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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 01-2025 on January 6, 2025, to revise the guidelines and procedures for processing excise tax exemption requests for hybrid and purely electric vehicles.
A new year has come and with it is the optimism to step into a new chapter, discover opportunities and embrace what’s coming ahead. Often, the thought of changing for the better is what resonates not only within individuals but within government systems as well.
Traditionally, the Bureau of Internal Revenue (BIR) inventory list is associated with taxpayers in manufacturing and retail businesses, where inventories form part of the cost of goods sold, which is a critical component of major deductions in the income tax return.
The Philippines has taken a step to boost tourism and enhance the shopping experience for international visitors through Republic Act (RA) No. 12079. This new law allows non-resident foreign tourists to claim a refund on the Value-Added Tax (VAT) they pay when purchasing goods in the country.
Every new year is a new chapter to embrace the graces and challenges life brings, which gives us opportunities to make a significant journey that will hopefully inspire others
Following the discussion on the incentives for Registered Export Enterprises (REEs) and Domestic Market Enterprises (DMEs) under the Create More Act, this article focuses on the period of availment of incentives specifically for projects approved by the Fiscal Incentives Review Board (FIRB) and other Investment Promotion Agencies (IPAs) such as the Board of Investments and Philippine Economic Zone Authority, and the creation of a dedicated taxpayer service division for Registered Business Enterprises (RBEs).
Tax reforms are crucial for fostering economic growth, ensuring fairness, and improving government revenue. By updating tax laws, governments can address changing economic conditions, promote investment, and incentivize businesses.
The Bureau of Internal Revenue (BIR) has suspended all audit and related field operations concerning the examination and verification of taxpayers, including their books of accounts, records, and other transactions from December 16, 2024, to January 12, 2025.
