The Bureau of Internal Revenue (BIR) recently issued the following Revenue Regulations (RR) to implement the provisions of Republic Act (RA) No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act: RR No. Subject Matter 3-2024 Implements the amendments introduced by the EOPT on the relevant provisions of Title IV – Value-Added Tax…
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 29-2024 extending the deadline for the submission of the Certificate of Compensation Payment/Tax Withheld (BIR Form No. 2316) from February 28, 2024 to March 31, 2024. For purposes of uniformity in the submission of other reportorial requirements, only the following documents…
The Bureau of Internal Revenue Philippines has recently issued Revenue Memorandum Circular (RMC) No. 16-2024 extending the deadline of submission of the Alphabetical List of Employees/Payees for taxable year 2023 to February 28, 2024. A separate tax advisory shall be posted informing the availability of the updated version of the Alphalist Data Entry and Validation…
The Home Development Mutual Fund (HDMF) issued Circular No. 460 to publish the Guidelines on the Pag-IBIG Fund’s Implementation of Increase in the Maximum Fund Salary (MFS) Effective February 2024. The contribution rate of all Pag-IBIG I members both mandatory and voluntary shall be as follows, unless otherwise specified: Contribution Rate Fund Salary P1,500 and…
President Ferdinand R. Marcos Jr. signed into law last January 5, 2024 Republic Act No. 11976, also known as “Ease of Paying Taxes Act”. The law amends certain provisions of the Tax Code and aims to increase the efficiency and effectiveness of tax administration, and strengthen taxpayer rights. Among the salient Sections are as follows:…
The Department of Finance (DOF) has proposed that all government collection – whether taxes or contributions – be coursed through the Bureau of Internal Revenue (BIR) as part of efforts to centralize business transactions in the country. Finance Secretary Carlos Dominguez said the DOF is looking into models on how to improve the efficiency of…
Labor Advisory No. 18 Series of 2021 The Department of Labor and Employment (DOLE) has recently issued Labor Advisory No. 18, s. 2021 reiterating the guidelines on the payment of 13th month pay by employers in the private sector to its rank-and-file employees pursuant to Art. 5 of the Labor Code of the Philippines and…
Revenue Memorandum Order No. 29-2021 Monitoring and Verification of the Tax Compliance of Online Merchants / Social Media Influencers / Other Businesses Operating in Digital Platforms Business transactions nowadays are executed and facilitated using internet platforms such as Facebook, Instagram, YouTube, Airbnb, Lazada, Shopee, etc. Regardless of the manner of doing business or of earning…
Revenue Regulations No. 17-2021 The Estate Tax Amnesty shall cover the estate of the decedent/s who died on or before December 31, 2017, with or without assessments duly issued therefor, whose Estate Tax/es have remained unpaid or have accrued as of December 31, 2017. An Estate Tax Amnesty rate of six percent (6%) shall be…
SEC Memorandum Circular No. 3 Series of 2021 All stock corporations with fiscal year ending December 31, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, shall enroll and file their AFS through OST depending on the last numerical digit of their SEC registration or license number in accordance with…