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Showing 6 of 9 results for "QAP"
Tax Notes
Issuance of receipts and sales or commercial invoices by agricultural producers

Under the Tax Code, all persons subject to an internal revenue tax shall, at the point of each sale and transfer of merchandise or for services rendered valued at one hundred pesos (P100.00) or more, issue duly registered receipts or sales or commercial invoices. However, the Commissioner of Internal Revenue may, in meritorious cases, exempt any person subject to internal revenue tax from compliance with the issuance of receipts or sales or commercial invoices.

3 min read |
Let's Talk Tax
Revisiting the manner of tax filings and payment

Earlier this month, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 4-2021, which lays down the guidelines for the filing of tax returns and attachments, as well as the payment of the taxes due. The RMC did not, essentially, introduce any changes to the prescribed manner of filing and payment of tax returns, but it is nevertheless important to refresh ourselves on these guidelines to ensure proper compliance and avoid unnecessary penalties and inconvenience.

Let's Talk Tax
A clear 2020 vision: New Year requirements

Many things can happen in a year. We realize our dreams, reach our goals, make mistakes, and meet new people; the most important thing is that we learn from experience. The same thing can be said from a business perspective, where we, as stakeholders, learn that each new year brings numerous challenges in complying with government requirements as part of continuing operations in the coming year. Listed below are some of the requirements — so mark your calendars to plan your activities this January.

Let's Talk Tax
Flash Report: Revised BIR reportorial requirements

Last year, I had the chance to write an article about the things that the employers need to know in computing for the annualized tax on compensation. The focus was the changes brought about by the Republic Act (RA) No. 10963 — Tax Reform for Acceleration and Inclusion (TRAIN) Law and recent Bureau of Internal Revenue (BIR) issuances. This year, I’ll tackle the recent changes in the reportorial requirements, especially now that we’re nearing towards the year-end.

Semestral List of Regular Suppliers no longer required

This Tax Alert is issued to inform all concerned on the submission of the Semestral List of Regular Suppliers (SRS) by Top Withholding Agents (TWAs).

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Overcoming tax filing predicaments under TRAIN

The comprehensive tax reform program (CTRP) was envisioned to redesign the Philippine tax system to be simpler, fairer and more efficient. Aligned with the said objectives, the first package of the CTRP or the Tax Reform for Acceleration and Inclusion (TRAIN) Law brought many changes on the overall tax compliance procedures. Some of these changes are the streamlined filing of tax returns, adjustments to tax payment deadlines, and revision of tax rates, the implementation of which requires the Bureau of Internal Revenue (BIR) to update its system and issue revised tax returns.