Be updated on our latest insights

For taxpayers using the calendar year, the due date for the filing of the 2022 Income Tax Return (ITR) will be on April 17, 2023, since April 15 will fall on a Saturday. Taxpayers are already used to their life cycle – file their different tax returns regularly, the ITR being the last periodic tax return to be filed for a taxable year, then wait for the BIR (Bureau of Internal Revenue) to come to them for the subsequent BIR audit.

There is an enduring yet relevant saying that echoes across generations, that in life there are but only two certainties – Death and Taxes. This saying becomes even more emphasized for Filipino taxpayers as the tax filing season for many usually coincides with the time most Filipinos commemorate the death of Jesus Christ. And as most of us begin to zone into meditative mode in preparation for Holy Week, we cannot help but contemplate the significance as well that payment of taxes plays in any civilized society. In fact, Jesus himself recognized the significance of taxes when he poignantly said, “render unto Caesar that which is Caesar’s”.

The deadline of our Annual Income Tax Return (AITR) filing for taxable year 2022 is fast approaching and many taxpayers are beating the April deadline. Once the ITRs has been filed, taxpayers should start preparing for possible audit investigations that may be set by the Bureau of Internal Revenue (BIR). This is why it is important to determine the taxability of our transactions.

Do you recall the issuance of regulations and memorandum circulars by the Bureau of Internal Revenue (BIR) on another required attachment to the Annual Income Tax Return (AITR) during the height of the pandemic? This was the requirement to submit BIR Form No. 1709, the Information Return on Transactions with Related Party or simply Related Party Transaction (RPT) Form, and its supporting attachments.

Tomorrow is Ash Wednesday. For Catholics around the world, it is the beginning of the Lenten season which is a period for reflection and contemplation.

Many people will celebrate with their loved ones by giving flowers or boxes of chocolates, or by arranging dinner dates in restaurants or romantic places – gestures that show our appreciation and care for our loved ones.

Republic Act (RA) No. 10963 or the TRAIN Law introduced several major revisions to the National Internal Revenue Code (Tax Code) of 1997. While the law became effective 01 January 2018, some changes were made effective through staggered implementation.

Various changes relative to VAT have been implemented through the years. It cannot be denied that with the removal of the cross-border doctrine relative to sales to ecozones and freeport zones, VAT zero-rating has been suspended but is now fully implemented.