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.…
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,…
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…
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…
On January 15, 2021, The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 36-2021 (RMC No. 36-2021). This announcement was released to inform Filipino Taxpayers that there will be a shift from a Final to a Creditable System on Value-Added Tax (VAT) Withheld on Sales to the Government or Any of Its Political…
As of February 26, 2021, The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 29-2021 (RMC No. 29-2021). This announcement was released to inform Filipino Taxpayers that they will be allowed to use Electronic Signatures (e-Signature) on certain BIR Forms/Certificates. This was done to take into account the mandates given for Republic Act…
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…
The Bureau of Internal Revenue (BIR) as of January 26,2021 released Revenue Memorandum Circular No. 17-2021 (RMC No. 17-2021) which is effective immediately. This was released to inform all concerned taxpayers that the deadline of filing BIR Form Nos. 1604-C and 1604-F, including its attachments of the 4th quarter QAP and Annual Alphalist of Employees/Payees…
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…
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…
