Category Archives: Blog
TAX AMNESTY ON DELINQUENCIES (TAD) and VOLUNTARY ASSESSMENT AND PAYMENT PROGRAM (VAPP)
Extension of availment of the following until June 30, 2021 (LAST CALL) TAD – 40%-60% of basic tax – VAT and Income Tax and 100% of basic tax – Withholding Tax VAPP – 1%-5% of Gross Sales, 5%-9% of Taxable Net Income, or Minimum amount of P75,000 to P1,000,000 based on subscribed capital, whichever is higher. The Bureau of […]
VAT Amendment on Transactions previously taxed at Zero Percent
Now VATABLE– Indirect export of Raw materials / Packaging materials to Non-Resident buyer but delivered to a resident export oriented enterprise, BOI Registered Enterprises and for other persons doing business outside the Philippines; and sale of services by subcontractors and or contractors to export oriented enterprise The Bureau of Internal Revenue issued Revenue Regulation 9-2021 […]
Guidelines and Circular on E-signature
BIR Updates on the Use of E-signatures on Selected Forms In light of the current global health crisis brought about by the COVID-19 pandemic and in accordance to Republic Act (RA) No. 11032, or the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018′, the Bureau of Internal Revenue (BIR) has issued […]
Annual Income Tax Returns (AITR) for the taxable year ending December 31,2020:
Filing of the amended 2020 AITR up to May 15, 2021 while the required attachments (Notes, AFS, and BIR Form 1709) up to May 30, 2021 The Bureau of Internal Revenue issued an advisory to the concerned taxpayers, revenue officials and employees regarding the submission of the Annual Income Tax Return (AITR) for the taxable […]
Guidelines in the Filing and Payment of Annual Income Tax Return by Non-Individual Taxpayers for the Taxable Year Ending July 31, 2020 – June 30, 2021
REVENUE MEMORANDUM CIRCULAR NO. 50-2021 The Availability of e -BIR forms in filing AITR in pursuant to R.A.11534 or CREATE LAW The BIR circular is issued to prescribe the guidelines in the filing and payment of Annual Income Tax Return (AITR) by Non- Individual Taxpayers for Taxable Year ending July 31,2020 -June 30,2021 which was […]
Annual Income Tax Returns (AITR) for the taxable year ending December 21, 2020:
BIR Revenue Memorandum Circular No. 46-2021 (Clarifying the Deadline for Filing of Annual Income Tax Returns (AITR) for the Taxable Year ending December 31, 2020; Providing Guidelines in the Manner of Filing Thereof, Including the Use of Electronic Signature; and Reiterating Availability of eAFS) The memorandum circular is issued to guide and inform the taxpayers and […]
The Philippines increased bank lending by 1% to help businesses through the pandemic– bucking a global trend of increased loans to businesses
Banks in the Philippines have increased lending by 1% since the start of the Covid-19 pandemic to help businesses survive- bucking a global trend of increased loans to businesses. Our new study shows the Philippines added USD 2 billion in loans to business. In comparison, banks worldwide increased overall lending to businesses by 10%, adding […]
Joint force on Fuel Marking Program: Introducing Fuel Marking Program for the use and sale of Petroleum Products
BIR Revenue Memorandum Circular No. 94-2020 Circulating the Joint Memorandum Circular (JMO) No. 1-2020 prescribing the Implementing Guidelines for the Collection and Disbursement of Marking Fees Pursuant to DOF-DBM-COA Permanent Committee Joint Circular 001.2018 and Payment of Fuel Marking Fee Using BIR Form No. 0623 DOF (Department of Finance) Joint Memorandum Order No. 1-2020 Prescribing […]
Financial Institutions Strategic Transfer (FIST) Act: Relief to Financial Institutions on their Non-Performing Assets (NPAs) and the Applicability of Five (5) Year Tax Exemption from Income Tax, DST, and NOLCO
R.A. No. 11523 otherwise known as the Financial Institutions Strategic Transfer (FIST) Act or the “FIST LAW” was enacted to ensure that banks and other financial institutions are able to maintain their financial health in order to cushion the adverse economic impact of the Covid-19 pandemic. It allow financial institutions to tap asset management companies to manage, operate, […]
Revenue Memorandum Circular No. 5-2021 : Simplified Policies on the Application for Registration of Computerized Accounting System (CAS), Computerized Book of Accounts (CBA), or on its components, including the Electronic Storage System (ESS), Middleware and other Similar Systems
All taxpayers intending to use the above-mentioned accounting system are required to be registered and subject to the following policies: 1. Register the “system” by submitting the documentary requirements stated on “Checklist of Documentary Requirements (CDR.)” 2. The system shall comply with the technical and functional standards. 3. An acknowledgment Certificate shall be issued within […]