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The Bureau of Internal Revenue (BIR) has issued tax regulations under Revenue Regulations (RR) No. 02-2025 to implement provisions of Republic Act No. 9267, “The Securitization Act of 2004.” The regulations provide tax exemptions for asset transfers and the issuance of asset-backed securities, with a focus on the housing sector.

The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 01-2025 on January 6, 2025, to revise the guidelines and procedures for processing excise tax exemption requests for hybrid and purely electric vehicles.

The Philippines has taken a step to boost tourism and enhance the shopping experience for international visitors through Republic Act (RA) No. 12079. This new law allows non-resident foreign tourists to claim a refund on the Value-Added Tax (VAT) they pay when purchasing goods in the country.

Following the discussion on the incentives for Registered Export Enterprises (REEs) and Domestic Market Enterprises (DMEs) under the Create More Act, this article focuses on the period of availment of incentives specifically for projects approved by the Fiscal Incentives Review Board (FIRB) and other Investment Promotion Agencies (IPAs) such as the Board of Investments and Philippine Economic Zone Authority, and the creation of a dedicated taxpayer service division for Registered Business Enterprises (RBEs).

The Bureau of Internal Revenue (BIR) has suspended all audit and related field operations concerning the examination and verification of taxpayers, including their books of accounts, records, and other transactions from December 16, 2024, to January 12, 2025.

Last 27 November 2024, RA No. 12066, otherwise known as the CREATE MORE Act, took effect after its publication.

Under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, certain health products, such as drugs for noncommunicable diseases, were exempted from Value Added Tax (VAT). Last December 3, 2024, an update to the list of VAT-exempt medicines was issued by the Bureau of Internal Revenue (BIR), in coordination with the Food and Drug Administration (FDA).

On November 15, 2024, the BIR issued Revenue Memorandum Circular No. 123-2024 to clarify the validity of the issuance of the Certificate of Tax Exemption (CTE) to certain tax-exempt corporations.