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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).

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.

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

In much the same way, the Philippine tax system stands at a transformative moment. The amendments to the VAT zero-rating and certification processes under the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy) Act represent a bold step forward to an opportunity for our economy to evolve and reach new heights, just as Moana ventured beyond to discover her true potential.

Just as Spotify wrapped up our evolving music taste for the year, let's also take a moment to look back at the ever-changing tax landscape as we review several important regulations and clarifications issued by the BIR this year, primarily focused on the implementation of the Ease of Paying Taxes (EOPT) Act."

For taxpayers and business owners, the year-end celebrations also signal the beginning of the challenging business permit renewal season.

As the holiday season draws near, it provides an ideal moment to examine the tax exemptions and privileges available to businesses in the real estate sector under the Philippine Tax Code.

In October 2024, the Philippines joined the growing list of countries like Indonesia, Malaysia, Thailand, Singapore, and Japan, imposing a consumption tax on digital services with the enactment of Republic Act (RA) No. 12023.