Be updated on our latest insights

Under the Tax Code, all persons subject to an internal revenue tax shall, at the 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.

As part of the continuous effort on the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the Securities and Exchange Commission (SEC) recently issued Memorandum Circular (MC) No. 18-2023, publishing the guidelines on the submission of digital copies of documents and reducing the number of hard copies to be filed with the SEC.

In a study conducted by the Statista Research Department, the gross value added generated from the real estate industry in the Philippines reached approximately P536.4 billion pesos as of 2022, fueled by a steady growth in the purchasing and investing power of Filipinos, particularly from overseas Filipino workers, in real estate properties. In particular, the increase in real estate transactions classified as ordinary assets has brought up a common concern about the proper issuance of documentary support.

In a move aimed at modernizing and simplifying taxpayer services, the Bureau of Internal Revenue (BIR) officially made available the Taxpayer Registration-Related Application (TRRA) portal last October 16, 2023. The TRRA portal is accessible through the BIR eServices icon located at https://www.bir.gov.ph.

For regular sales of real estate, commonly between property developers and buyers, to be completed before the Registry of Deeds, an Electronic Certificate Authorizing Registration (eCAR) shall be sought from the Bureau of Internal Revenue (BIR), which involves the proper settlement of capital gains taxes, withholding taxes, and documentary stamps, as applicable.

The Security and Exchange Commission (SEC) further extends the deadline for amnesty applications of non-compliant and suspended or revoked corporations who have not submitted or have belatedly filed their audited financial statements, general information sheets and required contact information.

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 91-2023 on September 11, 2023, to inform taxpayers regarding the amendment issued by the Department of Trade and Industry and Department of Finance to detail the period of enjoyment of non-income related tax incentives of RBEs registered prior to the implementation of Republic Act (RA) No. 11534, also known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

The Bureau of Internal Revenue issued Revenue Regulation (RR) No. 11-2023 on September 14, 2023, prescribing the use of electronic mail (e-mail) and electronic signature as additional mode of service of the Warrant of Garnishment pursuant to Section 244 of the National Internal Revenue Code of 1997, as amended.