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Reiteration of the alternative modes of issuance of receipts/invoices during modified enhanced community quarantine period Tax Notes

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).

07 Oct 2020
Notice of Discrepancy to replace Notice of Informal Conference in tax assessments Tax Notes

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.

30 Sep 2020
Further extensions on the deadline of submission of BIR Form 1709 and supporting documents Tax Notes

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.

23 Sep 2020
Voluntary Assessment and Payment Program for taxable year 2018 Tax Notes

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.

16 Sep 2020
Deadline for registering online business further extended to Sept. 30, 2020 Tax Notes

THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum 92-2020 on Sept. 1, 2020 to all those concerned regarding the further extension of deadline for registering online business and paying taxes on past transactions without penalty.

09 Sep 2020
Rules on tax residency and creation of permanent establishment due to effects of Covid-19 measures Tax Notes

In cases where restrictions imposed by Covid-19 affect the applicability of Philippine tax laws and tax treaties on taxpayer’s tax position, the following rules shall be considered.

02 Sep 2020
Revised rules in the determination of fair market value of unlisted shares Tax Notes

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

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
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