Enhanced ITR (BIR Form 1702) Now Available in the eFPS

18 Jul 2012

The enhanced EFPS version of the annual Income Tax Return (BIR Form No. 1702) for corporations was uploaded by the BIR last July 17, 2012, although no formal announcement of its availability has been announced in the BIR website.

VAT TCC Monetization Guidelines

04 Jul 2012

The DOF, DBM, BIR and BOC issued Joint Circular Nos. 2-2012 and 3-2012 implementing the monetization program for VAT Tax Credit Certificates (TCCs) under Executive Order No. 68, series of 2012.

Higher Exemption for Uniform Allowance

14 May 2012

The BIR has increased the threshold amount of tax-exempt "de minimis" uniform and clothing allowance from Php 4,000 to Php 5,000 per annum. The increase in uniform allowance is effective January 1, 2012.

New Guidelines in Filing of ITRs of eFPS Filers

10 Apr 2012

Earlier, the BIR announced that eFPS filers should manually file their annual income tax returns (ITR) due this April 16, 2012.

Monetization of VAT Tax Credits

02 Apr 2012

All VAT-registered taxpayers with outstanding VAT Tax Credit Certificates (TCCs) may convert their TCCs into cash under the government's TCC monetization program as implemented by Executive Order No. 68 (March 27, 2012).