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It is true that certain things in this life are unavoidable, regardless of status. Benjamin Franklin once said that “In this world, nothing is certain except death and taxes.” That means, you still can’t escape paying taxes until you die.
February is often associated with love and friendship, because it is during this month that people celebrate Valentine’s Day. However, to some who are in a dating relationship, it is now common to hear the term “ghosting”. In normal parlance, ghosting means the act of suddenly cutting off ties without explanation due to fear of confrontation. But for taxpayers, ghosting the BIR is a taxpayer’s regret, especially in tax audits.
Capping off the first month of 2025, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 004-2025 (RR No. 4-25), amending certain De Minimis benefits. It increased the uniform and clothing allowance to Php 7,000, which was formerly Php 6,000 under RR No. 11-2018 (RR No. 11-18); and included cash and gift certificates as a form of employee achievement awards.
On 10 December 2024, the Department of Finance approved and issued the Implementing Rules and Regulations (IRR) of Republic Act No. 12001, otherwise known as the Real Property Valuation and Assessment Reform Act (RPVARA).
Traditionally, the Bureau of Internal Revenue (BIR) inventory list is associated with taxpayers in manufacturing and retail businesses, where inventories form part of the cost of goods sold, which is a critical component of major deductions in the income tax return.
Every new year is a new chapter to embrace the graces and challenges life brings, which gives us opportunities to make a significant journey that will hopefully inspire others
In much the same way, the Philippine tax system stands at a transformative moment. The amendments to the VAT zero-rating and certification processes under the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy) Act represent a bold step forward to an opportunity for our economy to evolve and reach new heights, just as Moana ventured beyond to discover her true potential.
Just as Spotify wrapped up our evolving music taste for the year, let's also take a moment to look back at the ever-changing tax landscape as we review several important regulations and clarifications issued by the BIR this year, primarily focused on the implementation of the Ease of Paying Taxes (EOPT) Act."
