TAX ASSESSMENTS FINAL ASSESSMENT NOTICE (FAN) ISSUED BEFORE THE EXPIRATION OF 15-DAYS FROM RECEIPT OF PAN TO RESPOND THERETO IS VOID. The Bureau of Internal Revenue (BIR) or his duly authorized representative is duty bound to wait for the expiration of fifteen (15) days from the date of receipt of
TAX ASSESSMENTS PRIVATE EDUCATIONAL INSTITUTION’S INCOME IS SUBJECT TO LOCAL BUSINESS TAX. Educational institutions are exempt subject to the condition that income is actually, and exclusively used for the educational purpose. Such applies to non-stock non-profit educational institutions. Non-profit means that no part of the income inures directly or indirectly
EXTENDS COVERED PERIOD OF DEATH UNTIL MAY 31, 2022 Republic Act No. 11956 Coverage: Estate of decedents who died on before May 31,2022 Availment Deadline: June14,2025 Payment by Installment – must be paid within 2 years from statutory date for its payment, without civil penalty and interest BIR MAY ACCEPT
April 2023 Certain requisites must be complied with by the taxpayer-applicant to successfully obtain a credit/refund of input VAT related to zero-rated sales. Said requisites are classified into certain categories, to wit: As to the timeliness of the filing of the administrative and judicial claims: The claim is filed
COURT OF TAX APPEALS DECISIONS January 2022 REFUND OF EXCESS INPUT VAT ON ZERO-RATED SALES Certain requisites must be complied with by the taxpayer-applicant to successfully obtain a credit/refund of input VAT related to zero-rated sales. Said requisites are classified into certain categories, to wit: As to the timeliness
COURT OF TAX APPEALS DECISIONS December 2021 REFUND OF UNUTILIZED CREDITABLE WITHHOLDING TAX In filing a claim for refund or credit of creditable withholding tax, compliance with the following must be met: The claim for refund must be filed within the two-year prescriptive period. The administrative and judicial remedy
COURT OF TAX APPEALS DECISIONS November 2021 REFUND OF EXCESS INPUT VAT ON ZERO-RATED SALES In order to be entitled to a refund or tax credit of input tax due or paid attributable to zero-rated or effectively zero-rated sales, the following requisites must be satisfied: As to the timeliness
CLARIFYING THE TAXABILITY OF ELECTRONIC SABONG (e-SABONG) OPERATIONS AS REGULATED BY THE PHILIPPINES AMUSEMENT AND GAMING CORPORATION (PAGCOR) (Revenue Memorandum Circular No. 25-2022, March 11, 2022) Electronic Sabong or e-Sabong is the online and/or remote or offsite wagering/betting on live cockfighting matches, events and/or activities streamed or broadcasted live from cockpit
In filing a claim for refund or credit of creditable withholding tax, compliance with the following must be met: The claim for refund must be filed within the two-year prescriptive period. The administrative and judicial remedy of filing a claim for refund of erroneously or excessively paid tax must be
The CTA denied that taxpayer’s claim for refund of input VAT arising from zero-rated sales. Pursuant to the NIRC, services rendered to persons engaged in international shipping or international air transport operations are subject to zero-rated VAT. Moreover, the services must be supported by VAT- official receipt. In this case,
