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Non-imposition of 25% surcharge on amended returns under RMC No. 43-2022

No surcharge on deficient tax amounts in relation to timely filed and paid taxes but with additional taxes to be paid (EWT, VAT, DST, etc.) Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 43-2022 lastApril 08, 2022 to end the confusion of the taxpayer with the previous RMC No. 54-2018 and RMC […]

Midyear Motivational 2022 Event

To All Employees, Babylon2k Specialists, and Esteemed Guests: On August 12, 2022, our Firm and all its affiliates will have its Midyear Motivational Event 2022. This once-a-year activity promotes self-wellness and motivational understanding that most of us need at these challenging times. The admin has invited 3 keynote speakers who will give us the 3i’s […]

Setting policies and guidelines for use of Electronic Invoicing/Receipting System (EIS)

Requiring taxpayers engaged in the export of goods and services, e-commerce, and large taxpayers to issue electronic receipts The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) No. 08-2022 and RR No.09-2022 to address concerns regarding Electronic Invoicing/receipting systems[1] (EIS) by setting policies and guidelines. Taxpayers who are mandated to use EIS are those […]

No more five(5)-year validity period on receipts/invoices

Revoking the rule sets in RR No. 18-2012 Revenue Regulation (RR) No. 06-2022 was issued by the Bureau of Internal Revenue (BIR) removing the five (5)-year validity period on receipts/ invoices and nullifying the rule sets in RR No. 18-2012 . Pursuant to the RR, previously issued regulations (RMO No. 12-2013, RMC No. 10-2020, RMC No. […]

Local Supplier’s VAT Zero-Rated Sales as per BIR RR No. 21-2021 and RMC 24-2022  

Frequently Asked Questions (FAQs): 1. What is a Registered Export Enterprise (REE)? Answer: Any entity existing under Philippines laws and registered with an IPA to engage in manufacturing, assembling, processing, and services such as information technology activities, assembling or processing activities and business process and outsourcing (BPO) and resulting in a direct exportation or sale […]