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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).
IN compliance with Sec. 40 of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act, the Bureau of Internal Revenue (BIR) issued a tax advisory providing instructions for percentage taxpayers under Title V of the 1997 Tax Code.
The Department of Labor and Employment (DOLE) recently issued Labor Advisory No. 03, Series of 2018, providing the rules for pay during the special non-working days on February 16 and 25, 2018, pursuant to Proclamation No. 269, which covers companies that are observing the “no work, no pay” policy or the equivalent of 250 to 252 factor days in a year.
THE Securities and Exchange Commission (SEC) issued Memorandum Circular No. 03 dated Jan. 22, setting the due dates for submitting the annual financial statements (AFS) and general information sheets (GIS).
THE Bureau of Internal Revenue has issued Revenue Regulations (RR) No. 6-2018 revoking RR No. 12-2013, relative to the deductibility of certain expenses.
