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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 risk-based approach in verifying VAT refund claims, refund of utilized excess income tax credit in case of dissolution or cessation of business and refund of erroneously collected taxes and penalties, covered under RR No. 5-2024.

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 the matters on relating to the declaration of taxable income, highlighting the removal of withholding requirement and the definition of “payable” for withholding tax purposes covered under RR No. 4-2024, as posted by the BIR on April 12, 2024.

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.

The Bureau of Internal Revenue released Memorandum Circular No. 51-2024 on April 8, 2024, which aimed to provide procedures for the orderly submission and payment of Annual Income Tax Returns (AITR) and attachments thereto for the calendar year 2023.

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.