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THE implementation of Republic Act 11494 or “Bayanihan II” has brought about several welcome exemptions for taxpayers as the country battles the ongoing pandemic. In particular, the Bureau of Internal Revenue (BIR) published on Oct. 17, 2020, Revenue Regulations (RR) 29-2020 implementing the provisions of Bayanihan II relative to tax exemption on certain income payments provided to certain employees and health workers.

THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 115-2020 on Oct. 21, 2020 to inform concerned stakeholders that Certificate of Zonal Values of Real Properties (certification) shall only be issued by the concerned Revenue District Offices (RDOs) having jurisdiction over the property location. The certification shall be used by the applicant in their transactions with other government offices or private entities.

The Securities and Exchange Commission (SEC) has recently issued Memorandum Circular (MC) 27 series of 2020 to operationalize Title XIII, Chapter III of Republic Act 11232, or the Revised Corporation Code of the Philippines (RCC), which allows the conversion from an Ordinary Stock Corporation (OSC) to a One Person Corporation (OPC), as well as the conversion from an OPC to an OSC.

THE Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) 25-2020 to inform all concerned on the longer period for claiming net operating losses carry over (Nolco) from taxable years 2020 and 2021.

THE Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) 96-2020 to reiterate the alternative modes of issuance of receipts/invoices applicable during the period of modified enhanced community quarantine (MECQ).

DUE process is the right to be heard. It is the obligation of the state to respect all legal rights owed to a person, and it balances the power of law of the land and protects the individual from it.

THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 98-2020 to inform all concerned on the extended deadline of submission of Information Return on Related Party Transactions (BIR Form 1709) and its supporting documents for taxpayers with fiscal years ending March 31, 2020 to Nov. 30, 2020. For the submission for calendar year ending Dec. 31, 2020, the deadline shall be April 30, 2021.

THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulation No. 21-2020 to inform all concerned of the voluntary assessment and payment program (VAPP) of the BIR which can be availed by taxpayers for taxable year 2018 under certain conditions.