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THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 56-2019 on March 29, 2019 to align and unify the imposition of late penalties on the payment of documentary stamp tax (DST) on the original issue of shares of stocks of new corporations.
Bureau of Internal Revenue (BIR) Regulations prescribe the information that should be indicated on the official receipts (ORs) and invoices to substantiate expenses. The required information includes the customer’s name, address, Tax Identification Number (TIN), and business style. For noncompliance, the BIR may impose fines, penalties, and disallowance of the expense.
THE Bureau of Internal Revenue has issued Revenue Regulations 5-2019, implementing the tax incentives provisions of Republic Act (RA) 10771, or the “Philippine Green Jobs Act of 2016.”
Following the effectivity of Republic Act (RA) No. 11232, or the Revised Corporation Code of the Philippines, the Securities and Exchange Commission (SEC) recently issued Memorandum Circular No. 7-2019, providing guidelines on establishing a One Person Corporations (OPC).
In line with protecting the rights and welfare of women and preserving a healthy family life, the Implementing Rules and Regulations (IRR) of Republic Act (RA) No. 11210, otherwise known as the 105-Day Expanded Maternity Leave Law, were signed on May 1, 2019.
IN LINE with Republic Act (RA) 10771, otherwise known as the Philippine Green Jobs Act of 2016, the Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) 5-2019 to clarify the coverage and tax perks of taxpayers who provide “green jobs.”
The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 4-2019 last April 5, 2019 to provide guidelines for processing tax amnesty on tax delinquencies.
In accordance with Republic Act No. 11199, or the Social Security Act of 2018, the Social Security System (SSS) issued SSS Circular No. 2019-05 on March 15, 2019, prescribing the new contribution table that is effective in April 2019, as illustrated below.
