ONETT taxpayers required to use eBIR Forms
This Tax Alert is issued to inform all concerned on the latest amendments of guidelines for tax clearance of government bidders as required under Executive Order (EO) 398. The tax clearance shall be valid for one (1) year, stretched from its previous six (6) month validity. As an additional condition, the applicant should not be tagged as “Cannot Be Located” taxpayer.
This Tax Alert is issued to inform all concerned on the easement of getting certification of zonal values of real properties. Certificate of zonal values of real properties can now be issued by Revenue District Offices (RDOs). The certificate is used in the computation of the estate, donors and capital gains tax for the issuance of the certificate authorizing registration (CAR) to transfer the properties to the new owners
This Tax Alert is issued to inform all concerned that suspension of RMC 61-2016 is now lifted and will be in effect immediately. RMC 61-2016 prescribes the accounting and recording of transactions involving “netting” or “offsetting” arrangements.
This Tax Alert is issued to inform all concerned that suspension of RMC 62-2016 is now lifted and will be in effect immediately. Clarifications are issued on the proper tax treatment of passed-on Gross Receipts Tax (GRT) by banks and non-bank financial intermediaries (NBFIs).
This Tax Alert is issued to inform all concerned that BIR audit activities during Christmas season will not be suspended. All field audits and other field operations supported by valid audit notices shall proceed as usual. Policies and procedures of the BIR audit program under RMO 19-2015 shall be strictly observed.
Reduced surcharge of 25% for taxpayers under 3rd consecutive audit (Revenue Memorandum Order No. 64-2016, November 15, 2016) This Tax Alert is issued to inform all concerned on the latest amendments in the policies and procedures to implement the BIR audit program. Under RMO 19-2015, if a taxpayer has been selected for audit for the third consecutive year, the RDO/LTD/LTAD has to submit a written justification to the Commissioner, unless it has been established that the taxpayer has underdeclartion/overdeclaration of income/expense by at least 30%. The deficiency assessment shall be subject to 50% surcharge. Under RMO 64-2016, the surcharge for deficiency assessment is lowered to 25%. The 50% surcharge shall apply only if there is underdeclaration of income or overstatement of expenses/deductions reaching 30%.The RDO/LTD/LTAD can now directly encode the requested audit in eLAMS/eTIS-CMS to be approved by the regional director/assistant commissioner (previously, by the Commissioner). Selection code shall depend on the reason by the taxpayer has been selected.
This Tax Alert is issued to inform all concerned on the latest BIR policy on the issuance of tax clearance where there is pending application for compromise settlement/abatement.
This Tax Alert is issued to inform all concerned of BIR’s latest issuance addressing the issue on the unavailability of the Bureau’s eFPS’ to read:
Clarifications on compliance rules under TIMTA (DOF-DTI Joint Memorandum Circular No. 2016-01; and PEZA MC 2016-035) PEZA advises REBs to review their reports and refer to the notes to the Annual Tax Incentives Report which provides the description of each column in order to avoid inaccurate reports. Amended reports can also be submitted within the deadline.