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The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 152-2022 to provide clarifications and guidelines on the implementation of certain provisions in Revenue Regulations (RR) No. 21-2021 and RMC Nos. 24-2022 and 49-2022 regarding the revised value-added tax (VAT) rules for Registered Export Enterprises (REEs) under the CREATE Law.

The BIR Online Registration and Update System (ORUS) is already available in the BIR wWebsite (www.bir.gov.ph) under the eServices icon or through the link https://orus.bir.gov.ph is already available.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 55-2022 dated December 15, 2022, to inform the public of the suspension of all field audit and other field operations of the BIR relative to examinations and verifications of taxpayers’ books of accounts, records, and other transactions from December 16, 2022, to January 8, 2023.

The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) No. 15-2022 to inform all concerned regarding the amendment of the creditable withholding rates of income payments to MERALCO.

As we take on the last month of 2022 and embrace a new year, a fresh set of tax updates is also coming our way. In 2023, we will see various changes in our tax system brought by the Tax Reform for Acceleration and Inclusion (TRAIN) Law under the Comprehensive Tax Reform Program.

As noted in Revenue Memorandum Circular (RMC) No. 146-2022 dated November 10, 2022, the Bureau of Internal Revenue (BIR) has announced the launch of the improved BIR Digital Assistant Chatbot REVIE, which now features TIN Verification/Validation, RDO Finder, and eComplaint Facility.

To carry out the mandate of the Bureau of Internal Revenue (BIR) to collect taxes, the suspension of all field operations of the BIR, as ordered in Revenue Memorandum Circular (RMC) No. 77-2022 dated May 30, 2022, has been lifted effective immediately pursuant to RMC No. 148-2022 dated November 21, 2022.

Equity-based compensation is an employee benefit given in the form of stock options, restricted share awards, stock appreciation rights, and restricted stock units, which may or may not pertain to the shares of stocks of the employer-grantor itself. This is commonly used as part of employee-retention programs.