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TO MAKE doing business in the Philippines easier, the Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 28-2019, allowing the use of BIR-printed receipts/invoices (BPRs/BPIs).
On February 18, 2019, Republic Act (RA) No. 11199, also known as the “Social Security Act of 2018,” was signed into law. The salient provisions of RA No. 11199 include the rates and contributions, as well as the minimum and maximum monthly salary credits, in accordance with the following schedule:
The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 22-2018 to further supplement RR No. 11-2018 on the changes to the withholding tax rates of the following transactions:
IN IMPLEMENTING the changes to income taxation for individuals under the Tax Reform for Acceleration and Inclusion (Train) Law, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular 17-2019, requiring individual taxpayers to use the latest version of BIR Form 1701A, or the annual income tax return for individuals earning purely from business or profession, in filing their annual income tax return and paying their income tax dues for calendar year 2018 on or before April 15, 2019.
The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Order (RMO) No. 06-2019 to provide guidelines, policies, and procedures for renewing the accreditation of printers of principal/ supplementary receipts/invoices.
In line with filing annual reports this year, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 01, Series of 2019 on filing the annual audited financial statements (AFS) and general information sheet (GIS).
BUSINESS entities must pay their local business taxes (LBT) with the local government unit (LGU) every year.
UNDER Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (Train) Law, a taxpayer may file an application for value-added tax (VAT) refund when there is excess input VAT within two years after the close of the taxable quarter when such sales were made.
