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The Fiscal Incentives Review Board (FIRB) issued FIRB Advisory No. 007-2024 on December 17, 2024, circularizing the interim Implementing Rules and Regulations (IRR) of Republic Act No. 12066, also known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The Social Security System (SSS) has issued Circular No. 2024-006 dated December 19, 2024, reflecting an increase in mandatory contribution rates and adjustments to the monthly salary credit, pursuant to the provisions of Republic Act (RA) No. 11199 or the Social Security Act of 2018. These changes took effect on January 1, 2025.

The Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) No. 18, Series of 2024, last December 26, 2024, which provides the guidelines for the disclosure of fees paid to external auditors by publicly listed companies and other public interest entities (PIE).

The Bureau of Internal Revenue issued Revenue Regulation (RR) No. 4-2025, which introduced amendments to the current list of de minimis benefits enumerated in RR No. 2-98, as amended by RR No. 11-2018.

The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 03-2025 to set the implementing rules and regulations (IRR) for Republic Act (RA) No. 12023, otherwise known as value added tax (VAT) on digital services.

Last 16 January 2025, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 5-2025 amending certain provisions of RMC Nos. 11-2024 (Leases), 12-2024 (Foreign Currency Transactions), 13-2024 (Retirement Benefit Expenses), and 19-2024 (Interest) to align with the provisions of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act” (EOPT Act), and its implementing rules and regulations. Below is a summary of the amendments to the foregoing circulars.

The Bureau of Internal Revenue (BIR) has issued tax regulations under Revenue Regulations (RR) No. 02-2025 to implement provisions of Republic Act No. 9267, “The Securitization Act of 2004.” The regulations provide tax exemptions for asset transfers and the issuance of asset-backed securities, with a focus on the housing sector.

The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 01-2025 on January 6, 2025, to revise the guidelines and procedures for processing excise tax exemption requests for hybrid and purely electric vehicles.