In accordance with the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 7-2024, as recently amended by RR No. 11-2024, the BIR released Revenue Memorandum Circular (RMC) No. 66-2024 to clarify the mode of submission of inventory reports in relation to the conversions.
The Bureau of Internal Revenue (BIR) has released Revenue Regulations (RR) No. 11-2024, which amended certain transitory provisions of RR No. 7-2024 and extended the deadlines for compliance with the new invoicing requirements under Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act.
Transactions involving dealings in property often take a period of time to complete. This length of time may stir complications over what date to use in documents or may be used to an advantage. As such, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 64-2024 last May 28, 2024, to provide policies and clarifications on antedating of deeds of sale involving real properties.
With the passage of the Ease of Paying Taxes Act, taxpayers can now enjoy the “file and pay anywhere” scheme, wherein the filing and payment of internal revenue taxes can now be made to any revenue district offices, authorized agent banks, or authorized tax software provider. However, the same raises certain concerns regarding the processing of electronic Certificate Authorizing Registration (eCAR) relative to One-Time Transaction (ONETT).
The Ease of Paying Taxes (EOPT) Act has brought significant regulatory updates to Philippine taxation. In the previous article, it discussed the new taxpayer’s classifications, such as Micro, Small, Medium, and Large taxpayers, based on their gross annual sales from business.
The Bureau of Internal Revenue (BIR) has released a series of Revenue Regulations (RR) for the implementation of Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act. This edition of Tax Notes discusses matters relating to the preservation of the Book of Accounts and changes in taxpayer registration, covered under Sections 4 and 5 of RR No. 7-2024.
“Taxes are the lifeblood of any government.” Hence, taxpayers are mandated to remit the taxes due them and not be allowed to evade and escape giving their fair share to the government.
The Bureau of Internal Revenue (BIR) has released a series of Revenue Regulations (RR) for the implementation of Republic Act No. 11976, otherwise known as the Ease of Paying Taxes Act (EOPT). This edition of Tax Notes discusses matters relating to the classification of taxpayers and the imposition of reduced interest and penalty rates for micro and small taxpayers covered under RR No. 8-2024 and RR No. 6-2024, respectively.
