Bureau of Internal Revenue Issuances
REVENUE REGULATIONS (RR)
RR No. 10-2024
June 5, 2024
Amending certain provisions of Revenue Regulations No. 10-2006, as Amended, relative to the registration of Master Securities Lending Agreement and Global Master Securities Lending Agreement
REVENUE MEMORANDUM CIRCULARS (RMC)
RMC No. 64-2024
May 28, 2024
Clarification on the Ante-dating of Deeds of Sale Involving Real Properties
BIR ADVISORIES
Advisory on the List of Cannot Be Located (CBL) Taxpayers published on May 10, 2024.
Advisory on Enhanced Internal Revenue Stamps Integrated System (eIRSIS) Unavailability.
Tax And Business Related News
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No. 22 Week ending May 31, 2024
BIR Revenue District Offices filed a number of tax cases under the Bureau’s Run After Tax Evaders (RATE) Program between May 22 to 27 against erring taxpayers.
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https://www.bir.gov.ph/images/bir_files/internal_communications_5/2024%20Weekender%20Briefs/v15n22%20highres.pdf
Lumagui orders BIR investigation against Mayor Alice Guo and Companies on possible Tax Evasion issue
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. required 100% cooperation of the BIR with the ongoing senate inquiry against Bamban Mayor Alice Guo (Mayor Guo). Commissioner Lumagui has also ordered revenuers to look into the names and entities mentioned during the hearings. If the BIR finds that tax evasion has been committed, the BIR will proceed with all necessary enforcement activities including the potential filing of tax evasion cases.
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https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press%20Release/PR36JUN0724.pdf
Lumagui: Internal Revenue Stamps on Vape are now mandatory, Seizure of Vape and Criminal Cases against Illicit Businessmen and Possessors will be the penalty for non-compliance with the stamps
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, Jr. reminds the public that the BIR requires all vape products sold in the local market to bear internal revenue stamps by June 1, 2024 under Revenue Memorandum Circular No. 59-2024. The BIR will now presume that any vape product not bearing BIR stamps to have not paid the required excise tax. Violators of the mandatory internal revenue stamps on vape products will result into the seizure of the illicit vape products and criminal cases against the businessmen and possessors of those illicit vape products.
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https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press%20Release/PR35JUN0424.pdf
Lumagui: Thousands attending Ease of Paying Taxes Roadshow in Metro Manila, Cebu, Davao, & Koronadal shows successful Service-Oriented shift of the BIR under Bagong Pilipinas, more Revenue Regions scheduled for roadshows
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. welcomed the crowd of thousands during the separate Ease of Paying Taxes (EOPT) Roadshows in Metro Manila, Cebu, Davao, and Koronadal the past four weeks. The roadshows were meant to boost the Taxpayer Education drive of the BIR, especially with the changes brought about by the EOPT law.
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https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press%20Release/PR34MAY3024.pdf
Lumagui: BIR raids houses being used as warehouses for illicit cigarettes in Agusan del Sur and Surigao del Sur, 219M in tax liability
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. reports that a raid in several locations in Agusan del Sur and Surigao del Sur resulted in the confiscation of 347,869 packs of illicit cigarettes last April 24, 2024. The illicit traders will be facing P219,157,470.00 in tax liability.
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https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press%20Release/PR33MAY2824.pdf
BSP, PDIC execs guilty of indirect contempt over court order breach
Philstar.com / Ian Laqui / June 5, 2024
MANILA, Philippines — The Court of Appeals (CA) has found officials of Bangko Sentral ng Pilipinas’ Monetary Board (MB) and the Philippine Deposit Insurance Corp. (PDIC) guilty of civil indirect contempt after they disregarded a court order to reopen a rural bank in Mandaluyong. The appellate court ordered each of the officials to pay a fine of P30,000.
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BSP, PDIC execs guilty of indirect contempt over court order breach | Philstar.com
SC voids BIR self-employed rule on rates, appointment books
Manila Standard / Rey E. Requejo / May 31, 2024
The Supreme Court (SC) has invalidated a Bureau of Internal Revenue (BIR) regulation requiring self-employed professionals to submit their rates and register appointment books to monitor their tax compliance, saying it violates individual rights to privacy.
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SC voids BIR self-employed rule on rates, appointment books – Manila Standard
CTA tosses back to RTC P22M denied tax refund sought by NGCP from QC
Manila Bulletin / Czarina Nicole Ong Ki / June 3, 2024
The Court of Tax Appeals (CTA) has partially granted the petition of the National Grid Corporation of the Philippines (NGCP) as it reversed the decision issued by the Quezon City Regional Trial Court (RTC) which dismissed the P22 million claim for refund of city taxes and other business taxes.
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CTA tosses back to RTC P22M denied tax refund sought by NGCP from QC (mb.com.ph)
‘Lack of jurisdiction’ prompts CTA to dismiss firm’s petition vs BIR’s P10.3M deficiency tax assessment
Manila Bulletin / Czarina Nicole Ong Ki / June 4, 2024
For lack of jurisdiction, the Court of Tax Appeals (CTA) has dismissed the petition filed by Friendlycare Foundation, Inc. which challenged the P10.3 million deficiency income tax and value-added tax assessed by the Bureau of Internal Revenue (BIR) for taxable year 2014. The petition was filed by Friendlycare on July 19, 2019 challenging the final decision on the disputed assessment (FDDA) issued by the BIR on Nov. 29, 2018 directing the firm to pay P10,366,086.95 in deficiency taxes.
