Bureau of Internal Revenue Issuances
TAX REMINDER
LIST OF BIR EFILING/TAX ASSISTANCE CENTERS.
https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Advisories/Bureaus List of Tax Filing Centers 03222024 v6.pdf
ALL TAXPAYERS SHALL ELECTRONICALLY FILE THEIR AITRs
(through eBIRForms or eFPS, whichever is applicable), INCLUDING ITS ATTACHMENTS (through eAFS).
NO MANUAL FILING OF AITRs in all Large Taxpayers Services (LTS) offices, Revenue District Offices (RDOs), nor in the eFiling/TAC at the BIR NTC – Auditorium
EXCEPT FOR: Senior Citizens (SC) or Persons with Disabilities (PWDs) filing their own returns; employees deriving purely compensation income with two or more employers (concurrently or successively) during the taxable year; employees whose spouse is not entitled to substituted filing; and employees qualified for substituted filing but opted to file for AITR for purposes of promotion, loans, scholarships, foreign travel requirements, etc.
Taxpayers who have electronically filed and/or paid their AITR, including its attachments NEED NOT SUBMIT THE PRINTED COPY OF THE ELECTRONICALLY FILED RETURN to the concerned LTS office or RDO for stamping.
Bank Bulletin No. 2024-1 reminds all Authorized Agent Banks to accept tax returns/payments of internal revenue taxes on April 6 and April 13, 2024 and to extend their banking hours up to 5:00 P.M. for the period April 1-15, 2024.
https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Advisories/BB No. 2024-1.pdf
TAX ADVISORY
Advisory on the establishment of eFiling/Tax Assistance Center at the BIR National Training Center – Auditorium.
Manual filing of attachments, EXCEPT Certificates of Wihholding Tax (BIR Form Nos. 2307, 2316, etc.), shall be allowed in BIR offices/Tax Assistance Center (TAC). The submission of copies of BIR Form Nos. 2307 and 2316 shall be done following the procedures prescribed under Revenue Regulations (RR) No. 16-2021.
Manual filing of “No Payment Returns” shall be allowed in BIR frontline offices/TAC only.
REVENUE MEMORANDUM ORDERS (RMO)
REVENUE MEMORANDUM CIRCULARS (RMC)
RMC No. 46-2024
April 1, 2024
Publishes the Updated List of Registered Manufacturers/Importers/Exporters of Cigarettes, Heated Tobacco Products, Vapor Products and Novel Tobacco Products with the Corresponding Product Brands/Variants and integration of the requirements for compliance purposes
Full Text | Annex A | ANNEX B | ANNEX C | ANNEX D | ANNEX E | ANNEX F | ANNEX G | ANNEX H
RMC No. 46-2024
April 1, 2024
Publishes the Updated List of Registered Manufacturers/Importers/Exporters of Cigarettes, Heated Tobacco Products, Vapor Products and Novel Tobacco Products with the Corresponding Product Brands/Variants and integration of the requirements for compliance purposes
Full Text | Annex A | ANNEX B | ANNEX C | ANNEX D | ANNEX E | ANNEX F | ANNEX G | ANNEX H
RMC No. 47-2024
April 1, 2024
Circularizes the contest for the design of New BIR Logo.
RMC No. 49-2024
April 3, 2024
Circularizes Joint Memorandum Circular No. 2023-003, Series of 2023, issued by the Department of Human Settlements and Urban Development and the National Economic and Development Authority
RMC No. 50-2024
April 3, 2024
Notifies the loss of five (5) sets of unused/unissued BIR Form No. 0535 – Taxpayer Information Sheet.
TAX AND BUSINESS RELATED NEWS
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No 13 Week ending March 29, 2024
BIR Revenue District Offices continue to intensify the conduct of tax enforcement activities from March 20 to 22, 2024 to enhance taxpayers’ voluntary compliance with the tax laws and regulations.
Lumagui: BIR continues illicit vape enforcement activities, raids another 3 warehouses in Manila and Rizal with 63,138 vape products with an estimated total tax liability of P151.1 Million.
Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. reported that 3 warehouses in Manila and Rizal with illicit vape products have been raided by the BIR last March 27, 2024. The said raids yield the confiscation of 63,139 units of vape products with an estimate total tax liability of P151.1 Million. “Register your vape businesses and we will help you. Pay the proper excise taxes on your vape products and we will help you. The raids and confiscation of vape businesses and products is the result of your non-registration and non-payment of excise taxes. The BIR is here to help in the registration and proper payment of taxes of all vape businesses. We will guide you every step of the way,” Commissioner Lumagui stated. The BIR is prioritizing the enforcement of excise taxes against excisable goods such as that of vape products.
https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press Release/PR22APR0324.pdf
Senate inquiry on BIR’s imposition of 25 percent withholding tax, 12% VAT on cross-border services sought
(Manila Bulletin / Hannah Torregoza / March 31, 2024)
Senator Sherwin Gatchalian has called on the Senate to look into the Bureau of Internal Revenue’s imposition of a 25 percent withholding tax and 12 percent value added tax (VAT) on all cross-border services rendered by non-resident foreign corporations (NRFC). Gatchalian, chairman of the Senate Committee on Ways and Means, said BIR’s release of Revenue Memorandum Circular (RMC) 5-2024, could drive away foreign entities from doing business in the country.
Click the link below to read the full news from the source:
https://mb.com.ph/2024/3/31/senate-inquiry-on-bir-s-imposition-of-25-percent-withholding-tax-12-vat-on-cross-border-services-sought#google_vignette
Recent improvement in tax filling process
(Business World / Yben R. Rogero / April 1, 2024)
“To improve is to change; to be perfect is to change often,” said Winston Churchill. The government has been proving this adage to be true, especially with the significant regulatory updates to taxation, the most recent iteration being the Ease of Paying Taxes (EoPT) Law. It would appear that we should continue to expect changes as Congress is continuously deliberating on new tax regulations, but change must not always be met with resistance; after all, change is a crucial element of progress. To the credit of the government and the Bureau of Internal Revenue, there have been significant efforts to improve the tax system, making compliance, including payment, easier for the taxpayers. Taxpayers are reminded of the availability of offline Electronic Bureau of Internal Revenue forms (eBIRForms) Package Version 7.9.4.2, which can be downloaded from the BIR’s official website, www.bir.gov.ph or www.knowyourtaxes.ph/ebirforms. Notably, the new eBIRForms provide BIR Form No. 1702-RTv2018C with additional alphanumeric tax codes (ATC) IC, such as IC 101, IC 190 and IC 191 for Regional Operating Headquarters (ROHQs), Offshore Banking Units (OBUs), and Foreign Currency Deposit Units (FDCUs), respectively. Updated 2023 income tax rates were likewise made on BIR Form No. 1700v2018, BIR Form No. 1701v2018, and BIR Form No. 1701A. Bug fixers were also added for BIR Form No. 1702-MXv2018C. Meanwhile, BIR Form No. 1701A, otherwise known as the Annual Income Tax Return for Individuals Earning Purely from Business/Profession under the graduated income tax rates with Optional Standard Deduction as the mode of deduction, with the option to avail of the 8% flat income tax rate; BIR Form No. 1702-EX January 2018 (ENCS) v2, or the Annual Income Tax Return for entities EXEMPT under Sec. 30 and Sec. 27 of the Tax Code, as amended, and other special laws with no other taxable income; and BIR Form No. 1700, or the Annual Income Tax Return for Individuals Earning Purely Compensation Income, are now available on the Electronic Filing and Payment System (eFPS).
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/04/01/585075/recent-improvements-in-tax-filing-process/
SEC hikes penalties for late, non-filing of corporate reports
(Business World / Revin Mikheal D. Ochave / April 1, 2024)
FINES and penalties for late and non-filing of reportorial requirements will be increased starting April 1 as part of efforts to improve compliance, the Securities and Exchange Commission (SEC) said. One-person corporations (OPCs) and domestic stock corporations with retained earnings of not more than P100,000 will now pay a basic penalty of P5,000 for the late filing of their general information sheet (GIS) or annual financial statements (AFS), with an additional P1,000 for every month of continuing violation, the SEC said in a memorandum. The same penalty applies to domestic nonstock corporations with a fund balance or equity of not more than P100,000.
