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With everyone on a high note for the forthcoming Christmas holidays, the Bureau of Internal Revenue (BIR) has decided to give taxpayers an early present by postponing its examination and verification of books of accounts, records, and other transactions from December 16, 2023, to January 7, 2024.
As we gear towards year-end, corporations and individuals engaged in business are busy preparing their financial statements and income tax returns to comply with the requirements of the different regulatory agencies such as the Securities and Exchange Commission and the Bureau of Internal Revenue (BIR).
Revenue Memorandum Circular (RMC) 121-2023 highlights the availability and implementation of the additional features and functionalities of the Online Registration and Update System (Orus) starting Nov. 21, 2023.
Revenue Regulations No. 13-2023 highlights the following points in relation to the optional VAT-registration of Registered Business Enterprise (RBE) classified as Domestic Market Enterprise (DME) under the five percent tax on Gross Income Earned (GIE):
SEC Memorandum Circular No. 20-2023 has been released by the Securities and Exchange Commission (SEC).
Under the Tax Code, all persons subject to an internal revenue tax shall, at the point of each sale and transfer of merchandise or for services rendered valued at one hundred pesos (P100.00) or more, issue duly registered receipts or sales or commercial invoices. However, the Commissioner of Internal Revenue may, in meritorious cases, exempt any person subject to internal revenue tax from compliance with the issuance of receipts or sales or commercial invoices.
As part of the continuous effort on the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the Securities and Exchange Commission (SEC) recently issued Memorandum Circular (MC) No. 18-2023, publishing the guidelines on the submission of digital copies of documents and reducing the number of hard copies to be filed with the SEC.
In a study conducted by the Statista Research Department, the gross value added generated from the real estate industry in the Philippines reached approximately P536.4 billion pesos as of 2022, fueled by a steady growth in the purchasing and investing power of Filipinos, particularly from overseas Filipino workers, in real estate properties. In particular, the increase in real estate transactions classified as ordinary assets has brought up a common concern about the proper issuance of documentary support.
