Alerts and Publications
Alerts and Publications
Outsourcing Brief: October - December 2013
October - December 2013
Outsourcing Brief: April - June 2013
April - June 2013
Clarification on deductibility of depreciation on vehicles
Under RR 12-2012, the Bureau of Internal Revenue (BIR) imposed a limit on the deductibility of depreciation allowance, maintenance expenses and input VAT on motor vehicles, as follows:
Foreigners reminded to report to the Bureau of Immigration
All foreigners in the country are reminded to report in person to the Bureau of Immigration for their annual report starting January 2, 2013 until the first week of March, 2013. As stipulated in the Alien Registration Act of 1950, foreigners staying in the Philippines are required to report to the agency within the first 60 days of every calendar year.
Further clarification on the coverage of 20% CWT on interest income
You would recall that under RR 14-2012, a 20% creditable withholding tax (CWT) was imposed on interest income from all other debt instruments which do not fall within the coverage of “deposit substitutes”. In RMC 77-2012, the BIR clarified that the 20% CWT covers all interest income payment made beginning November 23, 2012 irrespective of when the instruments or securities were issued.