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National Internal Revenue Code of 1997 5th Edition
Last 16 January 2025, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 5-2025 amending certain provisions of RMC Nos. 11-2024 (Leases), 12-2024 (Foreign Currency Transactions), 13-2024 (Retirement Benefit Expenses), and 19-2024 (Interest) to align with the provisions of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act” (EOPT Act), and its implementing rules and regulations. Below is a summary of the amendments to the foregoing circulars.
The rampant development of digitalization and globalization in the 21st century brought with it several challenges to the rules for taxing international business income, which gave rise to base erosion and profit shifting (“BEPS”), where multinational entities (“MNEs”) shift profits to locations with minimal or no tax to pay a reduced amount of global taxes.
Workplaces around the globe are on the brink of monumental change. With the emergence of industry-changing innovations, increased prioritization of wellness and sustainability, and the continued preference of employees towards flexible work setups, the business landscape continues to evolve.
The Bureau of Internal Revenue (BIR) has issued tax regulations under Revenue Regulations (RR) No. 02-2025 to implement provisions of Republic Act No. 9267, “The Securitization Act of 2004.” The regulations provide tax exemptions for asset transfers and the issuance of asset-backed securities, with a focus on the housing sector.
With the Bureau of Internal Revenue’s (BIR) incremental improvements to the Philippine tax landscape, primarily through the implementation of Republic Act No. 11976, or the Ease of Paying Taxes (EOPT) Act which brought significant amendments to the National Internal Revenue Code, we’re on the right track. However, we must not become complacent.
On 10 December 2024, the Department of Finance approved and issued the Implementing Rules and Regulations (IRR) of Republic Act No. 12001, otherwise known as the Real Property Valuation and Assessment Reform Act (RPVARA).
In today's interconnected world, international travel has evolved beyond mere sightseeing. Shopping has become a significant driver in influencing traveler choices and significantly impacting destination economies.
今回はフィリピンでの移転価格税制の現状とBIRの移転価格調査への動向について紹介します。 まずは現時点までに公表されている移転価格税制の変遷を振り返り、その後直近のBIRの取り組み、移転価格リスクや企業のコンプライアンス対応の状況について順に解説します。
