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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
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.
The mere plan to hand over one’s resignation letter has become a common joke. Whether one pushes through with plans to quit their jobs or not, there is truth behind such joke. And in today’s business environment plagued by the great war for talent, statements like this are cause for concern not just for people management and Human Resources (HR) leaders, but also for all employees who share the massive responsibility of promoting employee engagement and talent retention within their organizations.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 3- 2023 to amend Section 2 of RMC No. 19-2019, which provides that all books of accounts shall be registered online through the BIR’s Online Registration and Update System (ORUS) facility. A Quick Response (QR) code will be generated as proof of registration.
With the new year having just arrived, we can look forward to another year of exciting challenges and opportunities. For taxpayers following the calendar year as their tax period, the start of the new year marks the countdown for the April income tax deadline. While this is the most popular deadline for these taxpayers, we should not forget that there is also another BIR requirement that is due in April – the Request for Confirmation (RFC) to avail of tax treaty relief on certain income payments.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 152-2022 to provide clarifications and guidelines on the implementation of certain provisions in Revenue Regulations (RR) No. 21-2021 and RMC Nos. 24-2022 and 49-2022 regarding the revised value-added tax (VAT) rules for Registered Export Enterprises (REEs) under the CREATE Law.
The Feast of Epiphany and the celebration of the Baptism of the Lord ended the Christmas season last January 8. This day also marked the end of the Bureau of Internal Revenue’s suspension of audit and field operations.
