THE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 32-2018 on April 26 prescribing the new BIR Form No. 1701Q (quarterly income tax return for individual, estates, and trusts).
IN line with submitting the quarterly alphabetical list of payees (QAP) under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the Bureau of Internal Revenue (BIR) issued a tax advisory on April 24 instructing taxpayers on how to make use of the new Alphalist Data Entry and Validation Module Version 6.0.
IN line with Revenue Memorandum Order No. 6-2018 enhancing the frontline services of the Bureau of Internal Revenue (BIR) by streamlining tax-related transactions, the BIR recently issued Revenue Memorandum Circular (RMC) No. 19-2018 to circularize the simplified business registration procedures and guidelines.
IN accordance with Philippine Health Insurance Corp. (PhilHealth) Advisory No. 008, series of 2018, all land-based overseas Filipino workers (OFWs) should ensure that their PhilHealth payments are reported and posted through any accredited collecting agent.
ON Jan. 31, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 11-2018 to implement the amendments introduced by the Tax Reform for Acceleration and Inclusion Act (Train) Law (Republic Act No. 10963) relative to the withholding of income tax.
PHILIPPINE Economic Zone Authority (Peza) issued Memorandum Circular (MC) No. 2018-003 dated March 12, announcing that the sale of goods and services to Peza entities will continue to be subject to zero percent value-added tax (VAT).
WITH the approval of Republic Act No. 10963 (TRAIN Law), the Bureau of Internal Revenue issued Revenue Regulations (RR) No. 9-2018 last Feb. 26, 2018. RR No. 9-2018 laid out the implementing rules and guidelines on imposing stock transfer tax (STT) on the transfer of shares publicly listed and traded through the local stock exchange. The RR reiterates from the TRAIN law that the STT increased from ½ of one percent to 6/10 of one percent—an increase of 1/10 of one percent—of the gross selling price or gross value in money of the shares of stock sold, bartered, exchanged, or otherwise disposed of, which shall be paid by the seller or transferor.
THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 8-2018 implementing the rules and regulations of the new personal income tax rates under the Tax Reform for Acceleration and Inclusion Act (TRAIN) Law (Republic Act No. 10963).
