Bureau of Internal Revenue Issuances
TAX ADVISORY
Advisory on System Availability/Accessibility of Internal Revenue Integrated System (IRIS).
Advisory on eAccReg and eSales Systems Availability/Accessibility.
Advisory on Internal Revenue Integrated System (IRIS) Reporting Database Unavailability/Inaccessibility.
Advisory on various Systems Availability/Accessibility.
REVENUE MEMORANDUM ORDERS(RMO)
RMO No. 7-2024
March 5, 2024
Reconstitutes the Records Management Improvement Committee (RMIC) created under RMO No. 51-75
Digest | Full Text
RMO No. 8-2024
March 6, 2024
Prescribes the guidelines and procedures in the recording, updating and liquidation of forms accountability of Accountable Officers in the National Office and Regional Offices
Digest | Full Text
REVENUE MEMORANDUM CIRCULARS(RMC)
RMC No. 35-2024
March 6, 2024
Provides policies and guidelines for brand registration and the submission of packaging labels and product composition/formulation sheet as an additional requirement for proper tax classification of Vapor Products pursuant to Section 4 (C) of Revenue Regulations No. 14-2022
REVENUE DELEGATION OF AUTHORITY ORDERS(RDAO)
RDAO No. 3-2024
March 5, 2024
Authorizes the Chief of the Assessment Division of RR No. 8B-South NCR to sign several documents specified in the Order in view of the approved leave of absence of RR No. 8B’s Regional Director
Digest | Full Text
RDAO No. 4-2024
March 6, 2024
Authorizes the OIC-Assistant Regional Director of RR No. 16 – Cagayan de Oro City to sign several documents specified in the Order in view of the approved leave of absence of RR No. 16’s Regional Director
Digest | Full Text
Invitation to Office Uniform Providers: Please be informed that the 2024 BIR Uniform Committee invites interested office uniform providers to present sample uniforms for male and female employees of the BIR. Notice
Tax And Business Related News
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No.9 Week ending March 1, 2024
Commissioner Romeo D. Lumagui, Jr. , together with the Deputy Commissioners, concerned Assistant Commissioners and Head Revenue Executive Assistants, and other revenue officials, spearheaded the conduct of the 2-day Public Consultation on the Draft Revenue Regulations to implement the Ease of Paying Taxes (EOPT) Act (RA No. 11976) on February 26 and 27 at The Elements in Eton Centris, Quezon City.
Lumagui: BIR wins another Ghost Receipts criminal case against corporate officers and accountant of Buildforce Trading Inc.
Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. announced another victory of his Run After Fake Transaction program with the timely win of the criminal case against the corporate officers and accountant of Buildforce Trading Inc. “Just this February 2024, we won criminal cases before the DOJ against the Ghost Receipts syndicate. The first day of March 2024, we won another criminal case against the syndicate. This syndicate ends now. The culture of using Ghost Receipts ends now”, Commissioner Lumagui stated.
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Lumagui: BIR continues to support affordable medicine, exempts from Value-Added Tax 20 additional medicines for Cancer, Hypertension, and Mental Illness.
Bureau of Internal Revenue Commissioner Romeo D. Lumagui, Jr. issued last March 5, 2024 Revenue Memorandum Circular No. 34-2024 exempting from VAT certain medicines for Cancer, Hypertension, and Mental Illness. The circular was made in relation to the letter from the Food and Drug Administration of the Department of Health, an updated list of VAT-Exempt Products under Republic Act No. 10963 and 11534. “The VAT exemption of these medicines for Cancer, Hypertension, and Mental Illness is a step towards a healthier country. The BIR shares the noble intention behind more affordable medicines for the public,” Commissioner Lumagui stated.
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SEC to share data with more government agencies
(The Philippine Star / Richmond Mercurio / March 2, 2024)
MANILA, Philippines — The Securities and Exchange Commission (SEC) is teaming up with more government agencies to boost efforts to combat money laundering and terrorism financing. The SEC yesterday signed nine data sharing agreements (DSAs) with various agencies, granting them access to beneficial ownership information of corporations registered with the commission. The agreements were signed with the Philippine Drug Enforcement Agency, Insurance Commission, Cagayan Economic Zone Authority, National Bureau of Investigation, Department of Justice, Philippine Center on Transnational Crime, Department of Agriculture, Intelligence Service of the Armed Forces of the Philippines, and the Philippine Economic Zone Authority.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/03/02/2337505/sec-share-data-more-government-agencies
DTI eyes development of e-commerce trustmark
(The Philippine Star / Catherine Talavera / March 2, 2024)
MANILA, Philippines — “The trustmark shall signify that the products, goods or services sold online can be trustworthy, provided that symbol, image, or badge issued or awarded are accredited by the concerned agencies.” The Department of Trade and Industry (DTI) is looking to develop an e-commerce trustmark as part of the government’s initiatives to protect consumers from fraudsters and scammers. The development of an e-commerce Philippine trustmark to inform consumers that the goods or services sold online can be trustworthy is among the provisions in the draft implementing rules and regulations of Republic Act 11967 or the Internet Transactions Act (ITA).
