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In line with the Memorandum of Agreement executed by Authorized Agent Banks (AABs), the Bureau of Internal Revenue (BIR), and the Bureau of the Treasury (BTr), the BIR has issued Bank Bulletins No. 2024-1 and No. 2024-02 to notify the public and to remind all AABs of the following:

The Securities and Exchange Commission (SEC) issued Memorandum Circular No. 02-2024 last February 06, 2024, aimed at providing measures for the orderly filing of the Annual Financial Statements and General Information Sheet of corporations.

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 38-2024 last March 15, 2024, aimed at clarifying taxpayers’ concerns relative to RMC No. 5-2024 on the proper tax treatment of cross-border services in light of the Supreme Court En Banc Decision in Aces Philippines Cellular Satellite Corp. v. CIR, GR No. 226680, dated August 30, 2022.

In Republic Act No. 11534, also known as the “Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act,” the Minimum Corporate Income Tax (MCIT) rate was reduced from 2% to 1% for the period July 1, 2020, to June 30, 2023. Accordingly, the MCIT rate shall revert to the old rate of 2% based on the gross income of the corporation effective July 1, 2023.

In line with the objective of continuous enhancement of operational efficiency and effectiveness, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 2-2024, which expands the means of publication for BIR issuances.

Verifying an employee’s taxpayer identification number (TIN) helps ensure that the proper TIN is matched to the correct employee. It allows employers to accurately report employee compensation and withhold the correct amount of tax.

As tax filing season draws near, the Bureau of Internal Revenue (BIR) has released Revenue Memorandum Circular (RMC) Nos. 22, 23, and 25-2024 to facilitate taxpayers’ ease of compliance.

Several issues and concerns emerged for taxpayers due to the disparity in computing interest expenses for presentation in tax returns and financial statements. With this, the BIR issued Revenue Memorandum Circular No. 19-2024 on February 5, 2024, which aims to provide clarification on how interest expenses related to the taxpayer’s profession, trade or business, and other related matters should be treated for tax purposes.