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National Internal Revenue Code of 1997 5th Edition
In this article, we’ll explore the key issues flagged by the BIR in an actual transfer pricing audit, how the taxpayer was able to address these findings, and what steps can be taken to prevent similar issues in the future.
The biggest concern is what China, whose tariff on its exports to the US is a whopping 145 percent, will do. Under such circumstance, US demand for and consumption of Chinese products will go down and thus create a significant production overcapacity in China.
Last April 25, 2025, the Bureau of Internal Revenue (BIR) revised the implementing rules and regulations of the law imposing Value-Added Tax (VAT) on Digital Services through Revenue Regulation (RR) 14-2025. To address certain issues in the implementation, the BIR subsequently issued Revenue Memorandum Circular (RMC) 47-2025 last May 8, 2025. This clarifies provisions involving Non-Resident Digital Service Providers (NRDSPs).
Risk management is not what it used to be. What was once a back-office checklist of compliance and controls is now a front-line player in a world of cyber threats, regulatory curveballs, and market shocks.
During the past weeks, the world was roiled by US President Trump’s issuance of an Executive Order levying what he calls “reciprocal tariffs” to practically all countries in the world, at varying rates.
On May 08, 2025, the BIR issued Revenue Memorandum Circular No. 47-2025 clarifying some implementation issues regarding value-added tax on digital services imposed by the new law, Republic Act No. 12023.
Republic Act No. 11956 extended the period of availment of the estate tax amnesty until 14 June 2025. The law also extended the coverage of the amnesty to the estates of decedents who passed away on or before 31 May 2022.
Last year marked a significant era of tax reform, with several new laws enacted to amend and update our National Internal Revenue Code (Tax Code). Among these is Republic Act (RA) No. 12023, which imposes a 12% VAT on all digital services consumed in the Philippines.
