Tag: Tax
2023 YEAR END and 2024 1st QUARTER Reportorial Requirements
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 […]
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 […]