Implementing Section 21(b) of the National Internal Revenue Code of 1997, as Amended by Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”, on the Classification of Taxpayers SECTION 1. Scope – Pursuant to the provisions of Sections 244 and 24 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act”, these Regulations are hereby promulgated to implement Section 21(b) of the Tax Code on the classification of taxpayers. SECTION 2 Coverage and Classification of Taxpayers – Taxpayers shall be classified, and be covered by these Regulations, as follows: For purpose of classification of taxpayers under these Regulations, gross sales shall refer to total sales revenue, net of VAT, if applicable, during the taxable year, without and income any other deductions. Gross Sales
Implementing Sections 113,235,236,268,242,243 of the National Internal Revenue Code of 1997, as Amended by Republic Act No 11976, otherwise known as the “Ease of Paying Taxes Act”, on the Registration Procedures and Invoicing Requirements Section 1. Scope. – Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act”, these Regulations are hereby promulgated to Implement the amendments on Registration Procedures and Invoicing Requirements Tax provisions. Section 2. Definition of Terms, – Invoice may also be serve as a written admission or acknowledgement of the fact that money has been paid and received for the payment of goods or services. 2. Supplementary Document – is a written document, other than sales or commercial invoice, which serves as source of
Implementing Section 45 of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”, on Imposition of Reduced Interest and Penalty Rates for Micro and Small Taxpayers SECTION 1. Scope – Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act”, these Regulations are hereby promulgated to implement Section 45 of the EOPT Act on the imposition of reduced interest and penalty rates for micro and small taxpayers. SECTION 2. Coverage – These Regulations shall cover micro and small taxpayers as classified under Section 21 (B) of the Tax Code, as amended by the EOPT Act, to wit: Section 3 Imposition of Civil Penalties – There shall be imposed, in addition to the tax required
Implementing Sections 76(C), 112(C), 112(D), 204(C), 229, and 269(J) of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes Act”, on Tax Refunds SECTION 1. Scope. – Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended (Tax Code), in relation to Section 47 of Republic Act (RA) No 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act”, these Regulations are hereby promulgated to implement Section 112(C) of the Tax Code on the Risk-based approach in verifying VAT refund claims, Section 112(D) of the Tax Code on the liabilities in case of disallowance by the Commission on Audit (COA), Section 76(C) of the Tax Code on the refund of unutilized excess income tax credit in case of dissolution
Implementing Sections 22,34,51(A)(2)(e), 51(B), 51(D), 56(A)(1), 58(A), 58(C), 58(E), 77, 81 ,90, 103, 114, 128, 200 and 248 of the National Internal Revenue Code of 1997, as Amended by Republic Act No. 11976, Otherwise Known as the “Ease of Paying Taxes Act”, on the Filing of Tax Returns and Payment of Taxes and Other Matters Affecting the Declaration of Taxable Income. SECTION 1. Scope – Pursuant to the provision of Sections 244, 245, of the National Internal Revenue Code of 1997 (Tax Code), as amended, in relation to Section 47 of Republic Act (RA) No. 11976, Otherwise Known as the “Ease of Paying Taxes Act” (EOPT), these Regulations are hereby promulgated to implement Sections 22, 34, 51(A)(2)(e), 51(D),56(A)(1), 58(A), 58(C), 58(E), 77,81,90, 91, 103, 114, 128, 200 and 248 of the Tax Code on: SECTION 2. Definition of Terms. – When used in these Revenue Regulations, the following terms shall
With the end view to ease the burden and make it more comfortable for taxpayers to file and pay their taxes along with related reports, Republic Act No. 11976 otherwise known as Ease of Paying Taxes” in the Philippines has been signed into law last January 5, 2024 and made effective last January 22, 2024 or within 15 days from publication last January 7, 2024.
Under RA 11976 EOPT Ph”, the following are 7 new Philippines Value Added Tax (VAT) rules being implemented by the Bureau of Internal Revenue (BIR) that taxpayers should be aware of for better appreciation.
