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National Internal Revenue Code of 1997 5th Edition
Due to the improper use of loose Documentary Stamp Tax (DST) as well as the observed sale of loose documentary stamps through online platforms or physical stores, the Bureau of Internal Revenue (BIR) has issued guidelines on the proper sale and affixture of loose documentary stamps to taxable documents.
To clarify the taxability of the medical allowance granted to qualified government civilian personnel, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 107-2024.
Now, this article introduces the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) in February 2024 that marks a significant milestone in the country’s journey towards a sustainable future.
The Philippines has implemented significant various tax reforms in recent years with the goals of modernizing the tax system, attracting investments, supporting small businesses, and boosting economic growth.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 115-2024 to clarify issues regarding risk-based approach verification and processing of VAT refund claims, pursuant to Section 112(A) of the Tax Code, as amended and as implemented by Revenue Regulations (RR) No. 05-2024, and Revenue Memorandum Order (RMO) No. 23-2024, as amended by RMO No. 42-2024.
When P&A Grant Thornton embarked on a journey to integrate sustainability into its operations over two years ago, it sought a symbol to engage its stakeholders, primarily its people.
The Bureau of Internal Revenue (BIR) wields significant authority not only to levy taxes but also to investigate taxpayers’ books of accounts and accounting records. These investigations typically focus on verifying the accuracy and completeness of revenue and costs and deductions claimed by taxpayers. Avoiding tax investigations is often just hope.
Revenue Memorandum Circular (RMC) No. 113-2024 highlights the availability of the application for update of taxpayer classification through the “Update Information” functionality and the resumption of business registration and other registration-related transactions in the online registration and update system (ORUS) starting October 1, 2024, and October 10, 2024, respectively.
