Tax Alerts
VAT TCC Monetization Program Filing Deadline
The BIR has set the following deadline in the filing of application for enrollment in the VAT Tax Credit Certificate (TCC) monetization program.
Claiming casualty loss deductions
Corporations and individual taxpayers engaged in business or practice of profession who sustained losses wrought by the recent monsoon rains may claim the loss as deduction for the taxable year in which the loss was sustained.
August 31 deadline for uploading of 2011 ITR in the eFPS
Relative to the requirement under Revenue Memorandum Circular (RMC) No. 15-2012 for eFPS taxpayers to encode the contents of their manually filed ITRs in the eFPS, the BIR has formally announced the availability in the eFPS of the Enhanced Income Tax Return (BIR Form 1702 (November 2011 ENCS). In relation to this, the BIR issued the following guidelines in uploading the contents of the manually filed ITRs of eFPS taxpayers
Filing deadline moved to August 13, 2012
The BIR has extended the deadline for the e-filing/filing and e-payment/remittance of BIR Forms 1600, 1606, 1601C and 1602; 1601E & 1601F; and 2200M from August 10, 2012 to August 13, 2012 for taxpayers filing in the following Revenue District Offices (RDOs), including affected Authorized Agent Banks (AABs).
Enhanced ITR (BIR Form 1702) Now Available in the eFPS
The enhanced EFPS version of the annual Income Tax Return (BIR Form No. 1702) for corporations was uploaded by the BIR last July 17, 2012, although no formal announcement of its availability has been announced in the BIR website.
VAT TCC Monetization Guidelines
The DOF, DBM, BIR and BOC issued Joint Circular Nos. 2-2012 and 3-2012 implementing the monetization program for VAT Tax Credit Certificates (TCCs) under Executive Order No. 68, series of 2012.
Higher Exemption for Uniform Allowance
The BIR has increased the threshold amount of tax-exempt "de minimis" uniform and clothing allowance from Php 4,000 to Php 5,000 per annum. The increase in uniform allowance is effective January 1, 2012.
New Guidelines in Filing of ITRs of eFPS Filers
Earlier, the BIR announced that eFPS filers should manually file their annual income tax returns (ITR) due this April 16, 2012.
Monetization of VAT Tax Credits
All VAT-registered taxpayers with outstanding VAT Tax Credit Certificates (TCCs) may convert their TCCs into cash under the government's TCC monetization program as implemented by Executive Order No. 68 (March 27, 2012).
ITR Filing Procedures for eFPS Filers
Pending availability of the enhanced BIR income tax return (ITR) forms in the eFPS, all eFPS filers are required to manually file their ITR using the new forms, and pay their tax due with the Authorized Agent Banks (AABs) within the jurisdiction of the Revenue District Office (RDO)/Large Taxpayer District Office where they are registered.