Bureau of Internal Revenue Issuances
REVENUE MEMORANDUM CIRCULAR (RMC)
RMC No. 10-2024
January 22, 2024
Announces the availability of Branch Account Registration in Online Registration and Update System.
RMC No. 15-2024
January 25, 2024
Prescribes the temporary use of BIR Form No. 0605 for the Remittance of Creditable Withholding Tax by Joint Ventures/Consortiums under Revenue Regulations No. 14-2023.
RMC No. 16-2024
January 26, 2024
Extends the deadline for the submission of alphabetical list of employees/payees from whom taxes were withheld.
RMC No. 17-2024
January 26, 2024
Publishing the Full Text of the Novemeber 29, 2023 Letter from the Food and drug Administration (FDA) of the Department of Health ( DOH ) Endorsing Updates to the List of VAT-Exempt Products Under Republic Act (R.A) No. 10963 (TRAIN LAW) and R.A. No. 11534 (CREATE Act).
Tax And Business Related News
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No. 3 Week ending January 19, 2024
A case was filed by a BIR revenue district office under BIR’s Run After Tax Evaders (RATE) Program against a taxpayer, in violation of the provisions of the Tax Code on January 12, 2024.
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Lumagui: BIR educates 44,611 business establishments in Nationwide Tax Compliance Verification Drive
In an expansive nationwide effort covering 44,611 business establishments, the Bureau of Internal Revenue (BIR), led by Commissioner Romeo D. Lumagui Jr., recently conducted a Tax Compliance Verification Drive (TCVD) on January 18-19, 2024, across all Revenue Regions and Revenue District Offices in Luzon, Visayas and Mindanao. This initiative, aimed at enhancing awareness and adherence to tax laws, uncovered common violations in various businesses.
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Commissioner Lumagui feted with the “Business Enabler Award” by Philippine Chamber of Commerce and Industry
Quezon City – Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. received the prestigious “Business Enabler Award” from the Philippine Chamber of Commerce and Industry – Quezon City (PCCI-QC) last January 25, 2024. during the latter’s induction and turnover ceremovies. The award is given to Commissioner Lumagui for his significant impact in the business community of Quezon City.
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Connecting with taxpayers: BIR’s Lumagui holds 2-day outreach for enhanced tax compliance
(Bilyonaryo.com / January 21, 2024)
The Bureau of Internal Revenue (BIR) recently conducted a two-day Nationwide Tax Compliance Verification Drive (TCVD) to educate taxpayers on their tax obligations.
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CTA upholds ruling granting Petron’s P55.7-M refund on alkylate imports
(BusinessWorld / John Victor D. Ordoñez / January 22, 2024)
THE Court of Tax Appeals (CTA) has affirmed its ruling allowing Petron Corp. to claim a refund of P55.7 million in excise tax wrongly paid for alkylate imports in 2012.
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With the pandemic over, WFH arrangements in economic zones to no longer have tax incentives– Sec Remulla
(Manila Bulletin / Jeffrey Damicog / January 22, 2024)
Now that the Covid-19 pandemic has ended, work-from-home (WFH) arrangements of registered business enterprises (RBEs) located in economic zones should no longer get tax incentives under Republic Act (RA) No. 11534, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
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Recto takes oath of office as Monetary Board Member
(Department of Finance website / January 22, 2024)
Finance Secretary Ralph G. Recto took his oath of office as government sector representative to the Monetary Board (MB), the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP), on January 22, 2024. The oath-taking ceremony was administered by BSP Governor and MB Chairman Eli M. Remolona, Jr. at the BSP head office in Manila. With Governor Remolona and Secretary Recto on the board are MB Members V. Bruce J. Tolentino, Anita Linda R. Aquino, Romeo L. Bernardo, Rosalia V. De Leon, and Benjamin E. Diokno.
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https://www.dof.gov.ph/recto-takes-oath-of-office-as-monetary-board-member/
Recto assures US officials of PH’s strong commitment to roll out ‘red carpet’ to investors
(Department of Finance website / January 22, 2024)
Secretary Recto met with US officials led by Treasury Department Deputy Assistant Secretary for Asia Robert Kaproth on January 22, 2024 to discuss efforts to further strengthen ties and boost economic and investment cooperation between the Philippines and the US. During the meeting, Secretary Recto said the Philippine government would act faster in addressing investor concerns as he laid out the country’s economic liberalization laws that would further facilitate ease of doing business in the country.
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No halting P81M graft, malversation charges against Narvacan officials
(Malaya / Peter Tabingo / January 22, 2024)
Both movants were named co-accused of former National Tobacco Administration (NTA) chief Edgardo Zaragoza and his son, former Narvacan municipal mayor Zuriel Zaragoza, in graft and malversation charges for allegedly defrauding the municipal farmers of P81 million from the tobacco excise tax funds collected under RA 7171.
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DILG to push for 3-year tax holiday for local films
(BusinessWorld / Brontë H. Lacsamana / January 23, 2024)
THE DEPARTMENT of the Interior and Local Government (DILG) has backed local film producers in their plea to reduce what they say is the excessive tax burden that makes it difficult to produce more movies.