This Circular is issued to announce the availability of BIR Form No. 1701 [Annual Income Tax Return for Individuals (including MIXED Income Earner), Estates and Trust] in the Electronic Filing and Payment System (eFPS). The aforementioned BIR Form shall be filed on or before April 15 of each year covering income for the preceding taxable year. eFPS users/filers who are mandated and required to file the said return and pay the corresponding tax due thereon, if any, shall use the eFPS Facility effective immediately. Likewise, eFPS users/filers who already filed their BIR Form No. 1701 for the taxable year 2023 using eBIRForms facility, need not re-file the return in the eFPS. Originally published in GPP CPAs website
This Circular is hereby issued to inform all concerned taxpayers that the deadline of submission of the BIR’s copy of BIR Form No. 2316 is hereby extended from February 28, 2024 to March 31, 2024 Accordingly, for the purpose of uniformity in the submission of other reportorial requirements in relation to the submission of BIR Form No. 2316, only the following documents shall be required by all Revenue District Offices: Further, the primary reason for the submission of copies of BIR Form No. 2316 without the signature of concerned employee under Revenue Memorandum Circular (RMC) No. 18-2021 was due to the limitations brought by the COVID -19 pandemic. In the light of the current circumstances, the same shall no longer be allowed, more particularly for those employees who are qualified for substituted filing. Furthermore, those taxpayers who have already submitted the BIR’s copy of the said Certificate using the old
This Circular is issued to announce the availability of BIR Form No. 1702-EX [Annual Income Tax Return Corporation, Partnership and Other Non-Individual Taxpayers EXEMPT Under the Tax Code, as Amended, {Sec. 30 and those exempt in Sec. 27 (C)} and Other Special Laws, With NO Other Taxable Income] January 2018 (ENCS) v2 in the Electronic Filing and Payment System (eFPS). The aforementioned BIR Form shall be filed and the tax due thereon paid on or before the 15th day of the 4th month following the close of the taxpayer’s taxable year. (Originally published in GPP CPAs Website)
2024 Filing of Annual Financial Statements and General Information Sheet All Corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters for foreign corporations, whose fiscal years ended on 31 December 2023, shall file their AFS through the SEC Electronic Filing and Submission Tool (eFAST). The deadlines for filing of the AFS shall be in accordance with the following schedule, depending on the last numerical digit of their SEC registration or license numbers: SUBMISSION DATES LAST DIGIT OF SEC REGISTRATION/LICENSE NUMBER April 29 , 30 May 2,3,6,7,8,9,10 1 and 2 May 13,14,15,16,17,20,21,22,23, 24 3 and 4 May 27,28,29,30,31/ June 3,4,5,6,7 5 and 6 June 10,11,13,14,17,18,19,20,21 7 and 8 June 24, 25, 26, 27, 28 /July 1,2,3,4,5 9 and 0 All corporations under the jurisdiction of the SEC Extension Offices shall be governed by the same schedule om 2024. The above filing schedule shall not apply to the following
Live Webinar: Ease of Paying Taxes Act: Understanding the Latest Implementing Rules and Regulations
Live Webinar: SEC Dividend Declarations
Live Webinar: Withholding Taxes, Subjects & Applications
Live Webinar on Ph Payroll Computations and Taxation
Live Webinar: Basic Bookkeeping Refresher Course
Live Webinar: Returns and Reports Preparation under eBIR Forms and Online Submissions
Live Webinar: How to Set-up a BPO/Back-Office in Philippines
Basic Business Accounting & BIR Compliance VAT Entity (Onsite Seminar)
Live Webinar: Input VAT Refund
Live Webinar: PEZA Registered Entities: Taxation and Basic Reports
Revenue Regulations No. 8-2024
Revenue Regulations No. 7-2024
Revenue Regulations No. 6-2024
Revenue Regulations No. 5- 2024
Revenue Regulations No. 4-2024
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