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Reminder on renewal of 2015 LGU registration

22 Dec 2014

Under the Local Government Code (LGC), all business establishments are required to renew annually their registration with local government units (LGUs). The annual renewal of business registration consists of, but is not limited to, payment of local business tax (LBT), mayor’s permit fee, sanitary inspection fee, garbage fee, building inspection fee, electrical inspection fee, mechanical inspection fee, plumbing inspection fee, fire inspection fee, personnel fee, business plate registration fee and other charges imposed by the different LGUs.

Documentation for deductibility

12 Dec 2014

Pursuant to Section 8 of Revenue Regulations 13-98, taxpayers claiming donations as deduction from gross income in computing the income tax, must present to the BIR the Certificate of Donation indicating the actual receipt and date of donation and the amount of cash, or acquisition cost if in property

Mandatory eFPS coverage for accredited importers and TAMP taxpayers

11 Dec 2014

The mandatory coverage of the eFPS has been expanded to include the following:

BIR ITS maintenance

11 Dec 2014

BIR has issued an advisory requesting taxpayers to transact their businesses with BIR before Dec 12 to avoid any inconvenience resulting from the Intergrated Tax System downtime.

Suspension of Audit Activities

11 Dec 2014

All field operations relating to BIR tax audits shall be suspended beginning December 16, 2014 to January 4, 2015, except in the following cases:

Tax treatment of Stock Option Plans and other Option Plans

07 Nov 2014

RMC 79-2014 summarized and clarified the tax treatment of stock options plans and other option plans and imposed compliance requirement for corporations issuing stock options.

Further extension of application period for accreditation of importers

02 Jul 2014

Importers and customs brokers with valid and existing accreditation will have an extended period up to July 31, 2014 to file their application for accreditation.

Extension of application period for accreditation

26 May 2014

The application period for importers and brokers with valid and existing accreditation has been extended until June 30, 2014, or the original expiration of their Bureau of Customs (BOC) accreditation, whichever comes earlier.

Waver of late filing penalty for eFPS taxpayers

16 Apr 2014

The BIR has waived the penalties on late filing for eFPS taxpayers who were unable to file and pay thru eFPS their annual income tax return for taxable year ended December 31, 2013 and quarterly income tax return ended March 31, 2014 due to system downtime yesterday.