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Write-off, tax-off
(PhilStar.com / James Eliud G. Santos / January 23, 2024)
The Court of Tax Appeals (CTA) En Banc ruled that the prima facie correctness of a tax assessment does not apply in an assessment that is arbitrary and capricious. It is important that assessments are based on facts and not mere presumption. In arriving at the assessment for deficiency VAT, the petitioner merely compared the beginning and ending balance of the respondent’s accounts receivable and then presumed that the decrease in the balance was undeclared receipts. The Court further explained that a change in the accounts receivable balance does not necessarily pertain to collections that are subject to VAT. Also, in this case, the respondent was able to explain the decrease in receivables with supporting documents. The respondent presented minutes of the partner’s meeting, journal vouchers, and collection letters, among others.
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https://www.philstar.com/business/2024/01/23/2327729/write-off-tax-off
Shareholder’s appraisal right & the Trust Fund Doctrine
(Inquirer.net / John Philip Siao / January 23, 2024)
Stock corporations are artificial beings created by law to conduct business activities. Among the key characteristics and aspects of corporations are ownership of shares of stock (for stock corporations) and a board of directors. Shareholders in stock corporations possess ownership through shares, which symbolize their stake in the company. Each share of stock has an unit which is the par value. The more shares a stockholder owns, the greater their percentage of ownership of the corporation.
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https://business.inquirer.net/442023/shareholders-appraisal-right-the-trust-fund-doctrine
SC Recommends Application of Small Business Exemption Rule in Copyright Infringement Cases
(Supreme Court Website / January 23, 2024)
To craft a more equitable copyright system, the Supreme Court has recommended that exemptions for small businesses be considered by Congress in addition to the existing limitations in copyright infringement cases under the Intellectual Property Code of the Philippines (IP Code). This was part of the ruling laid down by the Supreme Court’s Third Division in a Decision penned by Associate Justice Maria Filomena D. Singh, denying the petition for review on certiorari filed by Icebergs Food Concepts, Inc. (Icebergs) and Allan John T. Young (Young). The petition challenged the rulings of the Court of Appeals (CA) which had affirmed the Regional Trial Court’s (RTC) Decision finding Icebergs liable for copyright infringement.
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Revenue loss due to PIFITA may hit P126 Billion
(The Philippine Start – philstarglobal / January 23, 2024)
The government may have to forgo P126 billion in revenues over the next five years from the remaining tax reform package that seeks to simplify the tax system. During the Senate committee on ways and means hearing yesterday, the Department of Finance (DOF) said the Passive Income and Financial Intermediary Taxation Act (PIFITA) could result in revenue losses of up to P125.9 billion from 2025 to 2029.
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Revenue loss due to PIFITA may hit P126 billion | Philstar.com
CTA junks P31.7M tax refund claimed by Philippine Vending Corp.
(Manila Bulletin / Czarina Nicole Ong Ki / January 24, 2024)
The Court of Tax Appeals (CTA) has denied for lack of merit the petition filed by the Philippine Vending Corporation, Inc. which sought a P31.77 million tax refund from the Bureau of Internal Revenue (BIR). Philippine Vending sought the refund for taxes paid for its importation of goods, domestic purchases of services, and purchases of capital goods allegedly attributable to zero-rated transactions for 2016.
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https://mb.com.ph/2024/1/22/cta-junks-p31-7-m-tax-refund-claimed-by-philippine-vending-corp
Recto commands BIR and BOC to work as a team to hit P4.3T revenue target for 2024
(Department of Finance Website / January 24, 2024)
Finance Secretary Ralph G. Recto has commanded the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) to work together as a team in further strengthening tax and customs administration to hit the government’s total revenue collection target of PHP 4.3 trillion in 2024.
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SC Upholds Validity of Japan-Philippines Economic Partnership Agreement
(Supreme Court Website / January 25, 2024)
The JPEPA is a comprehensive agreement aimed at increasing trade and investment opportunities between Japan and the Philippines and strengthening economic relations between the two countries by encouraging a freer transborder flow of goods, services, and capital.
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https://sc.judiciary.gov.ph/sc-upholds-validity-of-japan-philippines-economic-partnership-agreement/
Recto lauds IC for transforming PH insurance industry into a robust and dependable sector for Filipinos
(Department of finance Website / January 25, 2024)
Finance Secretary Ralph G. Recto has lauded the Insurance Commission (IC) for its 75 years of vigilant oversight of the Philippines’ insurance industry which has helped transform it into a robust and dependable sector for the Filipino people.
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Recto pushes for passage of refined DOF priority tax measures
(Department of Finance website / January 26, 2024)
Among the DOF priority measures are the Value-added Tax (VAT) on Digital Service Providers (DSP); the Imposition of Excise Tax on Single-use Plastics (SUPs); Package 4 of the Comprehensive Tax Reform Program (CTRP); the Rationalization of the Mining Fiscal Regime; and the Reform on the Motor Vehicle Users’ Charge (MVUC). The VAT on DSP seeks to level the playing field between local and foreign DSPs by clarifying that services provided by the latter in the country are subject to VAT.
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https://www.dof.gov.ph/recto-pushes-for-passage-of-refined-dof-priority-tax-measures/
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