Republic of the Philippines Congress of the Philippines Metro Manila Nineteenth Congress Third Regular Session Begun and held in Metro Manila, on Monday, the twenty-second day of July, two thousand twenty-four. [REPUBLIC ACT NO. 12066] AN ACT AMENDING SECTIONS 27, 28, 32, 34, 57,106, 108, 109, 112, 135, 237, 237-A, 269, 292, 293, 294, 295, 296, 297, 300, 301, 308, 309, 310, AND 311, AND ADDING NEW SECTIONS 135-A, 295-A, 296-A, AND 297-A OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: SECTION 1. Section 27 (A) of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: “SEC. 27. Rates of Income Tax on Domestic Corporations. – (A) In General. – Except as otherwise provided in this Code, an income tax
Clarification of Certain Policies and Procedures Relative to the Implementation of the Risk-based Approach in the Verification and Processing of Value-Added Tax (VAT) Refund Claims, as Introduced in Republic Act No. 11976, Otherwise Known as the “Ease of Paying Taxes Act” This circular is being issued to clarify and address concerns in the risk-based approach verification and processing of VAT refund claims pursuant to Section 112 (A) of the National Internal Revenue Code of 1997 (Tax Code), as amended by Republic Act No. 11976 r the Ease of Paying Taxes (EOPT) Act, and as implemented by the Revenue Regulations (RR) No. 05-2024, and Revenue Memorandum Order (RMO) No. 23-2024, as amended by RMO No. 42-2024. Example 2: The taxpayer-claimant submitted the following documents in support of its claim for VAT refund amounting to P 7,000,000.00:
Announcing the Availability of Update of Taxpayer Classification, and Resumption of Business Registration and Other Registration-Related Transactions in the Online Registration and Update System (ORUS) Relative to the implementation of Revenue Regulations No. 8-2024 and Section 21(B) of the National Internal Revenue Code (NIRC) on the classification of taxpayers, this Circular is hereby issued to announce the availability of the Application for Update of Taxpayer Classification thru the “Update Information” functionality and the resumption of business registration and other registration-related transactions in the BIR Online Registration and Update System (ORUS) starting October 1, 2024 and October 10, 2024, respectively.
By: Garry Pagaspas, CPA With the advent of advanced technology, sales of goods and services has been automated online worldwide through digitalization without much interaction among buyers and sellers. For buyers, this gave much advantage for being able to acquire goods and services from outside the country, while local suppliers are challenged for competition within and outside Philippines. On the other side, it made the government realized the seemingly inequality on taxation between local suppliers paying taxes on sales while giving undue advantage for non-resident suppliers deriving income through digital platform from Philippine buyers without paying taxes on them in Philippines. These inequalities paved way to the legislation of Republic Act No, 12023 – Value Added Tax (VAT) on Digital Services Law in Philippines (RA 12023 -VAT on Digital Services Philippines) that is aimed to level the playing field among digital service providers – local and foreign. By this present,
H. No. 4122 S. No. 2528 Republic of the Philippines Congress of the Philippines Metro Manila Nineteenth Congress Third Regular Session Begun and held in Metro Manila, on Monday, the twenty-second day of July, two thousand twenty-four. [Republic Act No. 12023] AN ACT AMENDING SECTIONS 105, 108, 109, 110, 113, 114, 115, 128, 236, AND 288 AND ADDING NEW SECTIONS 108-A AND 108-B OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled; SEC 1. Section 105 of the National Internal Revenue Code of 1997, as amended, is hereby amended to read as follows: Sec. 105. Persons Liable. – Any person who, in the course of trade or business, sells, barters, exchanges, leases goods or properties, renders services, including digital services, and any person who imports goods shall be subject to the value-added
