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National Internal Revenue Code of 1997 5th Edition
Pursuant to the provisions on Value-Added Tax (VAT) exemptions under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 81-2021 to inform the public regarding the updated and consolidated list of VAT-exempt products.
The imposition of 12% Value-Added Tax (VAT) on local purchases of PEZA-registered enterprises continues to attract debate and draw concerns. The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 9-2021 stating that certain sales which were previously considered zero-rated for VAT are now subject to 12% VAT. This RR implements the provisions of Republic Act (RA) No. 10963 or the Tax Reform and Acceleration and Inclusion (TRAIN) Act.
IMPROVING Philippine agriculture, which includes fishery and forestry products, has been a persistent major issue since much of the 20th century. Unfortunately, we continue to struggle to come to grips with it.
THE submission of a Certificate of Residence for Tax Treaty Relief (CORTT) Form for dividends, interest and royalties has been officially discontinued. In place is a set of streamlined guidelines on how to avail of the tax treaty benefit, pursuant to Revenue Memorandum Order 14-2021 and Revenue Memorandum Circular 77-2021.
Back in the day, the image of the future was filled with caricatures of flying cars and robots. Pop culture in the 70s and 80s promoted future society to be one that is advanced in all aspects – from transportation and entertainment to the world of work. Surely, these were not accurate predictions, as we are still eons away from using flying cars. What absolutely changed was the way we do things.
Two weeks ago, our Let’s Talk Tax article covered the new Value-Added Tax (VAT) rules on sale of goods to ecozone entities and exporters. This was pursuant to Revenue Regulations (RR) No. 9-2021 which imposed 12% VAT on certain transactions that were previously taxed at 0%. The RR met with strong opposition from various stakeholders because of the impact on the export industry, and taxpayers clamored for a clarificatory Bureau of Internal Revenue (BIR) issuance. While discussions are still up in the air, it is apparent that affected taxpayers should also consider the possibility of going through the VAT refund process route for the 12% input VAT passed on to them.
THE Philippines is probably one of the very few countries in the world that does not speak a primary language on a national scale. This situation, unfortunately, has grave disadvantages, more directly in political and educational development and, hence, ultimately in economic development.
A HEART breaking face of poverty is the present day preponderance of undernutrition of Filipino young children.
