THE BIR PROVIDES TAX COMPLIANCE REMINDERS FOR THE MAY 9, 2022 NATIONAL AND LOCAL ELECTIONS (Revenue Memorandum Circular No. 22-2022, February 21, 2022) BIR REGISTRATION All candidates, political parties/party list groups and campaign contributors, are required to register with the BIR, issue official receipts and withhold taxes. The registration shall
PRESCRIBES THE GUIDELINES IN THE CLAIM OF INPUT VAT ON PURCHASES OR IMPORTATIONS OF CAPITAL GOODS PURSUANT TO SECTION 110 OF THE TAX CODE, AS AMENDED BY RA NO. 10963 (TRAIN LAW) (Revenue Memorandum Circular No. 21-2022, February 21, 2022) Claim of Input VAT on Purchases or Importations of Capital Goods
GUIDANCE ON THE FILING OF REQUEST FOR CONFIRMATION, TAX TREATY RELIEF APPLICATIONS AND TAX SPARING APPLICATIONS (Revenue Memorandum Circular No. 20-2022, February 17, 2022) Taxpayers already issued with Certificate of Entitlement to Treaty Benefit (“COE”), with the tenor thereof allowing the ruling to be applied to subsequent or future income payments,
REVENUE MEMORANDUM CIRCULAR NO. 19-2022, FEBRUARY 4, 2022 (CLARIFICATION AND GUIDANCE ON SECTION 8 OF REVENUE REGULATIONS (RR) NO. 5-2021 ON THE TAX-FREE EXCHANGES OF PROPERTIES UNDER SECTION 40(C)(2) OF THE NATIONAL INTERNAL REVENUE CODE (TAX CODE) OF 1997, AS AMENDED BY REPUBLIC ACT (RA) NO. 11534 OR THE CREATE
BIR RULINGS To be classified as capital assets for taxation purposes the property must be not actually used in trade or business of the taxpayer, whether or not connected with his trade or business, or not held for lease or sale of customers. Also, if the property is merely held
