Filter insights by:
Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
Two weeks ago, our Let’s Talk Tax article covered the new Value-Added Tax (VAT) rules on sale of goods to ecozone entities and exporters. This was pursuant to Revenue Regulations (RR) No. 9-2021 which imposed 12% VAT on certain transactions that were previously taxed at 0%. The RR met with strong opposition from various stakeholders because of the impact on the export industry, and taxpayers clamored for a clarificatory Bureau of Internal Revenue (BIR) issuance. While discussions are still up in the air, it is apparent that affected taxpayers should also consider the possibility of going through the VAT refund process route for the 12% input VAT passed on to them.
THE Philippines is probably one of the very few countries in the world that does not speak a primary language on a national scale. This situation, unfortunately, has grave disadvantages, more directly in political and educational development and, hence, ultimately in economic development.
A HEART breaking face of poverty is the present day preponderance of undernutrition of Filipino young children.
Quarantines, lockdowns and travel restrictions. These pushed businesses to resort to work-from-home arrangements in the wake of the coronavirus disease 2019 (Covid-19) pandemic. What gradually unfolded was an experimental dabble in the way we work. Suddenly, we found ourselves reliant on technology and virtual platforms like Zoom to ensure that work deliverables are completed.
On June 30, 2021, Republic Act (RA) 11569 was signed into law which extended the period for availment of estate tax amnesty for two years, from June 15, 2021 per RA 11213 or the Tax Amnesty Act of 2019 to June 14, 2023.
Considering the recent developments in the taxation landscape and the Philippines’ wide network of bilateral tax treaties for transactions with foreign entities, it has become apparent that one of the government’s objectives is to improve efficiency and services to taxpayers. In fact, on June 25, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 77-2021, which clarifies the revised guidelines and procedures for availing of tax treaty benefits provided under Revenue Memorandum Order (RMO) No. 14-2021.
In recent years, the way banks operate has been shaken by the revolution led by fintech giants and independent digital currencies. It is hard to overstate the consequences of this revolution and to understand them, we have to go back to the fundamental principle of banking – the “art of making money” or fractional-reserve banking.
The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations 10-2021 to amend certain provisions of Section 10 of Revenue Regulations 20-2018. Under RR 10-2021, the removal of sweetened beverage products intended for export shall be subject to the payment of excise tax by the manufacturer due on every removal thereof from the place of production.
