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RBEs under IPAs now required to submit CETI as attachment to AITR Tax Notes

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 28-2022, requiring all registered business enterprises (RBEs) enjoying both fiscal and non-fiscal incentives granted by Investment Promotion Agencies (IPAs), such as the Philippine Economic Zone Authority (PEZA) and Board of Investments (BOI), to secure a Certificate of Entitlement of Tax Incentives (CETI).

1 min read | 31 Mar 2022
Tax compliance reminders for May 9 national and local elections Tax Notes

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 22-2022 last February 21, 2022 to remind all candidates, political parties, and campaign contributors of their obligations with the BIR in line with the upcoming national and local elections.

Less than a minute | 23 Mar 2022
Procedures, guidelines in claiming Input VAT on purchases, importation of capital goods pursuant to Section 110 of the NIRC, as amended by the Train Law Tax Notes

The Commissioner of Internal Revenue has issued Revenue Memorandum Circular (RMC) No. 21-2022 to provide guidance on the work-around procedures in claiming input VAT on purchased or imported capital goods starting January 1, 2022.

1 min read | 14 Mar 2022
Guidance on filing of requests for confirmation, tax treaty relief applications and tax sparing applications Tax Notes

The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 20-2022 to guide taxpayers in filing their Requests for Confirmation (RFC), Tax Treaty Applications (TTRA) and Tax Sparing Applications (TSA).

2 min read | 11 Mar 2022
Amendments to the Retail Trade Liberalization Act of 2000 Tax Notes

Last December 10, 2021, the President signed into law Republic Act 11595, otherwise known as “An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000 (RTLA), by lowering the paid-up capital requirement for foreign retail enterprises and other purposes”.

1 min read | 25 Feb 2022
Clarification, guidelines on Section 8 of Revenue Regulation 5-2021 on Tax-Free Exchanges of Properties under the NIRC as amended by CREATE Act Tax Notes

The Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) 19-2022, which provides clarification and guidance to Revenue District Offices (RDOs), revenue officers, and others concerned on Section 8 of Revenue Regulation (RR) 5-2021, particularly on the mandate to issue Certificate Authorizing Registration (CAR) without a prior BIR confirmation or tax ruling on the tax-free exchanges of properties, while at the same time ensuring that proper taxes due to the Government on their subsequent sale or disposition are protected and collected thru the establishment and proper monitoring of their correct substituted basis.

4 min read | 18 Feb 2022
Tax filing, payment deadlines extended for 30 calendar days for taxpayers in areas under Alert Level 3 or higher, out-of-district filing allowed Tax Notes

The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) No. 1-2022, which extends statutory deadlines for taxpayers within the jurisdiction of BIR Revenue Regions (RRs) and Revenue District Offices (RDOs) classified under Alert Level 3 or higher. Out-of-district filing and payment of taxes are also now allowed.

1 min read | 10 Feb 2022
Proprietary educational institutions, nonprofit hospitals taxed at 1% for a limited period Tax Notes

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 13-2022, which reiterates the amendment on the tax treatment of nonprofit hospitals and proprietary educational institutions through Republic Act No. 11635, entitled “An Act Amending Section 27(B) of the National Internal Revenue Code of 1997, As Amended, and for Other Purposes”.

2 min read | 02 Feb 2022
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