Avoiding Tax Penalties in the Philippines
You finally got a hold of your sweet, hard-earned money. As a reward, you treated yourself to a nice, quick travel vacation and saved the rest to your savings. Sounds ideal, but you forgot one tiny detail… you forgot your taxes. That’s okay. There’s a next time. It’s just a small penalty fee. No need […]
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 […]
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 […]