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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 05-2023 which outlines the updated documentary requirements for domestic corporations seeking income tax exemption on foreign-sourced dividends.
One of the letters that taxpayers (lectiophile or not) dread receiving is a Letter of Authority (LoA). This is the official document that authorizes the BIR to examine and scrutinize a taxpayer’s books of accounts and other accounting records to check and determine the taxpayer’s tax compliance.
The Bureau of Internal Revenue (BIR) has released a new design for the Tax Identification Number (TIN) card (BIR Form 1931) which is now in color green, replacing the old yellow TIN card. Nonetheless, the old yellow TIN card is still valid since the TIN does not expire or change and, as such, does not need to be replaced by the taxpayer.
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.
