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
Extension of the Deadline for the Submission of Alphabetical List of Employees/Payees from whom taxes were withheld. The deadline of submission of the alphalist for the taxable year 2023 using the new version of the Alphalist Data Entry and Validation Module is hereby extended up to February 28, 2024. A separate tax advisory shall be posted on the website of the Bureau informing the availability of the updated version of the said module. For those taxpayers- employers who have employees availing 5% tax credit under the PERA Act of 2008 and who have not submitted their Alphalist for the year 2022, the deadline shall be thirty (30) days immediately after the date of posting a tax advisory on the BIR website announcing the availability of a separate revised data entry module. Originally published in GPP CPAs website.
This circularizes Republic Act (RA) No. 11976 (Ease of Paying Taxes [EOPT] Act), together with the Veto Message both signed by President Ferdinand R. Marcos Jr. on January 5, 2024. The following Sections of the National Internal Revenue Code (NIRC) were amended under the EOPT Act: The BIR shall develop an EOPT and digitalization roadmap that will provide for the programs and projects to be implemented to ensure ease of compliance of tax laws, rules and regulations, including but not limited to adoption of simplifies tax returns, streamlining of tax processes, reduction of tax or documentary requirements, and digitalization of BIR services as provided under Section 40 of the Act; Provided, That in developing this roadmap, the BIR shall prioritize taxpayers who are considered as micro and small taxpayers for purposes of the Act, in terms of streamlining tax procedures and documentary requirements according to taxpayer size and capacity to
MALACAÑAN PALACEMANILA 05 January 2024 THE HONORABLE SPEAKERand Members of the House of RepresentativesHouse of RepresentativesBatasan Hills, Quezon City Ladies and Gentlemen: In accordance with my firm commitment to modernize and increase the efficiency and effectiveness of tax administration and to strengthen taxpayer rights, I sign into law Republic Act No.11976, entitled “AN ACT INTRODUCING ADMINISTRATIVE TAX REFORMS, AMENDING SECTIONS 21, 22, 51, 57, 58, 76, 77, 81, 90, 91, 103, 106, 108, 109, 110, 112, 113, 114, 115, 116, 117, 118, 119, 120, 128, 200, 204, 229, 235, 256, 237, 238, 241, 242, 245, 248, AND 269; AND REPEALING SECTION 34 (K) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES.” After the comprehensive amendments to tax policy introduced by the previous administration, we now focus our sights on tax administration with the passage of the Ease of Paying Taxes (EOPT) Act. Recognizing the
AN ACT INTRODUCING ADMINISTRATIVE TAX REFORMS, AMENDING SECTIONS 21, 22, 51, 57, 58, 76, 77, 81, 90, 91, 103, 106, 108, 109, 110, 112, 113, 114, 115, 116, 117, 118, 119, 120, 128, 200, 104, 229, 235, 236, 237, 238, 241, 242, 245, 248, AND 269; AND REPEALING SECTION 34(K) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES SECTION 1. Title – This Act shall be known as the “Ease of Paying Taxes Act”. SEC. 2. Declaration of Policy. – It is hereby declared the policy of the State: SEC. 3. Section 21 of the National Internal Revenue Code of 1997, as amended, is hereby amended to read as follows: ” SEC. 21. Sources of Revenue and Classification of Taxpayers. – Group Gross Sales Micro Less than Three million pesos (P3,000,000) Small Three million pesos (P3,000,000) to less than Twenty million pesos (P20,000,000) Medium
December, it is that time of the year again. Parols hanging from the balcony, Jose Mari Chan on everyone’s car radio and the most anticipated 13th month pays for employees in the Philippines. However, for employers with a large employee population, 13th-month pay can be complicated, strenuous, and sometimes even time-consuming. So, what is 13th month pay in the Philippines? Let us unpack that. Brief History of 13th month pay in the Philippines Pursuant to Presidential Decree No. 851 (1975), employers in the private sector in the Philippines are required to pay 13th month pay to all employees receiving at least PhP1,000.00 a month basic salary, regardless of the nature of employment, who have rendered at least one month of service. The decree was originally imposed to “further protect the level of real wages from the ravage of worldwide inflation” and in the spirit of Christmas and New Year, employers
Live Webinar: Winning BIR Tax Assessments Series: Process, Remedies & Writing Effective Protest
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Live Webinar: Ease of Paying Taxes Act: Understanding the Latest Implementing Rules and Regulations
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7 New VAT Rules under Ease of Paying Taxes Act RA 11976 Philippines
Revenue Memorandum Circular No. 39-2024
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Revenue Memorandum Circular No. 22-2024
SEC MC No. 02, series of 2024
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