Tax Notes

Amendments on the IRR of the CREATE Act

05 Jan 2022Less than a minute
Contents

The Bureau of Internal Revenue (BIR) outlined certain amendments on the Implementing Rules and Regulations (IRR) of Republic Act No. 11543 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act through Revenue Memorandum Circular (RMC) No. 120-2021. Among the significant changes introduced by the said RMC are as follows:

The provisions of the circular shall take effect immediately.

 

Source:  

P&A Grant Thornton 

Certified Public Accountants

 

As published in SunStar Cebu, dated 05 January 2022

TAGS  

Related Articles

View more
Clarifying the list of imported articles that no longer require ATRIG from the BIR prior to release from BOC
Tax Notes Clarifying the list of imported articles that no longer require ATRIG from the BIR prior to release from BOC
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 112-2021 on November 10, 2021 to address the issues and concerns in relation to the requirement of an Authority to Release Imported Goods (ATRIG) for the importation of perishable agricultural food products that are exempt from Value-Added Tax (VAT) under Section 109(1)(A) of the National Internal Revenue Code of 1997 (Tax Code), as amended.
1 min read | 29 Dec 2021
Revised BIR Form Nos. 1707 and 1707-A Version 2021 Now Available
Tax Notes Revised BIR Form Nos. 1707 and 1707-A Version 2021 Now Available
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 119-2021 to circularize the availability in the agency’s website of BIR Form No. 1707 (Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded through the Local Stock Exchange) and BIR Form No. 1707-A (Annual Capital Gains Tax Return for Onerous Transfer of Shares of Stock Not Traded through the Local Stock Exchange) which were revised due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
2 min read | 22 Dec 2021
Implementation of VAT zero-rating, exemption provisions for registered export enterprises under the CREATE Law
Tax Notes Implementation of VAT zero-rating, exemption provisions for registered export enterprises under the CREATE Law
REVENUE Regulation 21-2021 implements the VAT provisions under Republic Act (RA) 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. It specifically covers the rules on VAT exemption and VAT zero-rating of local purchases.
2 min read | 16 Dec 2021
    View more