Looking Ahead: The Future of Tax Returns and eCAR Requests Using the oNETT System
In accordance with Republic Act (RA) No. 11032, also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, government agencies now use technology to improve accessibility for the general public and streamline processes. Consistent with the law, the BIR’s journey toward digital transformation has now advanced with the implementation […]
Streamlining VAT Refund Process for Enhanced Efficiency and Compliance
The Value Added Tax (VAT) refund application process is now more convenient for the taxpayer through the recent issuance of Revenue Memorandum Circular (RMC) No. 71-2023 and Revenue Memorandum Order (RMO) No. 23-2023 both effective July 1, 2023. The following are notable changes in the filing of VAT refunds: Before RMC No. 71-2023 and RMO […]
Obtaining a Repatriation-Ready Certification for Foreign Investment at BSP
When a non-resident investor is planning to purchase foreign exchange (FX) from the Philippine banking system for repatriation and remittance of earnings from duly registered investments, they are required to obtain a Bangko Sentral Registration Document (BSRD). The BSRD is issued by the Bangko Sentral ng Pilipinas (BSP), evidencing the registration of foreign investments by […]
Embarking on the Transition to ESG
Environmental, Social, and Governance (ESG) is a strategic framework that allows companies to assess and address institutional goals and objectives in terms of reducing harm and protecting the environment, advocating for sustainability, maintaining a healthy work environment, and creating impactful changes in their management and overall organizational policies. ESG investing uses a criterion to determine […]
BIR Makes VAT Refunds Easier
In the Philippines, a sales tax known as value-added tax (VAT) is levied on commodities purchased, bartered, exchanged, or leased and imported products. The Bureau of Internal Revenue (BIR) has reduced the standards taxpayers must meet to receive a VAT refund. In a revenue memorandum circular, BIR commissioner Romeo Lumagui ordered simplifying documentation requirements and […]