Revenue Memorandum Circular No. 86-2023

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Circularizing the List of Qualified Personal Equity and Retirement Account (PERA) Eligible Products Duly Approved by the Securities and Exchange Commission  Under Section 9 of Republic Act No. 9505, otherwise known as the Personal Equity and Retirement Account (PERA) Act of 2008 and its implementing Revenue Regulations (RR) No 17-2011 as amended, all income earned from the investments and reinvestments of the maximum amount allowed by the said Act is tax exempt provided the said PERA investment products have been duly approved by the concerned Regulatory Authority.  Attached are the Lists of PERA Eligible Products duly approved by the Securities and Exchange Commission (SEC) as confirmed in its letter dated February 21, 2023, together with its detailed Annexes which are composed of the following:  Annex A – Government Securities (e.g., Treasury Bills and Treasury Bonds)Annex B – Securities issued by the Banko Sentral ng Pilipinas (BSP) BillsAnnex C – Corporate

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Revenue Memorandum Circular No. 79-2023

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Availability of BIR Form Nos. 1600-PT, 1600-VT, 1602Q, 1603Q, 2551Q and 2552 in the Electronic Filing and Payment System (eFPS)  This Circular is issued to announce the availability of the following BIR Forms in the Electronic Filing and Payment System (eFPS):  BIR Form No.  Description  Deadline of Filing/Payment  1600-PT  Monthly Remittance Return of Other Percentage Taxes Withheld  On or before the 10th day of the month following the month in which withholding was made.  1600-VT  Monthly Remittance Return of Value-Added Tax Withheld  On or before the 10th day of the month following the month in which withholding was made.  1602Q  Quarterly Remittance Return of Final Income Taxes Withheld on Interest Paid on Deposits and Yield on Deposit Substitutes/Trusts/Etc.  Not later than the last day of the month not following the close of the quarter during with withholding was made.  1603Q  Quarterly Remittance Return of Final Income Taxes Withheld on Fringe

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NPC 101: How to Register with the National Privacy Commission

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As we live in a modern world, where everything you see is digital. Everyone needs to be up to date and must conform to the new rules and regulations of the world. And as everything now can be seen online, be it pictures, videos, music, anything, all can be looked up on the internet. That is why the rights of individuals over their personal data and enforcing the responsibilities of entities who process them are being acknowledged in the Data Privacy Act of 2012. From then an independent body was created under RA No. 10173 or the Data Privacy Act of 2012 which is the National Privacy Commission or NPC. It is mandated to monitor and ensure compliance of the country with international standards set for data protection. The Commission safeguards the fundamental human right of every individual to privacy, particularly information privacy while ensuring the free flow of information

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A Guide to Registering a Foreign Branch/Representative Office in the Philippines

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Expanding a business internationally can be a lucrative venture, and the Philippines has emerged as a promising destination for foreign investors due to its strategic location, growing economy, and large English-speaking workforce. If you’re considering establishing a presence in the Philippines, registering a foreign branch or representative office is one of the viable options to explore. In this article, we’ll guide you through the process of registering a foreign branch/representative office in the Philippines. Understanding the Difference between a Foreign Branch and a Representative Office: Before proceeding with the registration, it’s crucial to understand the distinction between a foreign branch and a representative office, as each has its purpose and limitations: Step-by-Step Guide to Registering a Foreign Branch/Representative Office: 1. Pre-Registration Requirements: 2. SEC Registration: 3. Other Registrations: 4. Bank Account Opening: 5. Post-Registration Compliance:

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Setting Up a Non-stock Non-profit Organization in the Philippines

