Clarifying Revenue Regulation No. 25-2020 on the Availment of NOLCO for Taxpayers Adopting Fiscal Year Headline 1: Clarification of RR No. 25-2020 relative to NOLCO incurred by businesses Headline 2: Availment of NOLCO for Taxpayers Under Fiscal Year Summary: Businesses or enterprises which incurred net operating loss for taxable year 2020 and 2021 will be…
January 2018 versions for 1604-C, 1604-F, 1604-E now available Summary: Offline eBIRForms 1604-C, 1604-F, 1604-E, now includes January 2018 version The Bureau of Internal Revenue as of November 5, 2020, gave Revenue Memorandum Circular No. 118-2020 (RMC no. 118-2020) which is effective immediately. The subject of this memorandum is “Availability of Offline Electronic Bureau of…
“Bayanihan Act” was enacted early this year 2020 granting the President additional authority to combat the COVID-19 pandemic in the Philippines. Republic Act No. 11469 also known as The Bayanihan to Heal as One Act or the “Bayanihan Act” was enacted early this year 2020 granting the President additional authority to combat the COVID-19 pandemic…
Due to COVID-19 the Bureau of Internal Revenue (BIR) is reducing the number of audit investigations by encouraging an increase in voluntary tax compliance. This is to limit taxpayer contact and apply related protocols and social distancing measures while, at the same time, maximizing revenue collection with the least administrative costs. Revenue Regulations (RR) No.…
RMC 82-2020: Prescribing Guidelines on the Use of eAFS System for the Submission of Attachments to the Income Tax Returns of Taxpayers with Fiscal-Year Accounting Period and in the Submission of Attachments to the Quarterly Income Tax Returns Guidelines for eAFS system for ITR attachments Summary: Submission of attachments to ITRs of taxpayers adopting the…
BIR revised Checklist of Documentary Requirements for Business Registration BIR removes mayor’s permit as mandatory document Summary: Checklist of Documentary Requirements Removal of Mayor’s Permit as a mandatory requirement The Bureau of Internal Revenue has directed online sellers to register their business activities and settle their taxes not later than July 31,2020. Those business owners…
BIR Guidelines for Business Registration for Online Sellers How to register your online business with the BIR Summary: Basic Registration Guidelines Individuals Non-Individuals Certificate of Registration issuance The Bureau of Internal Revenue (BIR) as of June 01, 2020, gave Revenue Memorandum Circular No. 60-2020 (RMC No. 60-2020), which is effective immediately. The subject of this…
We summarized important notes for RMC 49-2020. Here’s what you need to know. BIR Released RMC 49-2020 to help taxpayers be tax compliant electronically. Here’s what BIR provided in RMC 49-2020. Summary: Manually – Submission thru RCO Electronically – Submission through eAFS www.bir.gov.ph Click on the icon eAFS Upload tax return using required format (pdf…
The BIR, as of March 19, 2020, issued Revenue Memorandum Circular No. 29-2020, which is effective immediately. The subject of this memorandum is to amend the previous Revenue Memorandum Circular 26-2020, relative to the Extension of Deadlines for Filing Various Returns and Payments for the Taxes Due. This circular was issued to let taxpayers know…
The Bureau of Internal Revenue (BIR) as of March 17, 2020, gave Revenue Memorandum Circular No. 26-2020 (RMC No. 26-2020), which is effective immediately. The subject of this memorandum is “Filing and Payment of Corresponding Taxes”. This circular was issued to let taxpayers know that the following returns that fall within the quarantine period will…
