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National Internal Revenue Code of 1997 5th Edition
The Bureau provided several issuances setting less strict regulations compared to the previous requirements. Here are the various updates on Value-added Tax (VAT) regulations issued by the BIR this year, giving more power to taxpayers and concerned agencies.
As we eagerly wait for our compensation, a few of us may be those tasked with the noble responsibility of computing payroll on time and accurately up to the last centavo. How is compensation computed? What payroll regulations and updates does one need to know?
Pursuant to Revenue Memorandum Circular (RMC) No. 62-2023 dated May 24, 2023, taxpayers under the Electronic Filing and Payment System (eFPS) may now use the BIR Forms.
Taxes have been around for thousands of years even in biblical times; and will continue to coexist in our civilization. Indeed, paying taxes is a burden we must accommodate and learn to live with. After all, taxes are collected for the welfare of the people.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No 53 – 2023 last May 11, 2023, to clarify the entitlement of economic zone developers and operators to the Value-Added Tax (VAT) zero-rating on local purchases of goods and services directly and exclusively used in the registered project or activity.
In our previous article “BIR transfer pricing audits - the next wave?”, we have looked into Revenue Audit Memorandum Order (RAMO) No. 1-19 which is the current regulation set by the Bureau of Internal Revenue (BIR) when it comes to Transfer Pricing (TP) audits. The RAMO explained in detail how will the BIR conduct its audit of related party transactions.
PEZA-registered enterprises in the Philippines are expected to have a positive start this second half of the year, as the passage of Revenue Regulation No. 03-2023 on April 27, 2023 made it easier for them to avail of Value Added Tax (VAT) zero rating.
The effectivity of TRAIN Law repealed the monthly filing of the VAT returns (BIR Form No. 2550M) starting January 1, 2023, but retained the filing of the quarterly VAT returns (BIR Form No. 2550Q). Recently, the issuance of Revenue Memorandum Circular (RMC) No. 52-2023 revived the monthly filing but in an optional capacity.
