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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.
The Securities and Exchange Commission has recently issued a notice to inform the public that the submission of the Beneficial Ownership Transparency Declaration Form (BOTD Form) for newly registered corporations and existing corporations can now be made online. This is pursuant to: Section 6 of Memorandum Circular 1, Series of 2021, which mandates the disclosure of the person on whose behalf the corporation is registered and the nominators/principals of nominee incorporators/ first directors/ trustees and shareholders of corporations applying for registration, within 30 days from the issuance of the company’s Certificate of Registration; and Section 7 of the same memorandum circular that mandates the disclosure of nominators/principals/ persons on whose behalf one acts as director/ trustee/ shareholder of existing corporations.
As part of its series of issuances on the Computerized Accounting System (CAS), the Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Order (RMO) 9-2021 which prescribes the simplified guidelines and procedures on the use of CAS, Computerized Books of Accounts (CBA) and/or its Components, including the Electronic Storage System (ESS), Middleware and Other Similar Systems. The RMO, issued on Feb. 19, 2021, supplements the provisions of Revenue Memorandum Circular 5-2021 in streamlining the documentary requirements and in simplifying the process of registration of these systems.
Reduced CIT rate of 20 percent shall be applicable to domestic corporations with net taxable income not exceeding P5,000,000 and with total assets not exceeding P100 million (excluding land on which the business entity’s office, plant and equipment are situated)
