On March 31, 2021, the Bureau of Internal Revenue (BIR) issued RMC No. 43-2021 which prescribes the revised guidelines on the use of the eAFS System for the submission of duly filed Income Tax Returns (ITR) and required attachments, including BIR Form 1709.
On April 5, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 50-2021 which outlines the procedures for filing annual income tax returns considering the enactment of Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (Create) Law. The RMC also announced the availability of the BIR’s Offline eBIRForms Package v7.9 which shall be utilized by users of the Electronic Filing and Payment System (EFPS) and non-EFPS filers.
On March 29, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 41-2021 and Bank Bulletin (BB) 2021-06, both outlining the provision of tax reliefs in relation to the current surge of Covid-19 cases.
On March 31, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes.
On March 31, 2021, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes.
Over the years, the determination of expenses to be allowed as deduction to gross income has been a lingering issue with enterprises registered with the Philippine Economic Zone Authority (Peza). The controversy stems from the conflicting interpretations of the courts and the Bureau of Internal Revenue (BIR) on the provisions of Revenue Regulation (RR) 11-2005 as to whether the list of allowable deductions is exclusive or not.
With the aim to deliver fast and reliable services to its members, the Social Security System (SSS) has maximized the My.SSS Member Account in processing simple corrections on members’ data.
Effective Jan. 1, 2021, the five percent final withholding Value-Added Tax (VAT) from sales to the government or any of its political subdivisions, instrumentalities, or agencies, including all government-owned or -controlled corporations (GOCCs) shall be treated as creditable withholding tax.
