Be updated on our latest insights

The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 97-2021 to clarify the tax obligations of all social media influencers, individuals or corporations, with the end goal of raising revenues from their undeclared income and at the same time, reminding them of the possible consequences of their failure to pay taxes. This comes on the heels of reports that the BIR has been receiving stating that certain social media influencers are not paying their income taxes despite earning huge income from different social media platforms.

Last July 26, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 17-2021 amending sections 9, 12 and 13 of RR 6-2019 on the extension of the availment of Estate Tax Amnesty under Republic Act 11213, as amended by RA 11560.

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 91-2021 to inform taxpayers in areas under enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) on the extended tax filing and payment deadlines falling within the ECQ and MECQ period and the relaxed rules in acceptance of tax payments.

In view of the continuing Covid-19 pandemic and its impact to the export industry, Revenue Regulations (RR) 15-2021 deferred the implementation of RR 9-2021 until an amendatory revenue regulation is issued. RR 9-2021 imposed 12 percent VAT on transactions which used to be zero-rated under Section 106 (A) (2) (a) (3), (4), and (5) and Section 108 (B) (1) and (5) of the Tax Code, as amended.

The Bureau of Internal Revenue has issued Revenue Regulations (RR) No. 13-2021 to implement the penalty provisions under Sections 76 to 80 of Republic Act (RA) No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion Law or the TRAIN Law, amending Sections 254 and 264 of, and adding Sections 264-A, 264-B and 265-A to, the Tax Code.

Pursuant to the provisions on Value-Added Tax (VAT) exemptions under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 81-2021 to inform the public regarding the updated and consolidated list of VAT-exempt products.

THE submission of a Certificate of Residence for Tax Treaty Relief (CORTT) Form for dividends, interest and royalties has been officially discontinued. In place is a set of streamlined guidelines on how to avail of the tax treaty benefit, pursuant to Revenue Memorandum Order 14-2021 and Revenue Memorandum Circular 77-2021.

On June 30, 2021, Republic Act (RA) 11569 was signed into law which extended the period for availment of estate tax amnesty for two years, from June 15, 2021 per RA 11213 or the Tax Amnesty Act of 2019 to June 14, 2023.