By: Garry Pagaspas, CPA Taking into account the advantages of Filipino talents (e.g. English speaking, attitude towards work, manpower cost, and work efficiency, among others) Philippines has become a top pick for back-office support operations of foreign accounting and consulting firms abroad and that of business process outsourcing (BPO) operations in Philippines dealing directly with foreign clients, if not with the parent entity for the delivery of quality services. Approaches for Philippine set-up could vary depending on many factors such as a more long-term set-up or a short-term exploratory set-up. For a long-term set-up, setting up a local entity in the Philippines could be good, while for short-term exploratory set-up, some would resort to special arrangements with staffing or manpower agencies, Business Process Outsourcing (BPO) in Philippines, accounting firms or local consulting firms for staff leasing in Philippines, or sometime referred to under professional employer organization (PEO) or employer of
Clarification on the Types of Checks Accepted for Payment for One-Time Transaction-Related Internal Revenue Taxes This Circular is hereby issued to clarify the types of checks accepted in payment for One-Time Transaction (ONETT) – related internal revenue taxes, pursuant to Revenue Memorandum Order (RMO) No. 49-2018, as amended. Section II of Revenue Memorandum Circular No. (RMC) No. 4- 2021 provides guidelines for payments of taxes through Authorized Revenue Collection Officers (RCOs), citing RMO No. 8-2009 as follows: “4. The Issuance of RORs shall be limited to tax payments, in cash not exceeding the amount of twenty thousand pesos (Php 20,000.00) per return. However, there shall be no limit on the amount if payment is made thru checks.The following checks should be accepted in payment for internal revenue taxes:1. Manager’s or Cashier’s Checks;2. Checks drawn against a joint or multiple account for the purpose of tax payment of the personal tax
2024 BAR EXAMINATIONSREMEDIAL LAW, LEGAL AND JUDICIAL ETHICSSeptember 15, 20242:00 p.m. – 6:00 p.m. 1. Toni filed an action for breach of contract against Ivana. At the trial, Toni answered these questions from her counsel: Q: What happened next, if any? A: Ivana and I negotiated the terms of the transaction. Q: After your negotiation with Ivana, did you reduce your agreement into writing? A: Yes, we drafted and signed an instrument. Q: Do you know the contents of this instrument? A: Yes. Q: Will you tell the court the contents of this instrument? If you are Ivana’s counsel, will you object to the last question? Explain. 2. In a criminal case for homicide, the prosecution offered Austin as witness to prove that Titus admitted to him the killing of the victim. At the trial, Austin answered these questions from the public prosecutor: Q: Did you witness the killing of
2024 BAR EXAMINATIONSLABOR LAW AND SOCIAL LEGISLATIONSSEPTEMBER 11, 20242:00 p.m. – 6:00 p.m. 1. Zhi Go (Zhi) is a non-resident Chinese national who plans to live and establish a career in the Philippines. Zhi went to the Philippines and applied with the Tarlac Agricultural Products (TAP) as an ordinary farm worker. The TAP hired Zhi because of her diverse set of farming skills. The TAP assigned Zhi in its Bambam Farm. Did TAP lawfully hire Zhi Go as a farm worker? Explain. 2. Manila Yummy Restaurant (MYR) pays its receptionists PHP 500.00 a day. The receptionists contested the amount because the present minimum wage in the National Capital Region is PHP 645.00 for the non-agricultural sector. MYR countered that it is paying the receptionists a total of PHP 700.00 which is more than the required minimum wage. MYR explained that it provides the receptionists food and beverage worth PHP 200.00
2024 BAR EXAMINATIONSCIVIL LAWSEPTEMBER 8, 20248:00 AM – 12 NOON 1. Carlos and Chloe scheduled their intimate wedding on September 4, 204 at 7:00 p.m. in Manila. Chloe purchased from Angelica a gold wedding ring with engraving “Love, Carlos” for PHP 1,000,000. Angelica promised to deliver the ring on or before the wedding day. On September 1, 2024, a weather bulletin warned that super typhoon Enteng will enter the country within three days. On September 4, 2024 at 6:00 a.m., typhoon Enteng and the enhanced southwest monsoon caused massive flooding that rendered major roads in Manila impassable to all kinds of vehicles. Angelica failed to deliver the ring in time for Carlos and Chloe’s wedding which pushed through despite the typhoon. Angelica delivered the ring the following day after the flood subsided. Chloe filed against Angelica a complaint for damages. Angelica denied liability and argued that typhoon is a fortuitous
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REPUBLIC ACT NO. 12066 – CREATE MORE ACT
Revenue Memorandum Circular No. 115-2024
Revenue Memorandum Circular No. 113-2024
8 Features of Republic Act No. 12023 – VAT on Digital Services Law Philippines
Republic Act No. 12023 – VAT on Digital Services Philippines
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