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National Internal Revenue Code of 1997 5th Edition
There have been various changes in the VAT refund process these past few years with the conscious effort from the Bureau of Internal Revenue (BIR) to continuously simplify the requirements and procedure on VAT refund applications.
Last October 2, 2024, President Marcos signed into law Republic Act (RA) No. 12023 or the Value Added Tax (VAT) on Digital Services Law which imposes a 12% VAT on digital service providers (DSPs).
The Bureau of Internal Revenue (BIR) under Commissioner Romeo Lumagui’s administration has set four (4) strategic pillars in their 2024 CY Priority Programs and Projects according to Revenue Memorandum Circular (RMC) 42-2024: Provide Excellent Service to Taxpayers; Develop Highly Digital Processes; Intensify Audit and Enforce Process; and Strengthen Integrity and Professionalism of the Employees and the Institution.
In line with the implementing rules of the Ease of Paying Taxes (EOPT) Act intending to streamline the procedure and promote fairness across business sizes, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Order No. 37-2020 last September 4, 2024, to publish procedures and guidelines in taxpayer classification.
"The greatest threat to our planet is the belief that someone else will save it." This quote by Robert Swan, an environmental activist, resonates with the need for everyone’s involvement in addressing the crisis we currently face.
The Covid-19 pandemic is now slowly becoming part of our forgotten history. Also slowly, real estate companies such as developers, dealers and lessors, are now gaining their momentum to have a steadier recovery and growth.
As Benjamin Franklin wrote in his 1789 letter, “In this world, nothing is certain except death and taxes.” Obviously, death is an undeniable truth and an inescapable fate for all of us. As regards taxes, these are the State’s lifeblood, allowing it to discharge its functions for the welfare of its constituents from people’s money.
In order to ensure timely and complete tax payments pursuant to Executive Order (EO) No. 398, series of 2005, and Republic Act (RA) No. 9184, also known as the Government Procurement Reform Act, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 17-2024.
