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National Internal Revenue Code of 1997 5th Edition
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.
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The effectivity of TRAIN Law repealed the monthly filing of the VAT returns (BIR Form No. 2550M) starting January 1, 2023, but retained the filing of the quarterly VAT returns (BIR Form No. 2550Q).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.
