Tax Alerts
Revised requirements for Issuance of BIR ICC/ BCC: RMC 1- 2015
Amendments have been issued to expedite the issuance of BIR Importer’s Clearance Certificate (ICC)/ Broker’s Clearance Certificate (BCC) relative to the accreditation of Importers and Customs Brokers. The following requirements have been waived: a. Certified copy of the Certificate of Registration (COR) issued by the Bureau; b. Certified true copy of SEC Registration and Articles of Incorporation. However, the clearances/ certificates from the following BIR offices should already be attached upon filing the application form: RDO, Legal, Collection and Accounts Receivable Monitoring Divisions, and the AITEID. For applicants who have been issued provisional ICC/BCC, the above certificates/ clearances should be submitted at least one month prior to the expiration of the 6- month validity of the provisional ICC/BCC.
Additional de minimis benefits: RR 1- 2015
The list of tax-exempt benefits has been expanded to include benefits received by an employee by virtue of a Collective Bargaining Agreement (CBA) and productivity incentive schemes provided that the combined total annual monetary value received do not exceed ten thousand pesos (P10,000.00) per employee per taxable year. The productivity incentives that can be tax-exempt under this regulation is in addition to the bonuses and productivity incentives that can be exempt within the P 30,000.00 threshold under Section (B) (7) (e) of the Tax Code
Reminder on renewal of 2015 LGU registration
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
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
The mandatory coverage of the eFPS has been expanded to include the following: