Month: January 2022

EXTENSION OF THE BUREAU OF INTERNAL REVENUE DEADLINES FOR TAXPAYERS WITHIN THE JURISDICTION OF REVENUE REGIONAL AND DISTRICT OFFICES OF THE BUREAU OF INTERNAL REVENUE CLASSIFIED UNDER ALERT LEVEL 3 OR HIGHER (Revenue Regulation No. 1-2022, January 27, 2021) Statutory deadlines for the following activities fall during the period declared

BIR RULINGS Money transfer remittances released to recipients in the Philippines on behalf of the various offshore money companies are exempt from documentary stamp taxes There shall be collected a documentary stamp tax of sixty centavos (Php 0.60) on each two hundred pesos (Php 200) on the following: Bills of

COMPROMISE PENALTY SHOULD NOT FORM PART OF ASSESSMENT NOTICE FOR DEFICIENCY BASIC TAX, SURCHARGE, AND INTEREST BUT SHOULD APPEAR IN A SEPARATE ASSESSMENT NOTICE/DEMAND (Revenue Memorandum Circular No. 3-2022, January 14, 2022) Compromise penalties are amounts collected in lieu of criminal prosecution for violation committed by the taxpayer, where payment is

BIR RULINGS Income received directly in connection with the construction/development of socialized housing units under the Government’s Socialized Housing Program is exempt from project-related income taxes, creditable withholding tax, and value added tax (VAT). However, the purchases of goods/articles shall be subject to VAT, even if the said purchases are