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Tax Rules and News 017-2024

Bureau of Internal Revenue Issuances

REVENUE MEMORANDUM CIRCULARS (RMC)

RMC No. 60-2024
May 9, 2024

Provides clarifications and guidance on Section 6 of RR No. 4-2024 on the Repeal of Section 34 (K) of the NIRC of 1997, as amended.

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REVENUE DELEGATION OF AUTHORITY ORDERS (RDAO)

RDAO No. 11-2024
May 8, 2024

Authorizes the OIC-Assistant Regional Director of RR No. 8A – Makati City to sign several documents specified in the Order in view of the retirement of RR No. 8A’s Regional Director.

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Tax And Business Related News

BIR WEEKENDER BRIEFS
Volume No. 15 Issue No 18 Week ending May 3, 2024

BIR Revenue District Offices continue to intensify the conduct of tax enforcement activities from April 24 to 29 to enhance taxpayers’ voluntary compliance with the tax laws and regulations.

Click the link below to read the full news from the source:
https://www.bir.gov.ph/images/bir_files/internal_communications_5/2024 Weekender Briefs/v15n18 highres.pdf

Lumagui: Internal Revenue Stamps for Vape Products mandatory by June 1, 2024, and available for orders by May 8, 2024

Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. reminded the public that internal revenue stamps will be mandatory for all imported and locally manufactured vape products in the market by June 1, 2024, as stated in Revenue Memorandum Circular No. 59- 2024. The 4th generation internal revenue stamps for such products will be available for ordering by May 8, 2024. This requirement will be imposed by the BIR as a way of checking the proper payment of taxes by the vape industry. Lack of internal revenue stamps on vape products means non-payment of excise taxes. Non-payment of excise taxes will make the vape products subject to seizure by the BIR and will expose the business owner to criminal liability for tax evasion.

Click the link below to read the full news from the source:
https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press Release/PR30MAY0724.pdf

Over tax, environment violations: capitol shuts down pmsc
(PhilStar.com / Le Phyllis F. Antojado-Orllaneda / May 4, 2024)

CEBU, Philippines — Cebu Governor Gwendolyn Garcia has issued another cease and desist order to the Philippine Mining Service Corporation (PMSC), as reinforcement to the Court of Appeals (CA) decision that upheld the validity of the Capitol’s previous executive orders halting the mining firm’s operation. The CA nullified last year’s Regional Trial Court (RTC) order granting PMSC a writ of preliminary injunction. The recent CA ruling was issued last Tuesday. “Considering the nullification of the order dated 26 April 2023, and the validity of Executive Orders 25-2020, 25-B-2020, and 7-2023, the Philippine Mining Service Corporation is hereby ordered immediately to cease and desist all processing, selling, and transporting of dolomite and associated quarry resources,” read Garcia’s Memorandum No. 24-2024. The governor had ordered PMSC’s operations in Alcoy town in southern Cebu stopped due to alleged local tax and environmental violations. According to the Capitol, the mining firm continued to defy the orders of the governor.

Click the link below to read the full news from the source:
https://qa.philstar.com/the-freeman/cebu-news/2024/05/04/2352539/over-tax-environmental-violations-capitol-shuts-down-pmsc

Over tax, environment violations: capitol shuts down pmsc
(PhilStar.com / Le Phyllis F. Antojado-Orllaneda / May 4, 2024)

CEBU, Philippines — Cebu Governor Gwendolyn Garcia has issued another cease and desist order to the Philippine Mining Service Corporation (PMSC), as reinforcement to the Court of Appeals (CA) decision that upheld the validity of the Capitol’s previous executive orders halting the mining firm’s operation. The CA nullified last year’s Regional Trial Court (RTC) order granting PMSC a writ of preliminary injunction. The recent CA ruling was issued last Tuesday. “Considering the nullification of the order dated 26 April 2023, and the validity of Executive Orders 25-2020, 25-B-2020, and 7-2023, the Philippine Mining Service Corporation is hereby ordered immediately to cease and desist all processing, selling, and transporting of dolomite and associated quarry resources,” read Garcia’s Memorandum No. 24-2024. The governor had ordered PMSC’s operations in Alcoy town in southern Cebu stopped due to alleged local tax and environmental violations. According to the Capitol, the mining firm continued to defy the orders of the governor.

Click the link below to read the full news from the source:
https://qa.philstar.com/the-freeman/cebu-news/2024/05/04/2352539/over-tax-environmental-violations-capitol-shuts-down-pmsc

EoPT dates to remember for CAS taxpayers
(Business World / Ma. Jessica A. Guevarra / May 6, 2024)

“An ounce of prevention is worth a pound of cure.” This applies to many aspects of everyday life. It is always better to prevent damage than to be sorry about it in the future. For students or reviewees, it is best to read and study routinely rather than cram to cover the entire topic the night before the exam. For car owners, preventive maintenance means having the vehicle inspected regularly, not only to prolong the vehicle’s good condition but, more importantly, to ensure a safe ride for the passenger. Thus, preventive measures can help us avoid problems. The same goes for taxpayers. Preventive measures help us avoid possible problems or issues in the future, particularly with tax rules changing so regularly. As we probably know by now, the Ease of Paying Taxes (EoPT) Act has introduced significant amendments, especially on VAT reporting. For VAT purposes, sellers of services must report the VAT based on gross sales and no longer based on collections. As such, sellers of services must now issue VAT Invoices and not VAT ORs. These VAT Invoices will now become the basis for input VAT credits to be claimed by their customers. Moreover, in relation to the EoPT Act, Revenue Regulations (RR) 07-2024 contain several crucial dates for taxpayers who use Computerized Accounting Systems (CAS).

Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/05/06/593196/eopt-dates-to-remember-for-cas-taxpayers/

Recto collects higher PHP 88.6-B GOCC dividends as of May 2024, a major source of non-tax revenues to fund PBBM’s priority program without imposing new taxes
(Department of Finance / May 6, 2024)

Finance Secretary Ralph G. Recto has successfully collected PHP 88.6 billion from 47 Government-Owned- or Controlled Corporations (GOCCs) as of May 6, 2024––eleven times higher than 2023 and a major source of non-tax revenues for the national government to fund President Ferdinand R. Marcos, Jr.’s priority programs without the need to impose new taxes on the people. To recognize the significant contributions of the GOCCs, Secretary Recto led the GOCC Day which was graced by President Ferdinand R. Marcos, Jr. to acknowledge the top-remitting GOCCs that have exercised good corporate governance and significantly contributed dividends to the national government. “These dividends form a major source of non-tax revenues for the government, making possible our goal of raising funds without the need to impose additional taxes on our people,” he said in his welcome remarks during the GOCC Day on May 6, 2024 at the Philippine International Convention Center (PICC).

Click the link below to read the full news from the source:
https://www.dof.gov.ph/recto-collects-higher-php-88-6-b-gocc-dividends-as-of-may-2024-a-major-source-of-non-tax-revenues-to-fund-pbbms-priority-programs-without-imposing-new-taxes/

BIR to seize vapes lacking tax stamps by June
(Manila Bulletin / Chino S. Leyco / May 7, 2024)

The Bureau of Internal Revenue (BIR) announced that it will begin confiscating vape products lacking tax stamps starting in June and will enforce legal consequences on individuals caught with these items. In a statement, BIR Commissioner Romeo D. Lumagui Jr. said that vape manufacturers and importers must pay excise taxes and adhere to internal revenue stamp requirements by June 1, 2024. “We have warned the illicit vape industry to pay your proper taxes. Comply with the internal revenue stamps by June 1, you can order as early as May 8. The BIR will monitor the internal revenue stamps for the vape industry,” Lumagui said on Tuesday, May 7. “If your products do not have any internal revenue stamps by June 1, we will raid your stores and seize the products,” he added.

Click the link below to read the full news from the source:
https://mb.com.ph/2024/5/7/bir-to-seize-vapes-lacking-tax-stamps-by-june-1

Greenpeace calls on PHL to support ‘climate damage’ tax on fossil fuels
(Business World / Beatriz Marie D. Cruz / May 7, 2024)

THE PHILIPPINES needs to support a tax on fossil fuel producers to help fund the mitigation of climate change impacts in vulnerable countries, Greenpeace said on Tuesday. “It is in the best interest for the country to advocate for and champion accountability mechanisms that make those most responsible pay for the losses and damages from climate impacts,” Greenpeace campaigner Jefferson Chua said at a briefing.

Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/05/07/593443/greenpeace-calls-on-phl-to-support-climate-damage-tax-on-fossil-fuels/

Bill proposes DoF take charge of processing VAT refund claims
(Business World / John Victor D. Ordonez / May 8, 2024)

A SENATE bill is proposing to transfer the responsibility of processing value-added tax (VAT) refund claims to the Department of Finance (DoF) from the Bureau of Internal Revenue (BIR). Senator Sherwin T. Gatchalian, who heads the Senate Ways and Means Committee, said in Senate Bill No. 2654’s explanatory note: “Even after (claimants) submit the proper paperwork, the BIR continues to deny rebates by citing rules not clearly written in the tax laws or other laws and regulations.”

Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2024/05/08/593784/bill-proposes-dof-take-charge-of-processing-vat-refund-claims/

Recto champions the immediate release of long overdue retirement pay of IBC employees
(Department of Finance / May 8, 2024)

Finance Secretary and ex-officio Governance Commission for GOCCs (GCG) member Ralph G. Recto has championed the immediate release of the long overdue retirement pay benefits of the Intercontinental Broadcasting Corporation (IBC) employees. “My heart goes out to the IBC employees who have long waited for this time to come. The release of retirement benefits is not just a matter of obligation but a promise we must honor. The Department of Finance will always stand ready to secure the rights of our people and provide them with the support they rightfully deserve,” he said.

Click the link below to read the full news from the source:
https://www.dof.gov.ph/recto-champions-the-immediate-release-of-long-overdue-retirement-pay-of-ibc-employees/

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