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National Internal Revenue Code of 1997 5th Edition
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The effectivity of TRAIN Law repealed the monthly filing of the VAT returns (BIR Form No. 2550M) starting January 1, 2023, but retained the filing of the quarterly VAT returns (BIR Form No. 2550Q).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.
In tax assessment cases, many taxpayers may be unaware of their basic rights. As part of due process, this article will briefly discuss one of the substantive requirements in assessment cases — The Notice of Informal Conference (NIC) or Notice of Discrepancy (NOD).
With the issuance of RR No. 4-2023, the exception for barangays is lifted. As a result, barangays are now included in the list of taxpayers required to file their tax returns using the eBIR Forms.
No man is an island. No one can ever be self-sufficient, and a symbiotic relationship always exists among members of our society.
During tax assessments and even in applications for tax refunds or tax credits, taxpayers are normally being required to present the related documents to substantiate claims for expenses, exemptions, input taxes, and income tax credits. If the taxpayer fails to submit proper documents supporting its claim, the BIR will impose deficiency taxes, or even subject the taxpayer’s claim to disallowance due to discrepancies.
The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 3-2023 to inform all concerned on the amendments on the VAT rules applicable to Registered Export Enterprises (REEs) pursuant to Revenue Regulations (RR) No. 16-2005 as amended by RR No. 21-2021, implementing Sections 294(E) and 295(D), Title XIII of the Tax Code as amended by Republic Act No. 11534, also known as the CREATE Act and its Implementing Rules and Regulations.
