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The prices of basic goods have increased steadily since the start of the year.

IN response to the enacted Tax Reform for Acceleration and Inclusion (TRAIN) Law, the Bureau of Internal Revenue issued Revenue Memorandum Order No. 29-2018 on May 11, 2018, creating Alphanumeric Tax Codes (ATCs) to properly identify and monitor tax collections from selected revenue sources under excise tax.

TO better serve the public, the Bureau of Internal Revenue (BIR) announced it has created a fast lane for one-time, simple transactions. Revenue Memorandum Circular (RMC) No. 43-2018 issued last May 18 states that the fast lane caters to individuals or corporations filing capital gains tax or donor’s tax returns with only one deed of sale, exchange, or donation involving one to three properties.

THE Bureau of Internal Revenue (BIR) issued a tax advisory amending the provisions on filing the excise tax on cosmetic procedures. Effective May 18, excise taxpayers must use BIR Form No. 0605 – Payment Form, indicating alphanumeric tax code (ATC) “XC010” and Tax Type “XC.” BIR Form No. 1620-XC Final Withholding Tax of Excise Tax on Cosmetic Procedures as prescribed under Revenue Memorandum Order (RMO) No. 9-2018 will be replaced by BIR Form 2200-C.

IN line with implementing Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 23-2018 on May 21 prescribing the policies, guidelines and procedures for availing of eight percent income tax rate option for individuals earning from self-employment, business, and/or practice of profession. The RMO takes effect immediately.

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.