12 December 2024
Tax Year-End Reminders
Written by: Earl Gioseph Enriquez Let’s welcome our New Year with deadlines made easy.
Tax Alerts
Insights
Tax Alerts
Latest updates in Philippine Taxation
The Bureau of Internal Revenue has issued several regulations and memorandum circulars that will have an impact on taxpayers’ compliance obligations. We have collated the issuances that we find most relevant and applicable.
28 November 2024
CREATE MORE Act
The Bureau of Internal Revenue (BIR) has implemented the CREATE (Corporate Recovery and Tax Incentives for Enterprises) MORE (Maximize Opportunities for Reinvigorating the Economy) Act to enhance the tax incentives in the Philippines and incentivize more corporations to do business in the country.
1 October 2024
BIR RMC 79-2024
The Bureau of Internal Revenue (BIR) announces the ninety-day (90-day) transitory period of imposing Withholding Taxes on online sellers in the Philippines.
3 September 2024
BIR RMC 12-2024
The Bureau of Internal Revenue (BIR) clarifies the procedures and usage of Foreign Currency transactions for Internal Revenue Tax and Financial reporting in the Philippines – alongside updated policies on Foreign Exchange (Forex) Rates in the Philippines .
22 July 2024
BIR RMC 56-2024
The Bureau of Internal Revenue (BIR) gives guidelines on the Revenue District Office (RDO) responsible in the issuance of Electronic Certificate Authorizing Registration (eCAR).
11 July 2024
BIR RMC 68-2024
The Bureau of Internal Revenue (BIR) has implemented the revised form on Quarterly Value Added Tax (VAT) Returns and clarified the procedures necessary for filing and paying the form
24 June 2024
BIR RMC 48-2024
The Bureau of Internal Revenue (BIR) issued the policies and procedures in the proper manner of filling out the Monthly Documentary Stamp Tax (DST) Return, alongside other tax requirements in the Philippines.
31 May 2024
VAT Invoicing Requirements EOPT Act
New Invoicing Requirements and Transitory Provisions under the Ease of Paying Taxes (EOPT) Act explained by Forvis Mazars Tax Manager, Carl Franz Dela Riva.
Effectivity Dates of EOPT Act Regulations
19 June 2024 This list showcases the effectivity dates of the regulations within the Ease of Paying Taxes Act (EOPT) in the Philippines.
Transitory Provisions of EOPT Act Issuances
19 June 2024 This short guide summarises all the transitory provisions implemented by three regulations introduced by the Ease of Paying Taxes (EOPT) Act as clarified by the Bureau of Internal Revenue (BIR).
Ease of Paying Taxes Act
The Ease of Paying Taxes (EOPT) Act or Republic Act 11976 was created to simplify the tax filing for those classified as small or micro taxpayers through the file-and-pay-anywhere system, which allows for most tax procedures to be completed online. Follow the pages below to learn more about its features, transitory provisions, and effectivity dates.
3 May 2024
Salient Features of EOPT Act
03 May 2024 The Bureau of Internal Revenue (BIR) introduces the implementing rules and regulations for the Ease of Paying Taxes Act (EOPT)
Implementing Rules and Regulations of the EOPT Act
15 April 2024 The Bureau of Internal Revenue (BIR) introduced a new Republic Act (RA) to simplify tax filings for taxpayers in the Philippines through various tax amendments and clarifications.
BIR RMC 8-2024
26 February 2024 The Bureau of Internal Revenue (BIR) sets the updated rules for imposing Withholding Tax for the Gross Remittances of Electronic Marketplace (e-marketplace) operators and digital financial service providers (DFSP) to online sellers/online service providers & merchants in the Philippines.
BIR RMO 1-2024
26 February 2024 The Bureau of Internal Revenue (BIR) has released several amendments to its Audit Program – highlighting new report deadlines and updated tax procedure guidelines.
Double Taxation in the Philippines
21 February 2024 For individuals and businesses operating in the Philippines, navigating the tax landscape can be a complex endeavor. One particularly challenging aspect is the potential for double taxation, where the same income is taxed twice – often by different taxing authorities. This can lead to higher tax burdens and reduced profitability.
BIR RMC 25-2024
21 February 2024 The Bureau of Internal Revenue (BIR) has recently released the extended deadline for the submission of the alphalist of employees/payees who have been withheld taxes for the taxable year 2023.
House Bill No. 7653
13 February 2024 Congress has proposed heftier tax penalties and clarified its stance on Tax Racketeering in its pending House Bill to help reduce tax evasion in the Philippines.
