Month: August 2021

  SOCIAL MEDIA INFLUENCERS ARE SUBJECT TO INCOME TAX, VALUE-ADDED TAX (OR PERCENTAGE TAX); SHALL REGISTER WITH THE BIR AND FILE TAX RETURNS; SUBJECT TO ROYALTY TAX AND FOREIGN TAX CREDIT; BIR MAY OBTAIN INFORMATION FROM FOREIGN COUNTRY (Revenue Memorandum Circular No.  97-2021, August 16, 2021)   Social Media Influencers defined Includes

FILING AND PAYMENT OF TAXES FALLING DUE FROM AUGUST 6 TO 20, 2021 IS EXTENDED FOR 15 CALENDAR DAYS. (Revenue Memorandum Circular No. 91-2021, August 3,2021)   Deadline of filing of returns and payment of the corresponding taxes due thereon, and submission of reports and attachments, falling within the period from

A final withholding tax of 15% is imposed on cash dividends received by a non-resident foreign corporation (NRFC) from domestic corporation, subject to the condition that the country in which the NRFC allows credit against the tax due from NRFC taxes deemed to have been paid in the Philippines equivalent

The BIR defers the implementation of RR No. 9-2021 implementing the imposition of 12 VAT on the following transactions: Transactions considered as export sales: Sale of raw materials or packaging materials to a non-resident buyer for delivery to a resident local export-oriented enterprise to be used in manufacturing, processing, packing

The BIR suspends the implementation of certain provisions of Revenue Regulations No. 5-2021 dated April 8, 2021 Suspended provisions: Definition of proprietary educational institutions in so far as it includes the phrase “which are non-profit” Definition of non-profit as it applies to proprietary educational institutions; Illustration on the tax treatment