Category Archives: Tax

Revenue Memorandum Circular (RMC) No. 12-2024 RMC No. 12-2024, which was issued on 22 January 2024, intends to clarify the treatment of foreign currency transactions for financial reporting and internal revenue tax purposes. The Circular excludes banks and other financial institutions and those using functional currencies other than Philippine peso. Below is the summary of […]

A number of information returns and other compliance requirements for taxpayers in the first ninety (90) days or so of every year are mandated to be submitted.  There are relative penalties imposed on non-compliance.  We are issuing this reminder to ensure our compliance and to avoid any unwanted fines and penalties. Here’s a reminder that […]

The recent “Barbie” movie controversy sparked international dialogue, entangling entertainment and geopolitics into a heated discussion about the contentious “nine-dash line” claim by China in the South China Sea. While Vietnam decided to keep the film’s magic away from its screens, the Philippines, after a meticulous review process, opened its cinemas to welcome Barbie’s adventure. […]

The digital revolution has transformed the business landscape in the Philippines. E-commerce platforms like Lazada, Shopee, and Zalora have made buying and selling goods and services more accessible. But with these new opportunities come new tax obligations. Understanding your tax responsibilities is crucial whether you’re a merchant selling your products online or a platform provider […]

Understanding your tax residency can be a game-changer in international taxation, especially for digital content creators like YouTubers. But what exactly is tax residency, and how can it help you keep more of your hard-earned money? Tax residency refers to the jurisdiction (or jurisdictions) where you are considered a resident for tax purposes. This is […]

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 […]

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 […]

Republic Act 11904 or ‘The Philippine Creative Industries Development Act’ Republic Act (R.A.) 11904 or ‘The Philippine Creative Industries Development Act,’ which was passed into law on July 27, 2022, mandates the promotion and development of Philippine creative industries by protecting and strengthening the rights and capacities of creative firms, artists, artisans, creators, workers, indigenous […]

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 […]