Bureau of Internal Revenue Issuances
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REVENUE REGULATIONS (RR)
REVENUE MEMORANDUM CIRCULARS (RMC)
RMC No. 38-2024
March 15, 2024
Clarifies the issues raised on Revenue Memorandum Circular No. 5-2024.
RMC No. 39-2024
March 18, 2024
Announces the availability of BIR Form No. 1701 in the Electronic Filing and Payment System (eFPS).
RMC No. 40-2024
March 18, 2024
Announces the new and upgraded Internal Revenue Stamp design for cigarettes, heated tobacco products, and vapor products
RMC No. 41-2024
March 18, 2024
Circularizes the policies and guidelines on the launching of the 4th Generation Internal Revenue Stamps for purposes of ordering and inventory planning of importers and local manufacturers of cigarettes, heated tobacco products, and vapor products
RMC No. 43-2024
March 20, 2024
Notifies the loss of six (6) sets of unused/unissued BIR Form No. 0535 — Taxpayer Information Sheet
Tax And Business Related News
CTA junks P1.2M tax refund sought by decors, furniture firm
(Manila bulletin / Czarina Nicole Ong Ki / March 16, 2024)
The Court of Tax Appeals (CTA) has denied the P1.2 million tax refund claimed by Williams-Sonoma Philippines, Inc. against the Bureau of Internal Revenue (BIR). Williams-Sonoma is engaged in the sale and distribution of home accessories, furniture, and decorations. It filed with the BIR tax refund or credits for P1.3 million for its domestic purchases of services and goods attributable to zero-rated transactions from February 2018 to January 2019. However, the BIR only allowed the refund of P123,313.25 and disallowed the amount of P1,276,574.80 due to violations of invoicing requirements.
Click the link below to read the full news from the source:
CTA junks P1.2M tax refund sought by home decors, furniture firm (mb.com.ph)
FDA, BIR collaboration to cut medicine prices for senior citizens
(Philstar.com / Kristine Daguno-Bersamina / March 17, 2024)
MANILA, Philippines — The Food and Drug Administration (FDA) is partnering with the Bureau of Internal Revenue (BIR) to reduce the prices of essential medicines for senior citizens by exempting them from Value Added Tax (VAT). FDA Director General Samuel Zacate announced this collaboration during a news forum in Quezon City on Saturday, with the aim of making essential medicines more affordable for seniors. Zacate explained that certain essential medicines will be exempt from VAT under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, also known as Republic Act (RA) No. 11534.
Click the link below to read the full news from the source:
https://www.philstar.com/headlines/2024/03/17/2341235/fda-bir-collaborate-cut-medicine-prices-senior-citizens
Tax credits for retailers pushed
(World Business / Kenneth Christian L. Basilio / March 18, 2024)
TAX credits should be provided to supermarkets and retail stores that will soon be required to grant a discount hike to senior citizens and persons with disabilities buying basic necessities and prime commodities (BNPCs), a lawmaker said on Monday. Retailers earlier said that increasing the monthly discount cap to P500 could make things difficult for small and medium enterprises (SMEs). However, the Bureau of Internal Revenue (BIR) shot down the idea, saying it “cannot give additional [tax deductions] without basis in the law.”
Click the link below to read the full news from the source:
https://www.bworldonline.com/the-nation/2024/03/18/582618/tax-credits-for-retailers-pushed/
SEC issues guidelines for eAMEND Portal
(Business World / Alexander M. Querido, Jr. / March 18, 2024)
The Securities and Exchange Commission (SEC) recently issued SEC Memorandum Circular (MC) No. 3-2024, which discussed the guidelines for the use of the Electronic Application for Modification of Entity Data (eAMEND) Portal. Previously, when applying for amendments to the Articles of Incorporation (AoI) and/or By-Laws (BL), one had to manually accomplish the amendment forms and submit them together with the hard copies of the amended AoI and/or BL and other requirements. Applicants had to physically wait for their queue number to be called from a long line of applicants in the SEC office. The documents were physically reviewed by an examiner and the applicant had to wait for at least a week before receiving the approved amended AoI and/or BL. Under the SEC MC 3-2024, in pursuit of sustainable practices, streamlined and automated processes, the SEC allowed amendment applications through the eAMEND portal which eases the amendment application process.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/03/18/582694/sec-issues-guidelines-for-eamend-portal/
Recto: NAIA on its way to be one of the world’s best airport, passengers to receive VIP treatment with the signing of the PPP Concession Agreement
(Department of Finance / March 18, 2024)
Finance Secretary Ralph G. Recto expressed confidence that the Ninoy Aquino International Airport (NAIA) is on its way to becoming one of the world’s best airports where all passengers will receive full VIP treatment following the signing of the NAIA public-private partnership (PPP) Concession Agreement on March 18, 2024. “This project will ensure that only world-class service will be delivered to our people and international visitors, setting NAIA’s departure from its notorious reputation as one of the world’s worst airports to one of the best,” he said.
