Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) is on its way to complete its digitalization roadmap with the release of more updates to its Online Registration and Update System (ORUS). Through the issuance of Revenue Memorandum Circular (RMC) No. 12-2023 last January 27, 2023, the BIR introduced the additional features to the ORUS.
Republic Act (RA) No. 10963 or the TRAIN Law introduced several major revisions to the National Internal Revenue Code (Tax Code) of 1997. While the law became effective 01 January 2018, some changes were made effective through staggered implementation.
Normally, people celebrate the New Year with new year’s resolutions and (hopefully) adhering to them. For us accountants, flipping the calendar means we start with a fresh set of books and accounting records, a new year of targets, quotas, and goals, and most of all, four months of duels with various deadlines to beat.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 7-2023, which provides guidelines on Return Processing System (RPS) assessments, identifying all tax returns that are:
Valuation is a combination of both art and science. Though scientifically objective in its specific approaches and methodologies, valuation work can be an artfully subjective undertaking.
With all the continued merriments and celebrations spilled over, from the Christmas holidays to other celebrations such as the feast of the Black Nazarene, Sinulog Festival, and the Chinese New Year, it is finally the last day of January 2023. Accountants and auditors alike would surely be thankful that January, for what seemed like an eternity, is over. Finally, a fraction of the tax season is over, and we survived so far. But it doesn’t stop there. Before we get tied up with the finalization of audited financial statements and income tax returns for the year thus ended, it is equally important to focus on the reportorial requirements of taxpayers in terms of transfer pricing (TP).
Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law and Revenue Memorandum Circular (RMC) No. 5-2023, VAT-registered taxpayers are no longer required to file monthly VAT returns (BIR Form No. 2550M) pertaining to transactions that occurred beginning January 1, 2023.
Various changes relative to VAT have been implemented through the years. It cannot be denied that with the removal of the cross-border doctrine relative to sales to ecozones and freeport zones, VAT zero-rating has been suspended but is now fully implemented.