Click the link below to read the full news from the source:
https://www.bworldonline.com/corporate/2024/04/01/584776/sec-hikes-penalties-for-late-non-filing-of-corporate-reports/
Recto bats for tax, tariff relief for hybrids
(The Philippine Star / Marianne Go / April 1, 2024)
Finance Secretary Ralph Recto is in favor of granting reduced excise tax and preferential tariff to hybrid vehicles. In an interview following the recent induction of the 2024 officers of the Economic Journalists Association of the Philippines (EJAP), Recto acknowledged the need to reduce the price of hybrid vehicles to make them more affordable to people.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/04/01/2344293/recto-bats-tax-tariff-relief-hybrids
Recto bats for tax, tariff relief for hybrids
(The Philippine Star / Marianne Go / April 1, 2024)
Finance Secretary Ralph Recto is in favor of granting reduced excise tax and preferential tariff to hybrid vehicles. In an interview following the recent induction of the 2024 officers of the Economic Journalists Association of the Philippines (EJAP), Recto acknowledged the need to reduce the price of hybrid vehicles to make them more affordable to people.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/04/01/2344293/recto-bats-tax-tariff-relief-hybrids
CGBP training program on tax rights, remedies
(The Philippine Star / April 2, 2024)
MANILA, Philippines The Center for Global Best Practices will host a special online training titled “Tax Rights and Remedies for SMEs and Large Taxpayers” on April 18 and 19, from 9 a.m. to 12 p.m. via Zoom. This solutions-oriented program will teach everything needed to know on how to handle Bureau of Internal Revenue tax audits – from their different tax audit programs to their basis of assessment and processes. Learn how to deal fairly and squarely with the tax authorities based on the latest tax rulings of the Supreme Court and Court of Tax Appeals. This comprehensive training will show the best practices to help address most pressing tax problems – from an administrative, judicial, procedural and substantive perspective – to protect businesses.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/04/02/2344530/cgbp-training-program-tax-rights-remedies
SEC FS filling deadline looming
(Business World / Cyril Pestilos / April 3, 2024)
In response to the prayers of our accountants and auditors, and to alleviate congestion in the Securities Exchange Commission (SEC) Electronic Filing and Submission Tool (eFAST) for those operating on a calendar year, the SEC, through Memorandum Circular (MC) No. 2-2024, has once again instituted staggered filing schedules for the AFS of all corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/04/03/585594/sec-fs-filing-deadline-looming/
Public hearing on electric vehicle tax break review ends
(Philstar.com / April 3, 2024)
MANILA, Philippines – The public deliberations on the mandatory review of Executive Order No. 12 has ended with the Tariff Commission saying it is still gathering more data before submitting its final report to the National Economic and Development Authority (NEDA). “The Commission will not conduct another public hearing unless another petition is filed,” said tariff specialist Irma Olavario, who said that there is no timeline yet for NEDA’s review recommendation to the Office of the President. Electric vehicle industry stakeholders made the forecast based on the data from the Department of Trade and Industry and Board of Investment (BOI), which showed that the country’s EV fleet will most likely increase if e-motorcycles are given tax breaks after generating over P3 billion in import services pre-tax incentives.
Click the link below to read the full news from the source:
https://www.philstar.com/nation/2024/04/03/2344994/public-hearing-electric-vehicle-tax-break-review-ends
Recto to taxpayers: Settling taxes easier now than ever, exercise heroic duty in nation-building
(Department of Finance / April 4, 2024)
Finance Secretary Ralph G. Recto assured taxpayers that settling their taxes is now easier than ever, and encouraged them to exercise their heroic duty of propelling the country’s development forward through the prompt filing of tax returns and paying the correct amount of tax dues with the Bureau of Internal Revenue (BIR) before the April 15, 2024 deadline. “The government has made sure that the filing and payment of taxes is now easier than ever so I urge everyone to be responsible in accomplishing this to avoid any penalties that may arise from failing to do so. You have an indispensable role to play in our nation’s progress. Our ability to steer the country forward is largely dependent on your cooperation,” the Finance Chief stressed.
Click the link below to read the full news from the source:
https://www.dof.gov.ph/recto-to-taxpayers-settling-taxes-easier-now-than-ever-exercise-heroic-duty-in-nation-building/
ESCAP calls on PHL to streamline VAT process, enhance tax compliance
(Business World / Beatriz Marie D. Cruz / April 4, 2024)
THE Philippines needs to streamline its value-added tax (VAT) system and enhance tax compliance to reduce fiscal risks, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). “What the government can do is to close the tax collection gap, which not only mobilizes additional fiscal resources, but over time, helps to reduce fiscal risk,” Vatcharin Sirimaneetham, ESCAP’s macroeconomic policy and analysis chief, said at a briefing. Taxes account for around 60% of total government revenue in Southeast Asia, according to ESCAP.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/04/04/586087/escap-calls-on-phl-to-streamline-vat-processes-enhance-tax-compliance/
World Bank recommends reviews of VAT exemptions
(The Philippine Star / Louella Desiderio / April 4, 2024)
MANILA, Philippines — A review of value-added tax (VAT) exemptions can help the Philippines improve tax collections without having to increase tax rates, according to the World Bank. “There are many exemptions that apply to VAT zero-rated sectors that introduce distortions in the system, that allocate resources in a way that is not necessarily optimal, but also reduce the capacity of the collector to collect taxes, given the tax rates,” he said. He said an analysis of the VAT exemptions would allow the government to look at the rationale of such measures and its impact, particularly on whether such exemptions benefit the poor or the wealthier households.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2024/04/04/2345072/world-bank-recommends-review-vat-exemptions
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