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National Internal Revenue Code of 1997 5th Edition
The Philippines, one of the oldest allies of the U.S government, has signed the Declaration of Inclusion last April 2026 and is eyeing for the signing of the Agreement in November 2026.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 76-2026 to announce the availability of the electronic tax clearance system (eTCS) for taxpayer-applicants registered across all revenue regions nationwide.
In the Philippines, extreme heat is no longer an abstract climate issue. In recent months, government agencies warned of heat index levels reaching the danger category in several areas, with values around 42°C and higher reported in parts of the country.
Taxpayers often focus on tax laws and regulations that directly affect their liabilities and compliance obligations, while administrative issuances are generally viewed as having limited impact.
A common issue for corporations holding proprietary club shares through officer-nominees is establishing that transfers such shares are not subject to Capital Gains Tax (CGT), Documentary Stamp Tax (DST), or Donor's Tax. Since proprietary club memberships are typically required to be registered in the name of a natural person, corporations often designate officers as nominees or trustees.
One of the most overlooked assets on a company's balance sheet is an unutilized Value Added Tax (VAT) input balance. For export-oriented businesses and other taxpayers entitled to VAT refunds, these amounts can represent significant cash recovery opportunities.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 71-2026, clarifying the extended validity of Certificates of Compliance (COC) for cooperatives applying for a Certificate of Tax Exemption (CTE) in line with the extension granted by the Cooperative Development Authority (CDA) under Memorandum Circular No. 2026-07, Series of 2026.
The BIR’s move toward digital taxation is not merely changing how transactions are reported. It is placing greater visibility on how both businesses and regulators capture, process, and manage information.
