Extension of Registration of Permanently Bound Loose-Leaf Books of Accounts/Invoices and Computerized Books of Accounts and Other Accounting Records The Online Registration and Update System (ORUS) is experiencing intermittent log-in connection issues due to ongoing technical concerns. Relative to this, the deadlines for registration of Loose-leaf Books of Accounts/Invoices and Computerized Books of Accounts and Other Accounting Records are hereby EXTENDED as follows: Registration Deadline Extension Registration of Permanently Bound Loose-Leaf Books of Accounts/Invoices and Other Accounting Records January 15, 2025 January 31, 2025 Registration of Computerized Books of Accounts and Other Accounting Records January 30, 2025 February 17, 2025
Amends Certain Provisions of Revenue Memorandum Circular Nos. 11-2024, 12-2024, 13-2024 and 19-2024, Provide Clarifications/ Transitory Provisions and to Align them with the Provisions of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”, its Implementing Rules and Regulations and other Issuances. Coverage: Amendments/Alignment with EOPT Act: PROVISIONS AFFECTED BY EOPT ACT AMENDMENTS RMC No. 11-2024 (Lease Accounting by Lesses) RMC No. 11-2024 (Lease Accounting by Lesses) Q6: What shall be the income tax treatment of initial direct cost paid by the lessee in relation to the lease of an asset?A6: For purposes of taxation, Inital Direct Costs shall be defined as payments which are directly related to the negotiation and execution of a lease agreement. The initial direct cost paid or incurred by the lessee in relation to the lease agreement shall be claimed as outright expenses in the year it was paid or incurred
Implementing the Tax Provisions of Republic Act No. 9267, Otherwise Known as “The Securitization Act of 2004” Section 1 Objective – Pursuant to Section 244 of the National Internal Revenue Code of 1997, as amended (“Tax Code”), these Regulations are issued to implement the tax provisions of Sections 27 to 34 of Title IV of Republic Act (RA) No. 9267, otherwise known as “The Securitization Act of 2004.” Section 2 Definition of Terms – When used in these Regulation the following terms shall have the following meaning: Section 3. Tax Exemption of Transfer of Assets – The sale of Transfer of assets to the SPE, including sale of transfer of any and all security interest thereto, made in accordance with the Securitization Plan shall be exempted from value-added tax (VAT) and documentary stamp tax (DST), or any other taxes imposed in lieu thereof. Moreover, pursuant to Section 28 of RA
Further Amending Section 9 of Revenue Regulations No. 25-2003 Relative to the Documentary Requirements to be Submitted by Motor Vehicle Manufacturer/Assembler/Importer as Basis for the Bureau of Internal Revenue to Determine Whether the Automobiles Subject to Excise Tax Exemption are Hybrid or Purely Electric Vehicles pursuant to the Provisions of Republic Act No. 10963, Otherwise known as the “Tax Reform for Acceleration and Inclusion (TRAIN) Law” Section 1 Scope – Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997 (NIRC), as amended, in relation to Section 84 of the Republic Act No. 10963, otherwise known as the “TRAIN LAW”, these Regulations are hereby promulgated to further amend Section 9 of Revenue Regulations (RR) No. 25-2003, as Natural Resources – Environment Management Bureau (DENR-EMB) to determine whether the automobiles subject to excise tax exemption are hybrid or purely electric vehicles pursuant to the
Availability of the BIR Electronic Tax Clearance System (eTCS) for Taxpayer-Applicants Registered under Revenue Region (RR) No. 7A-Quezon City, RR No. 7B-East NCR and RR No. 8B- South NCR This Circular is being issued to disseminate the availability of the BIR Electronic Tax Clearance System (eTCS) allowing the taxpayer-applicants registered under Revenue Region (RR) No. 7A- Quezon City, RR No. 7B- East NCR and RR No. 8B- South NCR to use/access it through the Bureau of Internal Revenue (BIR) website under the eServices icon “eTCS”. In line with the Bureau’s Digital Transformation (DX) Roadmap on elevating taxpayer and innovating BIR service processes, eTCS is developed as a web-based system that provides a facility for taxpayer-applicants to conveniently file, pay, and receive Tax Clearance Certificate (TCC). The TCC types and purposes covered by the eTCS for the pilot rollout are the following: The functionalities and objectives of the eTCS front office
Implementing Section 32 (B)(5) of the National Internal Revenue Code of 1997, as amended by Republic Act. No. 12066, or the CREATE MORE Act Section 1 Purpose – Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code (NIRC) of 1997, as amended, in relation to Section 32 of Republic Act (RA) No. 12066 or the CREATE MORE (Maximize Opportunities for Reinvigorating the Economy) Act, these Regulations are hereby promulgated to implement Section 32(B)(5) of the NIRC, as amended by the said Act which now reads: “SEC. 32. Gross Income.- (B) Exclusions from Gross Income. – The following items shall not be Included in the gross income and shall be exempt from taxation under this Title (5) Income Exempt under Treaty.- Income of any kind, to the extent required by any treaty obligation, including agreements entered into by the President with economies and administrative regions,
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
Clarifying the Provisions of Republic Act No. 11976, Otherwise Known as the “Ease of Paying Taxes Act”, Applicable to the Power Industry This Revenue Memorandum Circular is issued in order to publish and clarify certain provisions of Revenue Regulations (RR) Nos. 3-2024 and 7-2024, implementing the National Revenue Code of 1997 (Tax Code), as amended by Republic Act (RA) No. 11976 or otherwise known as the “Ease of Paying Taxes (EOPT) Act”, affecting generation, transmission, and distribution companies, as well as electric cooperatives and retail electricity suppliers.
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.
Live Webinar: Withholding Taxes, Subjects & Applications
Live Webinar 1 & 2: BIR Tax Compliance for VAT Entity
Live Webinar on Ph Payroll Computations and Taxation
Live Webinar: Input VAT Refund
Live Webinar: Value Added Tax: In and Out
Live Webinar: Returns and Reports Preparation under eBIR Forms and Online Submissions
Onsite Training: PEZA Registered Entities: Taxation and Basic Reports
Onsite Training: Basic Bookkeeping for Non-Accountants
Onsite Seminar: BIR Examination: Their Procedures and Our Defenses
Live Webinar: Winning BIR Tax Assessments Series: Process, Remedies & Writing Effective Protest
2025 Filing of Annual Financial Statements and General Information Sheet
Revenue Regulations No. 012-2025
Revenue Regulations No. 011-2025
Revenue Regulations No. 010-2025
Revenue Regulations No. 008-2025
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