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On March 15, 2023, the Fiscal Incentives Review Board (FIRB) released Advisory 005-2023, which provides an extended period for Registered Business Enterprises (RBEs) in the Information Technology–Business Process Management (IT-BPM) sector, allowing them to move equipment and other assets outside the economic zone or freeport zone without being required to post any bond. This provision applies specifically to RBEs that have transferred their registration to the Board of Investments (BOI).

The Fiscal Incentives Review Boards (FIRB) has issued FIRB Advisory No. 3-2023 regarding the correct basis of the penalty imposed to Registered Business Enterprises (RBEs) engaged in Information Technology and Business Process Management (IT-BPM) for non-compliance with the work from home (WFH) threshold.

The Securities and Exchange Commission (SEC) has extended the deadline of the 2023 filing of annual financial statements (AFS) to provide sufficient time to external auditors to produce high-quality financial reports.

In order to align with the Citizen's Charter 2023 Edition, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 23-2023, which provides amended guidelines on Classification of One-Time Transactions (ONETT) and the corresponding processing time for the issuance of ONETT Computation Sheet (OCS) and Electronic Certificate Authorizing Registration (eCAR).

The Fiscal Incentives Review Board (FIRB) recently promulgated Administrative Order No. 001-2023 stating the additional guidelines for Registered Business Enterprises (RBEs) in the IT-BPM sector that have successfully registered with the Board of Investments (BOI) last January 31, 2023. The covered RBEs that were issued the BOI – Certificate of Registration (BOI-COR) are mandated to comply with the following:

Taxpayers are now required to register their books of accounts through the BIR’s Online Registration and Update System (ORUS). The following guidelines shall be observed in the online registration of books of accounts.

The Bureau of Internal Revenue (BIR) is on its way to complete its digitalization roadmap with the release of more updates to its Online Registration and Update System (ORUS). Through the issuance of Revenue Memorandum Circular (RMC) No. 12-2023 last January 27, 2023, the BIR introduced the additional features to the ORUS.

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 7-2023, which provides guidelines on Return Processing System (RPS) assessments, identifying all tax returns that are: