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SEC extends amnesty application deadline, streamlines process for non-compliant companies
Tax Notes SEC extends amnesty application deadline, streamlines process for non-compliant companies
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.
3 min read | 01 Aug 2023
Updated proof of payment of DST for certificates issued by the government
Tax Notes Updated proof of payment of DST for certificates issued by the government
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.
2 min read | 29 Jul 2023
Sworn statement, sworn declaration requirements on tax-exempt foreign-sourced dividends
Tax Notes Sworn statement, sworn declaration requirements on tax-exempt foreign-sourced dividends
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.
2 min read | 22 Jul 2023
BIR extends the deadline for the replacement of the Ask for Receipt Notice (ARN) with the Notice to Issue Receipts/Invoice (NIRI)
Tax Notes BIR extends the deadline for the replacement of the Ask for Receipt Notice (ARN) with the Notice to Issue Receipts/Invoice (NIRI)
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).
1 min read | 12 Jul 2023
Reversion of rates of percentage tax, minimum corporate income tax, and regular income tax on proprietary educational institutions and not-for-profit hospitals
Tax Notes Reversion of rates of percentage tax, minimum corporate income tax, and regular income tax on proprietary educational institutions and not-for-profit hospitals
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.
1 min read | 05 Jul 2023
Revised rules on late, out-of-district filing of tax returns
Tax Notes Revised rules on late, out-of-district filing of tax returns
The Bureau of Internal Revenue (BIR) recently issued Revenue Regulation (RR) No. 6-2023, amending the provisions in RR No. 13-2010, regarding the guidelines on late and out-of-district filing of tax returns.
1 min read | 01 Jul 2023
BIR updates documentary requirements for income tax exemption of foreign-sourced dividends received by a domestic corporation
Tax Notes BIR updates documentary requirements for income tax exemption of foreign-sourced dividends received by a domestic corporation
The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 05-2023 which outlines the updated documentary requirements for domestic corporations seeking income tax exemption on foreign-sourced dividends.
2 min read | 23 Jun 2023
Issuance and validity of TIN card and certificate of registration
Tax Notes Issuance and validity of TIN card and certificate of registration
The Bureau of Internal Revenue (BIR) has released a new design for the Tax Identification Number (TIN) card (BIR Form 1931) which is now in color green, replacing the old yellow TIN card. Nonetheless, the old yellow TIN card is still valid since the TIN does not expire or change and, as such, does not need to be replaced by the taxpayer.
2 min read | 14 Jun 2023
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