Tax Notes
Amendment and Clarification of Certain Provisions in Previously Issued RMCs to Align with EOPT Provisions and IRR
Last 16 January 2025, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 5-2025 amending certain provisions of RMC Nos. 11-2024 (Leases), 12-2024 (Foreign Currency Transactions), 13-2024 (Retirement Benefit Expenses), and 19-2024 (Interest) to align with the provisions of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act” (EOPT Act), and its implementing rules and regulations. Below is a summary of the amendments to the foregoing circulars.