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Non-stock corporations or foundations in the Philippines may be formed for charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social, civic service, or similar purposes, such as trade, industry, agricultural, and like chambers, or any combination thereof.  Certain accredited non-stock, non-profit corporations in the Philippines are exempt from income tax on donations, grants, and gifts provided they are:  To set up a non-stock non-profit corporation in the Philippines, you must first be registered with different government agencies. This article might be a help to your generous and big heart, having in mind the welfare of the less fortunate, or just want to start a non-stock non-profit corporation.  Incorporators  Incorporators shall be not less than five (5) in number but not more than fifteen (15) and the majority of whom are residents of the Philippines. Resident or non-resident aliens (foreigners) can be incorporators of a non-stock corporation, provided that the majority of

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Understanding BIR Form No. 2316

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The Certificate of Compensation Payment/Tax Withheld (CCPTW), also known as BIR Form 2316, is an essential part of the Philippine tax system. BIR Form No. 2316 summarizes all the employees’ earnings, deductions, and taxes withheld, if there are any. In this article, we will delve into the details of BIR Form No. 2316, its purpose, and its importance for both employers and employees.  BIR Form No. 2316 serves as a summary of an employee’s compensation income, tax withheld, and other relevant information for a particular calendar year. It assists both the company and the employee by ensuring transparency and compliance with tax laws. BIR Form No. 2316’s main goals and significance include the following:  Therefore, BIR Form No. 2316 is an essential form that permits correct income tax calculation and compliance for both the employer and employees. Employers must provide this form to their employers as proof of their income

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How to Register New Domestic Corporation in the Philippines

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A Corporation is a legal entity that is separate and distinct from its owner or incorporators. It has legal rights and obligations similar to an individual. It can enter into contracts, loans, hire employees, pay taxes, etc. The ownership of a corporation is divided into shares of stock. A Corporation issues the stock to individuals or other businesses, who then become owners or stockholders, of the corporation. Advantages of a Corporation Disadvantages of a Corporation Where to Register a Corporation? Here are the government agencies where the corporation are required to register in the Philippines: Who may form a Corporation? Any person, partnership, association, or corporation, singly or jointly with others but not more than fifteen (15) in number, may organize a corporation for any lawful purpose or purposes. Provided, that natural persons who are licensed to practice a profession, and partnerships or associations organized for the purpose of practicing

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Overview of Company Registration in the Philippines

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Starting your business right is crucial to its future success. Starting right means everything should be legal and registered. Registering a business in the Philippines requires entrepreneurs to comply with various requirements provided by relevant government agencies, such as SEC and DTI. Depending on your business entity, the documents you provide may differ from one or the other. Where to Register? Here are the government agencies where the company or entity is required to register in the Philippines and the stages of registration. Stage 1: Register the Company Name with the following government agencies: Stage 2: Obtain Business Permits from Local Government Unit (LGU) where the business address is located Stage 3: Register and process registration with the Bureau of Internal Revenue Stage 4: Register as an Employer with the relevant government agencies, such as: What are the capital requirements? Under the Revised Corporation Code of the Philippines or Republic

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Understanding the Importance of Annualizing Payroll in the Philippines

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Annualization reduces income swings and prevents tax fraud by dividing income and deductions over a full year. It allows for precise tax deductions from employee pay and makes it easier to comply with tax laws.

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RMO 25-2023:New Nationwide BIR Payroll System (NBPS) Guidelines

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To align with the Philippines’ Bureau of Internal Revenue’s digital transformation roadmap, there is a need to replace the outmoded and obsolete processing of payroll with a more contemporary and progressive payroll system. The Revenue Memorandum Order (RMO) no. 25-2023 issued on July 4, 2023, prescribes the policies, guidelines, and procedures for the preparation and processing of payroll in the National Office and Regional Offices using the new Nationwide BIR Payroll System (NBPS).  The new NBPS has a full integration module that can accurately capture personnel information necessary for the processing of payroll and the generation of reports. It can generate the weekly or semi-monthly General Office Payroll (GOP) for the salaries, Personnel Economic Relief Allowance (PERA), Representation Allowance and Transportation Allowance (RATA), including other monetary bonuses and incentives. NBPS has the following modules:  Encoding and updating of personnel information, which includes adding, editing, and viewing it in the Personnel

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