Under the Local Government Code (LGC), all business establishments are required to renew annually their registration with local government units (LGUs). The annual renewal of business registration consists of, but is not limited to, payment of local business tax (LBT), mayor’s permit fee, sanitary inspection fee, garbage fee, building inspection fee, electrical inspection fee, mechanical inspection fee, plumbing inspection fee, fire inspection fee, personnel fee, business plate registration fee and other charges imposed by the different LGUs.
Pursuant to Section 8 of Revenue Regulations 13-98, taxpayers claiming donations as deduction from gross income in computing the income tax, must present to the BIR the Certificate of Donation indicating the actual receipt and date of donation and the amount of cash, or acquisition cost if in property
The mandatory coverage of the eFPS has been expanded to include the following:
BIR has issued an advisory requesting taxpayers to transact their businesses with BIR before Dec 12 to avoid any inconvenience resulting from the Intergrated Tax System downtime.
All field operations relating to BIR tax audits shall be suspended beginning December 16, 2014 to January 4, 2015, except in the following cases:
RMC 79-2014 summarized and clarified the tax treatment of stock options plans and other option plans and imposed compliance requirement for corporations issuing stock options.
Importers and customs brokers with valid and existing accreditation will have an extended period up to July 31, 2014 to file their application for accreditation.
The application period for importers and brokers with valid and existing accreditation has been extended until June 30, 2014, or the original expiration of their Bureau of Customs (BOC) accreditation, whichever comes earlier.
The BIR has waived the penalties on late filing for eFPS taxpayers who were unable to file and pay thru eFPS their annual income tax return for taxable year ended December 31, 2013 and quarterly income tax return ended March 31, 2014 due to system downtime yesterday.