about one of the most important [...]

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