Tax
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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.
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.
The Ease of Paying Taxes (EOPT) Act or RA 11976 was signed into law on 5 January 2024, by President Ferdinand Marcos Jr. It was published in the Official Gazette on 7 January 2024, and fully took effect on 22 January 2024.
The act’s goal was 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. It also utilises an invoice system to improve the registration process and hasten VAT refund processes.
The tax filing processes highlighted in the act were further simplified through various amendments and clarifications added by the BIR through different Revenue Regulations (RR) and Revenue Memorandum Circulars (RMC).
These new laws are as follows:
| No. of Issuance | Subject of the Issuance | Description | Date of Issuance |
| RR No. 3-2024 | Value-Added Tax (VAT) and Title V - Percentage Tax | Showcases various amendments on Sales/Exchange of Services, Gross Sales, Invoices, VAT, and other transitory provisions. | 11 April 2024 |
| RR No. 4-2024 | The filing of tax returns and payment of taxes and other matters affecting the declaration of taxable income | Clarifies the modes of Filing Tax Returns and Payment in Internal Revenue Taxes, and other laws that affect declarations of Taxable Income | 11 April 2024 |
| RR No. 5-2024 | On tax refunds. | Implements the amendments introduced by the EOPT act such as the ‘Risk-Based Approach to Verification of VAT Refund Claims, Liability of Tax Payer Claimants, and other Tax Credit processes | 11 April 2024 |
| RR No. 6-2024 | On the imposition of reduced interest and penalty rates for micro and small taxpayers | Explains the updated imposition of Interest and Civil Penalty Rates applicable to both Micro and Small Taxpayers. | 11 April 2024 |
| RR No. 7-2024 | Registration procedures and invoicing requirements | Explains the amendments on the Invoicing and Accounting Requirements for VAT registered individuals, Registration procedures, and guidelines on the preservations of books of accounts records under the tax code. | 11 April 2024 |
| RR No. 8 - 2024 | On Tax Payer classification | Explains the amended classification of taxpayers and provisions regarding taxpayer re-classification | 11 April 2024 |
| RR No. 11-2024 | Amending the transitory provisions of RR No. 7-2024 | Amends the transitory provisions of Revenue Regulations No. 7-2024 relative to the deadlines for compliance with the invoicing requirements | 13 June 2024 |
Tax Services in Forvis Mazars
Keeping up to date with the constant changes and amendments to tax laws can become quite tedious to manage. At Forvis Mazars, we work closely with clients – offering solutions that simplify their compliance and help them navigate complex tax situations with confidence.
Our professionals have deep experience in multiple areas of tax, providing businesses at all stages of their life cycle with specialist advice. Our expertise ranges from corporate and employment tax, to transfer pricing and corporate structuring, to national and international transactions, to assessing tax implications when setting up new operations overseas, among others.
Our solutions include outsourced tax compliance, tax advisory and expert opinions, application for incentives, and handling BIR tax assessments and audits, among others.
For more information on Forvis Mazars’ tax services in the Philippines, reach out to us for an initial call or follow the link below.