BIR Form 2551Q (C.R.E.A.T.E. Law)

RA 11534, or the Corporate Recovery and Tax Incentives for Enterprises Act, better known as the C.R.E.A.T.E. Law was signed on March 26, 2021. Issued primarily to help ease the burden on corporate taxpayers during the current pandemic, C.R.E.A.T.E. affects how tax calculations are to be carried out going forward—including the calculation of percentage tax.…

BIR Form 1702-RT (C.R.E.A.T.E. Law)

On April 8, 2021, the Bureau of Internal Revenue (BIR) released Revenue Regulation 5-2021 What is the C.R.E.A.T.E. Law On March 26, 2021, a new bill was signed by President Duterte, known as the Corporate Recovery and Tax Incentives for Enterprises (C.R.E.A.T.E.), which is now Republic Act No. 11534. With the new law in force,…

RMC 46-2021: No Deadline Extension

On April 6, 2021, the Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 46-2021. Sorry, everyone, but there will be no extension. This circular informs Filipino Taxpayers that there will be no extension for the filing of Annual Income Tax Returns (AITR) for the taxable year ending December 31, 2020. The announcement comes…

Will Robots Replace Accountants?

When thinking about accounting and how the automation process works, a substantial amount of work would be taken away from employees in order to implement automation. From a business owner’s perspective, automation would be more efficient and effective, but from an employee perspective, being replaced by automation would be difficult to take in. During the…

Relaunching of Central Business Portal

As of January 27, 2021, The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 15-2021 (RMC No. 15-2021) which is effective immediately. This announcement was released to inform Filipino Taxpayers of the relaunching of the Central Business Portal (CBP), a project of the Anti-Red Authority (ARTA) in coordination with the Department of Information…

BIR Form 1604-F – Annual Information Return of Income Payments Subjected to Final Withholding Taxes

What You Need To Know A significant change had occurred in early 2018 where tax authorities had issued a Revenue Regulation (RR) No. 11-2018 which amended certain provisions of RR No. 2-98 and implemented new amendments introduced by the Tax Reform for Acceleration and Inclusion (TRAIN) Law in relation to withholding taxes. One such repercussion…