Revenue Memorandum Circular No. 91-2023

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All registered export and domestic enterprises that will continue to avail of their existing tax incentives subject to Sections 1,2 and 3 of this Rule, may continue to enjoy the duty exemption, VAT exemption on importation, and VAT zero-rating on local purchases as provided in their respective IPA registrations; Provided, that registered export enterprises as defined under section 293(E) of the Act whose income Tax-Based incentives have expired, may continue to enjoy VAT zero-rating on local purchases until electronic sales reporting system of the bureau of internal revenue under Section 237-A of the Act is fully operational, or until the expiration of the transitory period referred to in Section 311(C) of the Act, whichever comes earlier; Provided, further , that an RBE classified as DME which is located inside the economic or freeport zone during the transitory period will be allowed register as a VAT Taxpayer; Provided, Finally, that the

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Registration with the SSS, PHIC, and HDMF

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Registered companies in the Philippines are required to register and submit their employees to 3 government agencies, namely, the Social Security System (SSS), Home Development Mutual Funds (HDMF), and the Philippines Health Insurance Corporation (PHIC). These government agencies handle the status of private company’s employees’ contributions and their benefits. These benefits are administered by the respective government agencies through their monthly salary basis to avoid penalties due to delay of monthly contributions. Social Security System (SSS) All private companies must apply to SSS to ensure the protection of the employees and their families as well. Companies in the Philippines must register first in order to register their employees to SSS What are the documentary requirements? Home Development Mutual Fund (HDMF) The Government Agencies are responsible for collecting contributions used for funding salary loans, housing loans, and other benefits to ensure the protection of employees and their families as well. What

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Revenue Memorandum Circular No. 109-2023

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The documentary requirements for the following registration-related transactions can be submitted electronically to the concerned Revenue District Offices (RDOs) via the TRRA Portal:  To use the TRRA, taxpayer-applicants shall access the TRRA Portal through the BIR eServices icon at https://www.bir.gov.ph/ and follow the procedures below.  Originally published at GPP CPAs website.

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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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