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2021 Annual ITR filing and payment guidelines; Out-of-district filing and payment of taxes allowed
Tax Notes 2021 Annual ITR filing and payment guidelines; Out-of-district filing and payment of taxes allowed
The BIR has issued guidelines to all concerned on the rules on the filing and payment of the annual income tax return (ITR) for the calendar year 2021.
2 min read | 19 Apr 2022
Updates on alphanumeric tax codes for capital gains tax transactions under TRAIN and CREATE Laws
Tax Notes Updates on alphanumeric tax codes for capital gains tax transactions under TRAIN and CREATE Laws
The Bureau of Internal Revenue (BIR) has recently published Revenue Memorandum Order (RMO) No. 18-2022 to facilitate the proper identification and monitoring of tax collection on capital gains tax.
Less than a minute | 08 Apr 2022
RBEs under IPAs now required to submit CETI as attachment to AITR
Tax Notes RBEs under IPAs now required to submit CETI as attachment to AITR
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 28-2022, requiring all registered business enterprises (RBEs) enjoying both fiscal and non-fiscal incentives granted by Investment Promotion Agencies (IPAs), such as the Philippine Economic Zone Authority (PEZA) and Board of Investments (BOI), to secure a Certificate of Entitlement of Tax Incentives (CETI).
1 min read | 31 Mar 2022
Tax compliance reminders for May 9 national and local elections
Tax Notes Tax compliance reminders for May 9 national and local elections
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 22-2022 last February 21, 2022 to remind all candidates, political parties, and campaign contributors of their obligations with the BIR in line with the upcoming national and local elections.
Less than a minute | 23 Mar 2022
Procedures, guidelines in claiming Input VAT on purchases, importation of capital goods pursuant to Section 110 of the NIRC, as amended by the Train Law
Tax Notes Procedures, guidelines in claiming Input VAT on purchases, importation of capital goods pursuant to Section 110 of the NIRC, as amended by the Train Law
The Commissioner of Internal Revenue has issued Revenue Memorandum Circular (RMC) No. 21-2022 to provide guidance on the work-around procedures in claiming input VAT on purchased or imported capital goods starting January 1, 2022.
1 min read | 14 Mar 2022
Guidance on filing of requests for confirmation, tax treaty relief applications and tax sparing applications
Tax Notes Guidance on filing of requests for confirmation, tax treaty relief applications and tax sparing applications
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 20-2022 to guide taxpayers in filing their Requests for Confirmation (RFC), Tax Treaty Applications (TTRA) and Tax Sparing Applications (TSA).
2 min read | 11 Mar 2022
Amendments to the Retail Trade Liberalization Act of 2000
Tax Notes Amendments to the Retail Trade Liberalization Act of 2000
Last December 10, 2021, the President signed into law Republic Act 11595, otherwise known as “An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000 (RTLA), by lowering the paid-up capital requirement for foreign retail enterprises and other purposes”.
1 min read | 25 Feb 2022
Clarification, guidelines on Section 8 of Revenue Regulation 5-2021 on Tax-Free Exchanges of Properties under the NIRC as amended by CREATE Act
Tax Notes Clarification, guidelines on Section 8 of Revenue Regulation 5-2021 on Tax-Free Exchanges of Properties under the NIRC as amended by CREATE Act
The Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) 19-2022, which provides clarification and guidance to Revenue District Offices (RDOs), revenue officers, and others concerned on Section 8 of Revenue Regulation (RR) 5-2021, particularly on the mandate to issue Certificate Authorizing Registration (CAR) without a prior BIR confirmation or tax ruling on the tax-free exchanges of properties, while at the same time ensuring that proper taxes due to the Government on their subsequent sale or disposition are protected and collected thru the establishment and proper monitoring of their correct substituted basis.
4 min read | 18 Feb 2022
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