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National Internal Revenue Code of 1997 5th Edition
Generally, taxpayers have six (6) days left before the last day for the filing of the Annual Income Tax Returns (AITR) for the calendar year 2022 which falls on April 17 2023. With the filing of the AITR, the power of the Bureau of Internal Revenue (BIR) to assess and examine if correct taxes were paid begins. However, the said power of the BIR to assess deficiency taxes is not limitless.
Through Revenue Memorandum Circular (RMC) No. 41-2023, the Bureau of Internal Revenue (BIR) announced the publishing of BIR information materials made easily accessible on its official website. These materials are published to guide taxpayers in filing their applicable tax returns and in paying their taxes.
This year, the deadline for the submission of the AITR for calendar year ended December 31, 2022 is on April 17, 2023, while the submission of AFS with the Securities and Exchange Commission (SEC) is from May 29 to June 30, 2023, depending on the last numerical digit of the company’s SEC registration or license number. The month of April is always considered a “crunch time” period. However, the submission does not end with the BIR. After these documents have been received by the BIR, companies also have to submit them to the SEC. In addition, the General Information Sheet (GIS) shall be filed on or before April 30, 2023.
It is a well-established rule that no estate can be divided without first securing a valid Certificate Authorizing Registration (CAR or eCAR) from the Bureau of Internal Revenue (BIR). Heirs who wish to finally settle disputes as to ownership of the decedent’s properties within the family are constrained to secure a CAR or eCAR in order to secure a Transfer Certificate of Title with their local Register of Deeds.
We live in a society predisposed to bias. Psychologists speak the truth when they say that if there’s one thing certain about biases, it is that everyone has them and they occur unconsciously.
In prior years, due to the pandemic, policies and guidelines were adopted for the filing and payment of taxes to adapt to the new normal. Thus, it is a welcome development that the Bureau of Internal Revenue (BIR) announced the same arrangement for calendar year 2022 through the issuance of Revenue Memorandum Circular No. 32-2023.
For taxpayers using the calendar year, the due date for the filing of the 2022 Income Tax Return (ITR) will be on April 17, 2023, since April 15 will fall on a Saturday. Taxpayers are already used to their life cycle – file their different tax returns regularly, the ITR being the last periodic tax return to be filed for a taxable year, then wait for the BIR (Bureau of Internal Revenue) to come to them for the subsequent BIR audit.
On March 15, 2023, the Fiscal Incentives Review Board (FIRB) released Advisory 005-2023, which provides an extended period for Registered Business Enterprises (RBEs) in the Information Technology–Business Process Management (IT-BPM) sector, allowing them to move equipment and other assets outside the economic zone or freeport zone without being required to post any bond. This provision applies specifically to RBEs that have transferred their registration to the Board of Investments (BOI).
