This tax update is based on Revenue Memorandum Circular (RMC) Nos. 73-2019 and 74-2019 which is issued to prescribe and inform withholding tax agents and taxpayers on the availability of the revised BIR Forms (January 2018 ENCS) which were revised due to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law to […]
View Post BIR, Forms, TaxRMO No. 56-2016 issued on September 2, 2016 further amended the policies, guidelines and procedures in the application and processing of BIR Importer’s Clearance Certificate (ICC) and Broker’s Clearance Certificate (BCC). The order provided amended guidelines for securing BIR-ICC and BIR-BCC to protect public interest by ensuring that they are dealing with legitimate importers and brokers and to […]
View Post BCC, BIR, Broker's Clearance Certificate, Brokers, Bureau of Internal Revenue, Clearance, Compliance, Customs Brokers, ICC, Importer's Clearance Certificate, Importers, Philippine Taxation, Revenue Memorandum Order 56-2016, RMO 56-2016Pursuant to Revenue Memorandum Order No. 59-2016 issued on September 19, 2016, BIR prescribed policies in the conduct of issue-based audit under the VAT audit program (VAP). It aimed to increase the audit coverage of VAT registered taxpayers, introduce issue-based audit as part of the VAP, and facilitate completion and reporting of cases under the VAP. […]
View Post Issue-Based Audit, Tax, Tax Cases, Taxpayer, Value-Added Tax, VAT, VAT Audit ProgramBIR issues electronic Certificate Authorizing Registration (eCAR) to avoid revenue losses related to property transfer transactions and to stop the threatening activities of tax syndicates responsible for stealing huge amount of capital gains tax (CGT) payments in the process of transferring real estate title from seller to buyer. Revenue Memorandum Order No. 55-2016 dated August […]
View Post Capital Gains Tax, CGT, eCAR, Electronic Certificate Authorizing Registration, One Time Transaction, ONETT, Real Estate, Revenue Memorandum Order No. 55-2016, RMO No. 55-2016BIR extended the deadline until December 31, 2016 for taxpayers to comply with the use of non-thermal paper for all kinds of invoice or receipt generating machines/software registered prior July 1, 2012 to June 30, 2013 through the Revenue Regulation No. 6-2016 dated August 6, 2016. The BIR earlier ordered newly registered enterprises to use […]
View Post Accountable Forms, Authority to Print, BIR, Bureau of Internal Revenue, Cash Register, Claim for Input Tax, Large Taxpayer, Non VAT-registered, Non-Thermal Paper, Official Receipt, Permit to Use, Point-of-Sale Machines, PWD Discount, Registration, Revenue Regulation No. 6-2016, RR 6-2016, Sales Invoice, Senior Citizen Discount, Senior Citizens, Taxpayer, VAT-registeredBIR has outlined new rules through Revenue Memorandum Order 42-2016 for accrediting investments under the Personal Equity and Retirement Account (PERA), an alternative scheme of retirement plans for persons, while providing various tax incentives and privileges. The PERA Law or Republic Act 9505 which was passed in 2008 aims to promote capital market development and […]
View Post Capital Gains Tax, Investment Income, Investments, OFW, PERA, Personal Equity and Retirement Account, Republic Act 9505, Retirement Plans, Revenue Memorandum Order 42-2016, RMO 42-2016, Tax Credit, Tax IncentivesRevenue Memorandum Order (RMO) No. 44-2016 issued on July 26, 2016 prescribes guidelines in the tax exemption rulings to qualified non-stock, non-profit corporations and associations. Non-stock, non-profit educational institutions are constitutionally exempt from tax on all revenues derived in pursuance of its purpose as an educational institution and used actually, directly and exclusively for educational […]
View Post 1987 Constitution, BIR, Bureau of Internal Revenue, Certificate of Good Standing, Commission on Higher Education, Department of Education, Educational Institution, Income Tax, Non-Profit, Non-Stock, Philippines, SEC, Tax Exemption, Tax Exemption Rulings, Technical Education and Skills Development AuthorityOn July 13, 2016, BIR issued the Revenue Memorandum Circular No. 74-2016 to streamline the requirements and process in issuing Tax Clearances required under Executive Order No. 398. The tax clearance shall be processed and released within two (2) working days from the submission of complete documents. Documentary requirements necessary to support the application of […]
View Post BIR, Bureau of Internal Revenue, Delinquency Verification, eFPS, electronic filing and payment system, Executive Order No. 398, Revenue Memorandum Circular No. 74-2016, Streamlining, Tax, Tax ClearanceBIR officials and employees are not allowed to accept nor solicit gifts, whether from the public or the private sectors, and are directed to immediately and politely return any gift that may be given. This is the gist of the “No Gift Policy” of the BIR in its Revenue Memorandum Order No. 40-2016 on July 4, […]
View Post 1987 Philippine Constitution, Anti-Graft and Corrupt Practices Act, BIR, Bureau of Internal Revenue, Code of Conduct and Ethical Standards for Public Officials and Employees, Gifts, Graft and Corruption, No Gift Policy, Presidential Decree No. 46, Public Office, Public Trust, Republic Act No. 3019, Republic Act No. 6713On June 23, 2016, BIR issued Revenue Memorandum Order (RMO) No. 27-2016 to provide new procedures in claiming preferential tax treaty benefits on dividend, interest and royalty income of non-residents sourced within the Philippines pursuant to effective tax treaties, amending RMO No. 72-2010. Among the guidelines and policies are: In lieu of the mandatory tax […]
View Post BIR Form No. 1601-F, BIR Form No. 1604-CF, BIR International Tax Affairs Division, BIR-ITAD, Disallowance, Dividend, Final Withholding Taxes, Interest, Non-Resident Foreign Corporation, NRFC, Preferential Tax Treaty Benefits, Revenue Memorandum Order No. 27-2016, RMO No. 27-2016, RMO No. 72-2010, Royalty Income, Tax Sparing Rule, Tax Treaty, Tax Treaty Relief Application, TTRA