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…
Here’s What You Need To Know The BIR issued this form that needs to be accomplished every time a taxpayer pays taxes and fees that don’t require the use of tax returns. Such examples would include: secondary installment payment for income tax, deficiency tax, delinquency tax, registration fees, penalties, etc. This form is required when…
Availability of the Alphalist Data Entry and Validation Module (Version7.0) and its Updated File Structure, Standard File Naming Convention, and Job-Aids Headline 1: Alphalist Data Entry and Validation Module Version 7.0 now available Headline 2: Updated Version 7.0 of Alphalist Data Entry and Validation now available Summary: The Bureau of Internal Revenue (BIR) as of…
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…
It’s the busy season of the year again where we have to prepare our financial statements, inventory listing, and other reports such as tax returns and the required attachments therein. For guidance, please see the list of information below that a taxpayer must know and prepare for before the due date: 1. Renewal of Registration…
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…
JuanTax Attorney Consultations in Partnership with Legal Tree is now accessible inside the JuanTax platform, exclusively for PLUS subscribers! With just a few clicks, you can submit your legal concerns and receive legal counsel for your business and personal needs. Legal Tree is a tech startup and a social enterprise with the goal of making…
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…
