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Updated BIR Forms on VAT, percentage and fringe benefits now available in EFPS Tax Notes

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:

1 min read | 27 Aug 2023
Signature of senior citizens and persons with disabilities on qualified transactions on online purchases no longer required Tax Notes

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.

1 min read | 12 Aug 2023
SEC extends amnesty application deadline, streamlines process for non-compliant companies Tax Notes

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

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

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

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

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

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
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