BIR RMC 99-2023
09 January 2024 The Bureau of Internal Revenue (BIR) clarifies the application of taxes on sale of real property considered as ordinary assets.
BIR RR 13-2023
20 December 2023 The Bureau of Internal Revenue (BIR) has announced new policies and guidelines regarding the alternative options for Registered Business Enterprises (RBEs) to register as VAT taxpayers in the Philippines.
Tax Requirements and Tax Exemptions in Philippines
13 December 2023 This short guide created by Forvis Mazars Philippines explains the Tax-Exempt qualifications in the Philippines.
RMC No. 80-2023
20 October 2023 The Bureau of Internal Revenue (BIR) clarifies issues relative to the implementation of Revenue Regulations No. 3-2023 and other related concerns on Value-Added Tax (VAT) zero-rate transactions in the Philippines on local purchases of the Registered Export Enterprises (REEs) and other entities granted with VAT zero-rate incentives under special laws and international agreements
BIR Revenue Memorandum Circular No. 69-2023
20 October 2023 The Bureau of Internal Revenue (BIR) announces reversion of Regular Corporate Income Tax to 10% for proprietary educational institutions and non-profit hospitals, Percentage Tax to 3%, and Minimum Corporate Income Tax to 2%, effective July 1, 2023. (Revenue Memorandum Circular No. 69-2023, issued on June 20, 2023)
Withholding Taxes in the Philippines transactions
10 February 2024 Forvis Mazars' Tax Associate, Mary Ann Dela Cruz, shares this guide on the essential things to know about Withholding Taxes and Transactions subjected to Withholding in the Philippines.
BIR RMC 91-2023
The Bureau of Internal Revenue (BIR) amends Rule 18, Section 5 of the Implementing Rules and Regulations (IRR) to address VAT-related issues and concerns of Registered Business Enterprises (RBEs) registered prior to the CREATE Act.
BIR RR 5-2023
The Bureau of Internal Revenue (BIR) explains the new requirements needed to avail Income Tax Exemptions of Foreign Sourced Dividends that are received by a Foreign Corporation.
Mandatory Supporting Documents for VAT
09 September 2023 Forvis Mazars highlights the essential mandatory supporting documents for Value Added Tax (VAT) in the Philippines.
BIR’s crackdown on ghost receipts
24 August 2023 The Bureau of Internal Revenue (BIR) continues its crackdown on ghost receipts and their buyers.
BIR RMC 65-2023
25 June 2023 The Bureau of Internal Revenue (BIR) has released an amendment regarding the issuance of Certificate Authorizing Registration relative to tax-free exchanges of properties under Section 40(C)(2) of the National Internal Revenue Tax Code of 1997.
BIR RMC 62-2023
06 June 2023 The Bureau of Internal Revenue (BIR) announces four new forms available in their online electronic Filing and Payment System (eFPS).
New BIR guidelines for old and new TIN cards
06 June 2023 The Bureau of Internal Revenue (BIR) shares updated policies and guidelines on the issuance of both old and new Tax Identification Number (TIN) cards.
BIR RMC 52-2023
17 May 2023 The Bureau of Internal Revenue (BIR) implements the optional filing and payment of VAT returns on a monthly basis for the first two months of the quarter.
BIR RR 3-2023
09 May 2023 The Bureau of Internal Revenue (BIR) adds new amendments to past provisions regarding Value Added Tax (VAT) zero-rated sales/transactions and VAT zero-rating certification.
Preparing for BIR Tax Audits in the Philippines
20 April 2023 Forvis Mazars shares a guide sharing the BIR’s procedure for conducting BIR tax audits in the Philippines.
Requirement to Issuing Deficiency Tax Assessment
17 April 2023 Forvis Mazars' Tax Manager, Carl Franz S. Dela Riva, shares the due process requirements in the issuance of a deficiency tax assessment pursuant to C.T.A. EB CASE NO. 2352, RR No. 18-2013, and RR No. 22-2020
BIR Revenue Memorandum Circular 36-2023
29 March 2023 The Bureau of Internal Revenue (BIR) reveals its updated features, functions, and transaction options for its Online Registration and Update System (ORUS). A news article from Mazars trusted Tax consultant firm in the Philippines, that provides tax services in the Philippines.
BIR RMC 32-2023
28 March 2023 The Bureau of Internal Revenue (BIR) highlights the updated ways for taxpayers to file and pay their Annual Income Tax Returns (AITRs) due by April 17, 2023.
