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Revised rules in the determination of fair market value of unlisted shares
Tax Notes Revised rules in the determination of fair market value of unlisted shares
THE Bureau of Internal Revenue has issued Revenue Regulation 20-2020 on Aug. 18, 2020 to all those concerned regarding the transactions for sale, barter or exchange of shares not traded though the local stock exchange
26 Aug 2020
Use of eAFS System for the submission of attachments to the Income Tax Returns (ITR) of taxpayers with fiscal-year accounting period and submission of attachments to the quarterly ITRs
Tax Notes Use of eAFS System for the submission of attachments to the Income Tax Returns (ITR) of taxpayers with fiscal-year accounting period and submission of attachments to the quarterly ITRs
IN RELATION to the provisions of Revenue Memorandum Circular (RMC) 49-2020 on the use of electronic Audit Financial Statements (eAFS) System in the submission of attachments to the 2019 Filed Income Tax Returns (ITRs), the Bureau of Internal Revenue (BIR) issued RMC 82-2020 on Aug. 11, 2020. The Circular was issued to inform all concerned taxpayers on the expanded coverage of the eAFS System.
18 Aug 2020
Clarifications on filing BIR Form 1709 and its attachments
Tax Notes Clarifications on filing BIR Form 1709 and its attachments
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 76-2020 to clarify various issues on the submission of BIR Form 1709 or the Related Party Transactions (RPT) Form and its attachments pursuant to Revenue Regulations 19-2020.
12 Aug 2020
Extension on the deadline for registering businesses engaged in digital transactions
Tax Notes Extension on the deadline for registering businesses engaged in digital transactions
THE Bureau of Internal Revenue recently issued Revenue Memorandum Circular (RMC) 75-2020, extending the deadline for registering business activity and/or updates with no penalty from July 31, 2020 to Aug. 31, 2020. Furthermore, the declaration of past transactions subject to pertinent taxes due when declared and paid on or before the date shall not be subject to the corresponding penalty for late filing and payment.
05 Aug 2020
Revised procedures for cancelling permit to use cash register machines, POS machines, other similar sales machines generating receipts/invoices
Tax Notes Revised procedures for cancelling permit to use cash register machines, POS machines, other similar sales machines generating receipts/invoices
THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 69-2020, updating the procedures in accordance with the requirements of Republic Act 11032, otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018” in connection with the procedures for cancelling Permit to Use (PTU) Cash Register Machines (CRM), Point-of-Sale (POS) machines, and other similar machines.
29 Jul 2020
Submission of BIR Form 1709 and transfer pricing documentation for related party transactions now required
Tax Notes Submission of BIR Form 1709 and transfer pricing documentation for related party transactions now required
THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulation (RR) 19-2020, requiring the submission of Information Return on Related Party Transactions (BIR Form 1709) and its supporting documents, as attachment to the Annual Income Tax Return (ITR), effective July 25, 2020.
22 Jul 2020
Further extension on the deadline for filing of VAT refund claims; 90-day processing period suspended in areas still under ECQ or MECQ
Tax Notes Further extension on the deadline for filing of VAT refund claims; 90-day processing period suspended in areas still under ECQ or MECQ
THE Bureau of Internal Revenue recently issued Revenue Regulation 16-2020 on the further extension of due dates for filing of VAT refund claims covering taxable quarters affected by the implementation of the enhanced community quarantine (ECQ) and suspension of the 90-day processing period due to the spread of the pandemic.
15 Jul 2020
Streamlined requirements for BIR applications
Tax Notes Streamlined requirements for BIR applications
REPUBLIC Act (RA) 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, mandates all offices and agencies providing government services to regularly undergo evaluation and improvement of their transaction systems and procedures and re-engineer the same if deemed necessary in order to mitigate undue regulatory burden and costs to the agencies and the applicants or requesting parties.
08 Jul 2020
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