ON VAT AND PERCENTAGE TAX PROVISIONS (RR No. 3-2024) The EOPT adopts the accrual basis of recognizing sales for both sales of goods and services, including transactions to government or any of its political subdivisions, instrumentalities or agencies, and government-owned or -controlled corporations (GOCCs). All references to “gross selling price”, “gross value in
THE BIR CLARIFIES THE TREATMENT OF FOREIGN CURRENCY TRANSACTIONS FOR FINANCIAL REPORTING AND INTERNAL REVENUE TAX PURPOSES. RMC No. 12-2024, January 22, 2024 Particulars PFRS Current Tax Treatment Initial measurement of foreign currency transactions Recorded in functional currency using spot rate of exchange at transaction date Philippine Peso
SALE OR IMPORTATION OF COVID-19 EQUIPMENT AND DRUGS ARE SUBJECT TO VAT STARTING JANUARY 1, 2024. RMC No. 7-2024, January 11, 2024 The BIR reverses the Value-Added Tax exemption of transactions specified under Section 109 (BB) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Sale or importation
NEW PRICE THRESHOLD FOR THE SALE OF HOUSE AND LOT AND OTHER RESIDENTIAL DWELLINGS FOR VAT-EXEMPT PURPOSES IS P3,600,000 RR NO. 1-2024, JANUARY15, 2024 INCOME PAYMENTS MADE BY JV TO SUPPLIERS ARE SUBJECT TO WITHHOLDING TAX (1%/2%); SHARE OF CO-VENTURE FROM JV NOT TAXABLE AS CORPORATION IS SUBJECT TO
ESTATE TAX AMNESTY: COVERAGE – MAY 31, 2022; DEADLINE – JUNE 14, 2025 Revenue Regulations No. 10-2023, September 8, 2023 The BIR amends certain provisions of RR No. 6-2019, as amended, to implement the extension on the period of availment of the Estate Tax Amnesty pursuant to RA No. 11956, further
MANDATORY REQUIREMENTS AND GUIDELINES, POLICIES AND PROCEDURES IN THE PROCESSING OF CLAIMS FOR VALUE-ADDED TAX (VAT) CREDIT/REFUND. Revenue Memorandum Order No. 23-2023, June 23, 2023 The BIR prescribes the mandatory requirements and guidelines, policies and procedures in the processing of claims for Value-Added Tax (VAT) Credit/Refund except those under the
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.
LOCAL SUPPLIERS OF GOODS/SERVICES IS NO LONGER REQUIRED TO APPLY FOR APPROVAL OF VAT ZERO-RATING WITH THE BIR FOR TRANSACTIONS WITH THE REGISTERED EXPORT ENTERPRISES OF THE LOCAL PURCHASES OF GOODS AND SERVICES DIRECTLY AND EXCLUSIVELY USED IN THE REGISTERED PROJECT OR ACTIVITY. Revenue Regulations No. 2-2023, April 27, 2023
TAXABLE BASES IN APPLYING EXCISE TAX FOR AUTOMOBILES The BIR clarifies the provision of Section 5 of RMC No. 063-22 pertaining to the application of the three (3) primary taxable bases in applying the excise tax rates for automobiles RMC No. 32-2023 Taxable basis in applying the excise tax rates for
BIR ANNOUNCES THE AVAILABILITY OF ONLINE APPLICATION FOR REGISTRATION INFORMATION UPDATES AND OTHER ONLINE FACILITIES FOR REGISTRATION –RELATED TRANSACTIONS THROUGH ONLINE REGISTRATION AND UPDATE SYSTEM (ORUS) RMC No. 12-2023 The implementation of online application for registration information update and other online facilities for registration-related transactions through Online Registration and Update System