BIR RMC 26-2023
15 March 2023 The Bureau of Internal Revenue (BIR) highlights all recently accredited Microfinance Non-Government organizations through their updated list.
BIR RMC 17-2023
14 February 2023 The BIR announces updated templates from FIRB and mandates their use to all IPAs starting March 1, 2023
BIR RMC 10-2023
09 February 2023 The Bureau of Internal Revenue (BIR) promotes the use of its Electronic One-Time Transaction System (eONETT) for real estate sellers.
BIR RMC 158-2022
6 February 2023 The Bureau of Internal Revenue announces new penalties for cooperative members with missing Taxpayer Identification Numbers.
Income Tax Table for 2023
01 February 2023 TRAIN Law increases take-home pay in the new Income Tax Table for 2023.
BIR RMC 05-2023
18 January 2023 The Bureau of Internal Revenue announces updated transitory periods for VAT Returns following the amendments from the TRAIN law.
BIR RMC 03-2023
January 12, 2023 The Bureau of Internal Revenue announces new policies for the online registration of Books of Accounts using ORUS and how to use the online generated QR stamps.
A Gentle Reminder: Year-end Tax Compliance
04 January 2023 Forvis Mazars shares a list of the most important annual year-end tax compliance deadlines.
About Tax: A Regulatory Update in the Year 2023
03 January 2023 Forvis Mazars provides recent updates and changes to the tax system for 2023.
BIR RMC 153-2022
03 January 2023 The Bureau of Internal Revenue announces a new implementation schedule for their Online Registration and Update System.
Tax Declaration in the Philippines
21 November 2023 Forvis Mazars shares a short guide to using and acquiring a Tax Declaration in the Philippines.
Claiming Tax Refund tax refund on withholding tax
21 December 2022 Forvis Mazars shares a short guide on defining and claiming a Tax Refund in the Philippines.
BIR RMO 55-2022
19 December 2022 The Bureau of Internal Revenue resumes suspension for all audit and field operations from December 2022 to January 2023
BIR RMC 148-2022
28 November 2022 The Bureau of Internal Revenue removes the suspension for all field operations in a recent announcement
President appoints new BIR Commissioner
18 November 2022 Philippine president Ferdinand Marcos Jr. announced tax lawyer Romeo Lumagui Jr. as new commissioner of the Bureau of Internal Revenue (BIR).
Forvis Mazars Tax Mapping violations guide
20 October 2022 Forvis Mazars creates a short guide on the penalties for Tax Mapping Violations.
BIR RR 13-2022
13 October 2022 Bureau of Internal revenue announces new policies for equity-based compensations and their income tax treatment.
BIR RMO 42-2022
10 October 2022 The Bureau of Internal Revenue (BIR) announces its Digital Transformation Roadmap 2022-2030 to enhance its revenue collections for its digital journey.
BIR RMO 43-2022
4 October 2022 Bureau of Internal Revenue announces new Memorandum Order to replace “Ask for Receipt” notices with “Notice to Issue Receipt/Invoice” and explain its implementation.
BIR RMC 128-2022
The Bureau of Internal Revenue announces a set of missing BIR Forms involving the transfer of Real Properties.
BIR RMC 122-2022
09 September 2022 The BIR releases new guidelines for registering to their new Online Registration and Update System.
BIR RMC 121-2022
09 September 2022 The Bureau of Internal Revenue announces new guidelines on lifting their suspension to field audit.
BIR RM 09-2021
31 August 2022 To use electronic accounting programs, taxpayers need to adhere to certain mandated guidelines and processes.
BIR RMC 115-2022
22 August 2022 The Bureau of Internal Revenue removes the suspension on mission orders by previous RMC 77-2022; revenue officers can again conduct Tax Compliance Verification Drives.
BIR RMC 65-2016
Mazars highlights the tax due dates and the conditions these have when falling on a weekend or holiday.
Kinds of Tax Incentives in the Philippines
Forvis Mazars gives a short guide on how a company can become eligible for all kinds of tax incentives in the Philippines, how to avail them correctly, and how these practices can attract additional foreign investors to the country.
BIR Revenue Regulations No. 8-2022
by Erickson P. Padilla 26 July 2022 The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 8-2022, which prescribes the policies and guidelines for using the Electronic Invoicing System (EIS) on June 30, 2022.
14 June 2024
BIR RR 11-2022
The Bureau of Internal Revenue (BIR) releases guidelines and procedures about the exchange for spontaneous taxpayer-specific rulings. Various Ruling types provided potential exchange jurisdictions.