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https://www.philstar.com/business/2024/03/02/2337354/dti-eyes-development-e-commerce-trustmark
House panel Oks tax-free hazard pay to judges, prosecutors
(The Philippine Star / Sheila Crisostomo / March 3, 2024)
The unnumbered bill, passed by the House committee on ways and means chaired by Albay Rep. Joey Salceda, is a consolidation of various bills that aim to increase the benefits of prosecutors and judges by removing the taxes in their hazard pay. Section 5 of the measure states that the “hazard pay is not subject to tax and nothing in the measure shall be construed to diminish, in any manner, any benefit granted to duly appointed public prosecutors under existing laws, rules and regulations, local ordinances and other issuances.”
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House panel OKs tax-free hazard pay to judges, prosecutors | Philstar.com
CTA acquits businessman of ‘non-payment’ of taxes; orders settlement of P1.7M tax deficiencies
(Manila Bulletin / Jeffrey Damicog / March 3, 2024)
A businessman has been acquitted by the Court of Tax Appeals (CTA) of criminal charges in a tax case but was ordered to pay more than P1.7 million in tax deficiencies. In 33-page decision promulgated last Feb. 28, the CTA Special First Division acquitted Dexter M. Magtaan, owner of the retail business Dex-Than Trading, of willful failure to pay income tax, willful failure to pay percentage tax, and willful failure to pay value added tax (VAT) under Section 255 of the 1997 National Internal Revenue Code (NIRC).
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CTA acquits businessman of ‘non-payment’ of taxes; orders settlement of P1.7M tax defficiencies (mb.com.ph)
BIR loses P29M tax case vs Batangas chemical manufacturer
(Abogado.com.ph / March 4, 2024)
The Court of Tax Appeals has granted the petition for review of a chemical manufacturing company based in San Pascual town in Batangas province seeking to void the Bureau of Internal Revenue (BIR)’s demand for P29.6 million in income tax for 2014. In a February 28 decision, the tax court’s Special Third Division ruled in favor of Stepan Philippines Quaternaries Inc., a company based in Cocochem Agro-Industrial Park San Antonio, in its dispute with the BIR over the latter’s assessment for unsettled taxes.
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BIR loses P29M tax case vs Batangas chemical manufacturer (abogado.com.ph)
DOJ Charges Buildforce Trading Inc. for Tax Fraud: Crackdown on Evasion Continues
(The People’s Network / BBN Correspondents / March 4, 2024)
The National Bureau of Investigation’s (NBI) thorough inquiry revealed that Buildforce Trading Inc. was involved in creating fictitious receipts and invoices to evade tax obligations. This discovery came to light following a complaint lodged by the Bureau of Internal Revenue (BIR) under its Run After Fake Transactions (RAFT) program, aimed at curbing fraudulent financial activities. The DOJ’s response to the findings was swift, with multiple charges laid against the corporation and its officials. The Quezon City Regional Trial Court (RTC) received the case, involving charges of attempting to evade or defeat tax and willful failure to supply correct and accurate information in Income Tax Return and Quarterly VAT Returns. Additionally, a public accountant faced charges in the Metropolitan Trial Court for making false entries, records, or reports, although a charge of attempt to evade and defeat tax was dismissed. The prosecution has also recommended further investigation into the dealings of ghost or fly-by-night corporations.
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DOJ Charges Buildforce Trading Inc. for Tax Fraud: Crackdown on Ev…(bnnbreaking.com)
Charges over ‘ghost receipts’ filed
(Business World / Chloe Mari A. Hufana / March 4, 2024)
THE DEPARTMENT of Justice (DoJ) has filed tax fraud charges against a corporation, its officers and accountant for using fictitious receipts and invoices. In a statement, Justice Secretary Jesus Crispin C. Remulla affirmed the agency’s hard stance against tax evaders. “We cannot simply tolerate tax evaders,” he said. “The filing of cases is a welcome development in our fight against tax evasion. More cases are expected to be filed in the coming days”.
