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THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 11-2020 on Feb. 6, 2020 to further clarify certain provisions in Revenue Regulations (RR) 4-2019, which implemented Title IV of Republic Act 11213, otherwise known as the “Tax Amnesty Act.” RMC 11-2020 amends and supplements certain items in RMC 57-2019, which was also issued to clarify the provisions of RR 4-2019.

THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 10-2020, suspending the issuance of a permit to use (PTU) computerized accounting systems (CAS), computerized books of accounts (CBA) and/or components thereof, as provided under Revenue Memorandum Order (RMO) 21-2000, which is amended by RMO 29-2002.

PURSUANT to its authority under the Revised Corporation Code and the Securities Regulation Code (SRC), the Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) 2 on Jan. 21, 2020, providing the following measures for filing Audited Financial Statements (AFS) and General Information Sheet (GIS):

AS published on Jan. 23, 2020, the Real Estate Investment Trust (REIT) guidelines are expected to drive up interest from property developers to tap the investment vehicle, as the government relaxed the provisions of the REIT Act (Republic Act 9856) as made into law in 2009.

IN line with the Jan. 3, 2020 release of Revenue Memorandum Circular (RMC) 2-2020 requiring all retail/gasoline stations nationwide to submit a sworn declaration of inventories of diesel, gasoline and kerosene as of Dec. 31, 2019, the Bureau of Internal Revenue (BIR) recently issued RMC 6-2020 to inform concerned revenue district offices (RDOs) on the extension of the deadline for submitting the year-end sworn declaration of inventories to Jan. 31, 2020.

THE Commissioner of Internal Revenue has issued Revenue Memorandum Circular (RMC) 143-2019 on Dec. 27, 2019, clarifying the inclusion of taxpayers as Top Withholding Agents (TWAs) who are obliged to remit the one percent and two percent Creditable Withholding Taxes (CWTs) under the criteria of Revenue Regulations (RR) 7-2019.

AFTER several discussions with and petitions from different labor unions in Central Visayas, the Department of Labor and Employment–Regional Tripartite Wages and Productivity Board VII has issued Wage Order ROVII-22 on Nov. 26, 2019 to raise the minimum wage rate across the region.

THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 134-2019, announcing the availability of the revised BIR Form 1702-EX (Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as Amended, [Sec. 30 and those exempted in Sec 27(C) and Other Special Laws, with NO Other Taxable Income]) January 2018 (ENCS) version 2.