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Equity-based compensation paid to rank-and-file, managerial/supervisory employees subject to withholding tax on compensation
Tax Notes Equity-based compensation paid to rank-and-file, managerial/supervisory employees subject to withholding tax on compensation
As provided under Revenue Regulation No. 13-2022, any kind of equity-based compensation, such as stock options, restricted share awards, stock appreciation rights (SARs), and restricted stock units, which may or may not pertain to the shares of stocks of the grantor, is considered taxable compensation subject to the withholding tax on compensation once exercised or availed of by the grantee-employees.
1 min read | 19 Oct 2022
FIRB allows IT-BPM RBEs registered business enterprises to transfer registration to BOI until Dec. 31
Tax Notes FIRB allows IT-BPM RBEs registered business enterprises to transfer registration to BOI until Dec. 31
The Fiscal Incentives Review Board (FIRB), through FIRB Resolution No. 026-2022, agreed to allow the transfer of registered business enterprises (RBEs) in the Information Technology and Business Process Management (IT-BPM) sector from the Investment Promotion Agency (IPA) administering the economic zone or freeport zone where their project is located (e.g., PEZA) to the Board of Investments (BOI) until December 31, 2022.
2 min read | 12 Oct 2022
Policies, guidelines and procedures in the issuance, use of Notice to Issue Receipt/lnvoice
Tax Notes Policies, guidelines and procedures in the issuance, use of Notice to Issue Receipt/lnvoice
As previously introduced under Revenue Regulation (RR) No. 10-2019, the new BIR Notice to Issue Invoice/Receipt (NIRI) requires sellers, including those engaged in online business transactions to issue receipts/invoice for the sale of goods or services rendered.
1 min read | 07 Oct 2022
Exemption of BOI-RBEs from Local Business Tax
Tax Notes Exemption of BOI-RBEs from Local Business Tax
As some Information Technology-Business Process Management (IT-BPM) entities registered with the Philippine Economic Zone Authority (PEZA) are shifting to the Board of Investments (BOI) to retain the work-from-home arrangement beyond December 31, 2022, the BOI issued Memorandum Circular No. 2022-005, reiterating the exemption from business tax of enterprises certified by the BOI as pioneer or non-pioneer enterprises, for a period of six years or four years, respectively, from the date of registration.
1 min read | 28 Sep 2022
FIRB extends work-from-home arrangements until Dec. 31, 2022
Tax Notes FIRB extends work-from-home arrangements until Dec. 31, 2022
Last September 15, 2022, the Fiscal Incentives Review Board (FIRB) granted the extension of the 70-30 work from home arrangement, wherein 70% of the total workforce are required to report within the premises of the Philippine Economic Zone Authority (PEZA)-registered Information Technology (IT)-Business Process Management (BPM) entities while 30% of the total workforce are allowed to work from home until December 31, 2022.
1 min read | 21 Sep 2022
Guidelines on the Lifting of Suspension of Field Audit and Operations
Tax Notes Guidelines on the Lifting of Suspension of Field Audit and Operations
Pursuant to Revenue Memorandum Circular (RMC) No. 77-2022, all field audit and other field operations of the Bureau of Internal Revenue (BIR) covered by Letters of Authority (LOAs)/Mission Orders (MOs) relative to examinations and verifications of taxpayers' books of account, records, and other transactions ordered were suspended as of May 30, 2022.
2 min read | 14 Sep 2022
Clarifications on the Provisions of RR No. 6-2022 Regarding Removal of 5–Year Validity Period of Receipts/Invoices
Tax Notes Clarifications on the Provisions of RR No. 6-2022 Regarding Removal of 5–Year Validity Period of Receipts/Invoices
Invoices, with an expiration date of on or before July 15, 2022, shall be surrendered for destruction together with an inventory listing to the RDO where the Head Office or Branch is registered on or before the 10th day after the validity period.
2 min read | 06 Sep 2022
Additional guidelines, procedures on payment of penalties due to violations of WFH rules incurred by RBEs
Tax Notes Additional guidelines, procedures on payment of penalties due to violations of WFH rules incurred by RBEs
Through the issuance of Revenue Memorandum Circular (RMC) No. 120-2022, the Bureau of Internal Revenue (BIR) has reiterated that the non-compliance of the Registered Business Enterprsises (RBEs) in the Information Technology Business Process Management (IT-BPM) sector on the prescribed conditions under Work From-Home (WFH) arrangement from April 1, 2022 to September 12, 2022 for at least one day shall result in the suspension of the RBEs income tax incentives, pertaining to the month when the violation took place.
3 min read | 28 Aug 2022
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