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BIR Updates May 15-28 2023

May 22, 2023

BIR RULINGS

  • The corporation’s entitlement to the full deductibility of the contribution/donation from gross income of the donor requires the said corporation to present certification from the NEDA that the contributions/ donations to Schools are in accordance with priority programs, projects and activities included in the current National Priority Plan.
    • Otherwise, a donation not in accordance with the National Priority Plan is subject to limited deductibility or deduction to an amount not exceeding 10% in the case of an individual and 5% in the case of a corporation of taxpayer’s taxable net income as computed without the benefits of deduction. (BIR Ruling No: OT-348-2022)
  • A non-stock and non-profit foundation is exempted from income tax and VAT only on revenues or receipts generated from donations.
  • However, the corporation is liable to all other including those below:
    • Income derived from any of its properties, real or personal, or any activity conducted for profit, which income should be returned for taxation unless they are actually, directly and exclusively used for educational purposes;
    • If engaged in the sale of goods or services in the course of a business pursuit, including transactions incidental thereto, its revenues derived therefrom shall be subject to the 12% VAT, in case the gross receipts from such sales exceed Three Million Pesos (Php3,000.000.00), or the 3% percentage tax, if the gross receipts do not exceed Php3,000.000.00;
    • Acts as an employer and its employees receive compensation income subject to the withholding tax; (BIR Ruling No: Certificate of Tax Exemption No: SH30-349-2022)
  • The purchases of goods/articles under the construction/development of NHA’s Socialized Housing Program is exempt from project-related income tax, creditable withholding tax and value-added tax on its income received directly in connection with the mentioned project. However, the purchases of goods/articles of the said company shall be subject to VAT, even if the said purchases are to be used for social housing projects and must issue VAT exempt official receipts on its gross receipts from the said socialized housing project. (BIR Ruling Nos: Certificate of Tax Exemption No:NSH-350-2022, NSH-351-2022)
  • The Taxpayer and the Commissioner may agree on the estimated useful life and rate of depreciation of any property. The rate so agreed upon shall be binding on both the taxpayer and the BIR.
    • However, if it develops that the useful life of the property originally estimated under previous factual conditions is no longer reasonable, the law allows the taxpayer to lengthen or shorten the useful life of the property in the light of prevailing factual considerations. (BIR Ruling No: OT-353-2022)
  • Notice of Tax Lien, Notice of Levy and Declaration of Forfeiture of Real Property are encumbrances in favor of the government securing the tax liability of the registered owner. However, encumbrances are effective only to cases wherein the delinquent taxpayer is the owner. If the property was sold by the owner, the subsequent tax lien or levy is no longer applicable.
    • Moreover, RMO 41-2019 provides that encumbrance is extinguished when delinquent taxpayer no longer owns the seized property prior to the lien.
    • Thus, where the property was sold to the taxpayer prior the encumbrance, the annotations are void and without legal effect. The Registry of Deeds may lift the said incumbrance to the transferee. (BIR Ruling No: OT-354-2022)

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BIR Updates March 30 – April 1, 2023

Tax Updates January 25-29, 2023

SEC Updates January 25-29 2023

SEC Updates December 5-11 2022

BIR LIFTS THE SUSPENSION OF THE CONDUCT OF ENFORCEMENT ACTIVITIES AND OPERATIONS COVERED BY OUTSTANDING MISSION ORDERS (MOS) AND REMOVAL OF THE PROHIBITION ON THE ISSUANCE OF NEW MOS AUTHORIZING SUCH ACTIVITIES AND OPERATIONS UNDER REVENUE MEMORANDUM CIRCULAR NO. 77-2022. (RMC No. 127-2022, September 7, 2022)

BIR TO LAUNCH ONLINE REGISTRATION AND UPDATE SYSTEM (ORUS); TAXPAYERS ARE ADVISED TO UPDATE RECORDS USING REGISTRATION UPDATE SHEET (RUS); OFFICIAL EMAIL ADDRESSES SHOULD BE PROVIDED, WHERE THE BIR SHALL SERVE ITS ORDERS, NOTICES, LETTER, AND OTHER PROCESS/COMMUNICATIONS. RMC No. 122-2022

COURT OF TAX APPEALS DECISIONS January 2022

COURT OF TAX APPEALS DECISIONS December 2021

BIR RULINGS (06/12/22)

CLARIFICATION ON THE INCOME TAX TREATMENT OF DIFFERENT CLASSIFICATIONS OF EDUCATIONAL INSTITUTIONS

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BIR Updates March 30 – April 1, 2023

March 27, 2023

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Tax Updates January 25-29, 2023

February 3, 2023

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SEC Updates January 25-29 2023

January 23, 2023

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Court of Tax Appeals Decisions Articles

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COURT OF TAX APPEALS DECISIONS January 2022

August 8, 2022

COURT OF TAX APPEALS DECISIONS December 2021

July 25, 2022

COURT OF TAX APPEALS DECISIONS – November 2021

May 18, 2022

Security and Exchange Commission Articles

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SEC Updates January 25-29 2023

January 23, 2023

SEC Updates December 5-11 2022

December 19, 2022

GUIDELINES ON CORPORATE DISSOLUTION UNDER SECTIONS 134, 136 AND 138 OF THE REVISED CORPORATION CODE.

March 16, 2022

Bureau of Internal Revenue Articles

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BIR Updates May 15-28 2023

May 22, 2023

BIR Updates May 8-14 2023

May 22, 2023

BIR Updates February 13-16, 2023

February 16, 2023

Recent Articles

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BIR Updates May 15-28 2023

May 22, 2023

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BIR Updates May 8-14 2023

May 22, 2023

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BIR Updates March 30 – April 1, 2023

March 27, 2023

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BIR Updates February 13-16, 2023

February 16, 2023

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Tax Updates January 25-29, 2023

February 3, 2023

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