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As we recall, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 3-2023, which removes the requirement for local suppliers of goods and services to Registered Export Enterprises (REEs) and other entities to secure prior approval for VAT zero-rate with the BIR.

As of August 3, 2023, the following updated tax returns are now available in the Electronic Filing and Payment System (eFPS) facility, in pursuance of the TRAIN Law:

With the rise of online transactions due, in part, to the pandemic, and the shift in consumer tastes, concerns have been raised on the eligibility of senior citizens (SC) and persons with disabilities (PWD) for their discounts and whether they may also be applied to their online purchases.

In a bid to address the challenges faced by SEC-regulated companies in meeting regulatory requirements, the Securities and Exchange Commission (SEC) has announced a series of extensions and streamlining measures for amnesty applications in relation to belatedly filed or non-filed Audited Financial Statements (AFS), General Information Sheets (GIS) and information required under SEC Memorandum Circular (MC) No. 28, series of 2020.

Pursuant to Revenue Regulations (RR) No. 02 - 2023, loose documentary stamps are now replaced with the constructive affixture of documentary stamps as proof of payment of the DST on the certificate issued by the government for the purpose of establishing proof of a fact.

The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 74-2023, amending Section 5 of Revenue Regulation No. 5-2021 regarding the Sworn Statement (Annex A) and Sworn Declaration (Annex B) to be submitted in order to avail the Income Tax Exemption of foreign-sourced dividends.

The Bureau of Internal Revenue (BIR) has granted an extension for the replacement of the old Ask For Receipt Notice (ARN) with the new Notice to Issue Receipts/Invoice (NIRI).

In pursuance of the Corporate Recovery and Tax Incentives Enterprises Act (CREATE) and Revenue Regulation Memorandum Circular No. 69-2023, the following rates are revised effective July 1, 2023.