Click the link below to read the full news from the source:
https://www.dof.gov.ph/recto-naia-on-its-way-to-be-one-of-the-worlds-best-airports-passengers-to-receive-vip-treatment-with-the-signing-of-the-ppp-concession-agreement/
BIR eyes P325 bilion from excise taxes
(The Philippine Star / Louise Maureen Simeon / March 19, 2024)
MANILA, Philippines — The Bureau of Internal Revenue (BIR) targets to collect higher excise taxes of up to P325 billion this year as the government moves to improve the regulatory environment and address the still rampant illicit trade. BIR data showed that excise tax collection is seen rising by 11 percent to P324.55 billion this year from last year’s P291.73 billion tax take.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/03/19/2341516/bir-eyes-p325-billion-excise-taxes
House body OK’s higher tax deductions for firms that hire senior citizens
(Business World / Kenneth Christiane L. Basilio / March 19, 2024)
A HOUSE of Representatives committee on Tuesday agreed to increase to 25% from 15% the tax deductions for companies that hire senior citizens, despite objections from the Bureau of Internal Revenue (BIR). Under the Expanded Senior Citizens Act of 2010, stores may only claim discounts as tax deductions based on the cost of the goods sold or services rendered. The law gives seniors a 20% discount and exemption from value-added tax on medicines, hospital fees, medical supplies, fares, hotel, lodging, restaurant meals, theater admissions and funeral services. They also get a 5% discount on water and electricity bills.
Click the link below to read the full news from the source:
https://www.bworldonline.com/the-nation/2024/03/19/582991/house-body-oks-higher-tax-deductions-for-firms-that-hire-senior-citizens/
CTA clears firm of P35M in taxes
(Business World /Chloe Mari A. Hufana/ March 20, 2024)
THE COURT of Tax Appeals (CTA) has cleared IBMS Technology Phils. Corp. of P35.35 million in tax liabilities, as it ruled the Bureau of Internal Revenue (BIR) had failed to issue a valid formal assessment notice (FAN) in 2015. The tax agency’s assessment notice suffered from “incurable defect” because it did not specify the amount of the tax and when it was due, the tax court’s Special Third Division said in a 20-page decision promulgated on March 15.
Click the link below to read the full news from the source:
https://www.bworldonline.com/the-nation/2024/03/20/583250/cta-clears-firm-of-p35m-in-taxes/
Not as simple as it seems
(Business World / Steven Lloyd Co / March 20, 2024)
During tax audits, particularly for companies that provide services to non-resident foreign corporations (NRFCs), one of the usual findings of the Bureau of Internal Revenue (BIR) is whether such sales of services qualify for value-added tax (VAT) zero-rating. Under Section 108(B)(2) of the Tax Code, the following conditions must be satisfied for services (other than processing, manufacturing or repacking of goods) to qualify for VAT zero-rating: 1. The services should be rendered in the Philippines; 2. The payment for such services must be in an acceptable foreign currency and accounted for in accordance with Bangko Sentral ng Pilipinas (BSP) rules and regulations; and 3. The recipient of such services must be doing business outside the Philippines. Normally, the first two requisites can easily be supported by available documents, such as agreements/contracts, certificates of inward remittance, among others, and are no longer disputed by the BIR in most cases.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/03/20/583231/not-as-simple-as-it-seems/
Expanded senior, PWD discount scheme to take effect March 25
(Business World / Justine Irish D. Tabile / March 21, 2024)
A JOINT ORDER expanding special grocery discounts to senior citizens and persons with disabilities (PWDs) was signed on Thursday and is expected to take effect on March 25. In a statement, the Department of Trade and Industry (DTI) said that the joint administrative order (JAO) signed by the DTI, the Department of Agriculture (DA), and the Department of Energy (DoE) will increase the special discounts for senior citizens to P125 per week from P65 on their purchases of basic necessities and prime commodities (BNPCs).
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/03/21/583529/expanded-senior-pwd-discount-scheme-to-take-effect-march-25/
Mining tax regime proposal seen reaching Senate plenary by May
(Business World / John Victor D. Ordonez / March 2, 2024)
THE SENATE is hoping to start by May plenary debate on a measure seeking to simplify and amend the fiscal regime for the mining industry, a senator said on Thursday. “We want to sponsor it when we come back in May,” Senator Juan Edgardo M. Angara, who heads a ways and means subcommittee tackling House Bill No. 8937, which seeks to simplify the tax regime for the industry, told reporters after a hearing on the measure. The Chamber of Mines is looking into the Department of Finance’s (DoF) proposal of reduced windfall profit tax tiers, and plans on seeking a middle ground that simplifies the fiscal regime without increasing taxes by too much, Michael T. Toledo, the chamber’s chairman, told BusinessWorld.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/03/21/583525/mining-tax-regime-proposal-seen-reaching-senate-plenary-by-may/
Driving investments: Recto advocates for corporate tax cuts via CREATE Law
(Bilyonaryo.com / March 22, 2024)
Finance Secretary Ralph Recto is pushing for amendments to the CREATE Act, also known as the Corporate Recovery and Tax Incentives for Enterprises Law, aimed at attracting investments to the country. The CREATE Law was enacted to offer relief to local and foreign companies in response to the economic impact of the Covid-19 pandemic. Among its provisions, the CREATE Law has already reduced the corporate income tax rate to 25% from 30% for domestic corporations as well as for both resident and nonresident foreign corporations. 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.
Click the link below to read the full news from the source:
https://bilyonaryo.com/2024/03/22/driving-investments-recto-advocates-for-corporate-tax-cuts-via-create-law/business/
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