Click the link below to read the full news from the source:
https://www.bworldonline.com/the-nation/2024/03/04/579437/charges-over-ghost-receipts-filed/
Revisiting the VAT refund rules under EoPT law
(Business World / Mark Ebenezer A. Bernard / March 5, 2024)
It has been more than a month since Republic Act (RA) No. 11976, otherwise known as the Ease of Paying Taxes (EoPT) Act, was signed into law, taking effect on Jan. 22. This law was considered a significant milestone in modernizing the tax system. The EoPT law further amends the National Internal Revenue Code of 1997, also known as the Tax Code, in a manner that impacts taxpayers and stakeholders seeking tax refunds, among others. In February, the Bureau of Internal Revenue (BIR) conducted public consultations with the private sector to discuss the draft implementing rules and regulations (IRR) of the EoPT Act. One significant amendment introduced by the EoPT Act affects Section 112 (C) of the Tax Code, as amended, which reverts the taxpayer’s statutory right to appeal to the Court of Tax Appeal (CTA) within 30 days after the lapse of 90 days from the date of the submission of invoices and other documents in support of the application for refunds of input tax.
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https://www.bworldonline.com/economy/2024/03/05/579750/revisiting-the-vat-refund-rules-under-eopt-law/
DOF kickstarts a series of stakeholder briefings for refined priority tax reform measures to push their immediate passage
(Department of Finance / March 6, 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).
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https://www.dof.gov.ph/dof-kickstarts-a-series-of-stakeholder-briefings-for-refined-priority-tax-reform-measures-to-push-for-their-immediate-passage/
Generative Al reshapes financial landscape
(Business World / Jan Brian Despi / March 6, 2024)
The financial sector has, for a long time, experienced numerous technological disruptions. Generative Artificial Intelligence (AI), the latest of these, can sift through massive volumes of data to create distinctive insights. Generative AI isn’t a new concept; it has been around since the 1960s. But with the entry of Generative Adversarial Networks (GANs) in 2014, it finally dawned on us how this technology could impact the world. This machine learning model has advanced beyond just creating authentic videos and images of people. In business, it has changed the approach to accounting and finance, allowing companies to soar to new heights in data insight, efficiency, and accuracy.
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https://www.bworldonline.com/economy/2024/03/06/580052/generative-ai-reshapes-financial-landscape/
Senate subcommittee to review mining tax regime proposals
(Business World / John Victor D. Ordonez / March 6, 2024)
THE SENATE has formed a ways and means subcommittee to tackle proposals to simplify and amend the fiscal regime for the mining industry. The House of Representatives in September approved House Bill No. 8937 on final reading. It seeks to establish a new fiscal regime for the mining industry through margin-based royalties and a windfall profit tax on large-scale miners.The Department of Finance (DoF) on Wednesday pushed for a simpler mining regime with fewer tax tiers and lower rates to boost compliance. It is proposing that large-scale miners operating within mineral reservations pay the equivalent of 5% of gross output, up from the 4% proposed in the House bill. The current regime requires mining companies to pay corporate income tax, excise tax, royalty, local business tax, real property tax, and fees to indigenous communities. A mining fiscal regime measure has yet to be filed before the Senate.
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https://www.bworldonline.com/economy/2024/03/07/580340/senate-subcommittee-to-review-mining-tax-regime-proposals/
SEC issues PH firms guide on sustainability
(Philippine Daily Inquirer / Miguel R. Camus / March 6, 2024)
MANILA, Philippines – Businesses of all sizes can expect easier access to sustainable financial services with the passage of a new set of landmark guidelines, developed under the watch of key government agencies including the Securities and Exchange Commission (SEC). Jointly formulated by the SEC, Bangko Sentral ng Pilipinas, the Insurance Commission, and the Philippine Deposit Insurance Corp., the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) allows stakeholders to make informed decisions related to investments and financing.
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https://business.inquirer.net/448681/sec-issues-ph-firms-guide-on-sustainability
February declared ‘Tax Awareness Month
(The Philippine Star / Helen Flores / March 7, 2024)
MANILA, Philippines — President Marcos has issued a proclamation declaring February of every year as “Tax Awareness Month” to enhance public’s support for revenue initiatives of the government and improve the country’s tax collection. In signing Proclamation 486, Marcos stressed the need to promote and enhance the awareness of Filipinos on tax laws, rules and regulations to strengthen the government’s fiscal position.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/03/07/2338558/february-declared-tax-awareness-month
Tax bureau lists 20 more medicines exempted from VAT
(Business World / Kyle Aristophere T. Atienza / March 7, 2024)
THE PHILIPPINES on Thursday exempted 20 more medicines for cancer, diabetes, high cholesterol, hypertension, kidney disease, mental illnesses, and tuberculosis from value-added tax (VAT). The move is part of the agency’s shift to a more service-oriented culture from a collection goal-oriented on, Internal Revenue chief Romeo Lumagui said in a statement. The move was in line with a provision under the National Internal Revenue Code of 1997, as amended by the TRAIN Law and CREATE Act.
Click the link below to read the full news from the source:
https://www.bworldonline.com/the-nation/2024/03/07/580345/tax-bureau-lists-20-more-medicines-exempted-from-vat/
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