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‘Lack of jurisdiction’ prompts CTA to dismiss firm’s petition vs BIR’s P10.3M deficiency tax assessment (mb.com.ph)
‘Tax-Paid Vapes?’: Look for ‘Tamaraw’ stamp—BIR
Manila Bulletin / Chino S. Leyco / June 6, 2024
The Bureau of Internal Revenue (BIR) is urging consumers to verify the presence of a specific “Tamaraw” tax stamp on vape products before making a purchase. In a recent social media post, BIR Commissioner Romeo D. Lumagui Jr. detailed the importance of distinguishing between tax-paid and illicit vape items in the market. Lumagui said that all vapor products must bear a 4th Generation Internal Revenue Stamp (Philippine Tamaraw).
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‘Tax-Paid Vapes?’: Look for ‘Tamaraw’ stamp—BIR (mb.com.ph)
EoPT is here: Updates on CAR application
Business World / Ira Jennena J. Bero / June 3, 2024
With the passage of Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EoPT) Act, the filing of any tax return may now be done electronically on any of the available platforms (e.g., Electronic Filing and Payment System, eBIR Forms Facility) while the payment of tax due thereon can either be made electronically or manually through any Authorized Agent Banks (AABs) or Revenue Collection Officers (RCOs), regardless of where the taxpayer is registered. Under current policy, the processing and issuance of eCAR pertaining to One-Time Transaction (ONETT) and the payment of taxes related to ONETT must be made with AABs/RCOs under the jurisdiction of the RDO responsible for the processing and issuance of eCAR to facilitate the validation of tax payments prior to the approval of eCAR. In view of the enactment of EoPT, the BIR issued RMC 56-2024, clarifying the concerns about the issuance of eCAR.
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EoPT is here: Updates on CAR application – BusinessWorld Online (bworldonline.com)
Grasping the intangible: A transfer pricing perspective
Business World / Angelika Kristina Montejo / June 5, 2024
The Bureau of Internal Revenue (BIR) recognizes that related party transactions involving intangible assets are of a special nature, as described in Revenue Audit Memorandum Order (RAMO) No. 1-2019, or the Philippine TP Audit Guidelines. Under the RAMO, intangible assets may be classified as manufacturing or marketing intangibles. Manufacturing intangibles are generally created through research and development, and the developer aims to be remunerated for its expenditure and to seek profit through the sale of goods, license agreements, or service contracts. Marketing intangibles, on the other hand, are created through the functions of marketing, distribution and post-sale services. These typically include trademarks, customer lists, distribution channels, a unique name, symbol or picture with important promotional value for the products or services, etc.
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Grasping the intangible: A transfer pricing perspective – BusinessWorld Online (bworldonline.com)
PAOCC eyes tax evasion raps vs Mayor Guo
Philstar.com / Emmanuel Tupas / June 5, 2024)
MANILA, Philippines — The Presidential Anti-Organized Crime Commission (PAOCC) is eyeing to file charges of tax evasion and violation of securities laws against Mayor Alice Guo of Bamban, Tarlac. The cases are separate from those filed by the Department of the Interior and Local Government (DILG) against Guo in relation to the Philippine offshore gaming operator (POGO) hub raid in Bamban in March. Guo was suspended by the Office of the Ombudsman, following a complaint from the DILG that she issued a business permit to Zun Yuan Technology despite it having an expired license.
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PAOCC eyes tax evasion raps vs Mayor Guo | Philstar.com
President Marcos approves rice tariff cut to 15 percent until 2028
The Philippine Star / Helen Flores / June 5, 2024
MANILA, Philippines — To bring down the price of rice to P29 per kilo, President Marcos has lowered the tariff for imported rice until 2028, according to Socioeconomic Planning Secretary Arsenio Balisacan. The National Economic and Development Authority (NEDA) Board, chaired by the President, approved the new Comprehensive Tariff Program for 2024-2028, which includes the reduction of rice tariff for both in- and out-quota rates from 35 to 15 percent.
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President Marcos approves rice tariff cut to 15 percent until 2028 | Philstar.com
UN chief wants a tax on profits of fossil fuel companies
Inquirer.net / Associated Press / June 6, 2024
GENEVA — U.N. Secretary-General António Guterres called Wednesday for a “windfall” tax on profits of fossil fuel companies to help pay for the fight against global warming, calling them the “godfathers of climate chaos.” Guterres spoke in a bid to revive the world’s focus on climate change at a time when elections, inflation, and conflict in places like Ukraine, Gaza, and Sudan have seized the spotlight.
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UN chief wants a tax on profits of fossil fuel companies (inquirer.net)
BIR, BOC collection targets slashed amid slow growth
Manila Bulletin / Chino S. Leyco / June 1, 2024
In light of the country’s expected slower growth this year, the economic managers have adjusted downward the projected tax collections for the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC). Budget Secretary Amenah F. Pangandaman confirmed to Manila Bulletin on Saturday, June 1, that the Development Budget Coordination Committee (DBCC) has revised down this year’s targets for the government’s two main tax agencies. According to the DBCC’s 2024 Quarterly Fiscal Program approved last May 23, the BIR and BOC are now expected to collect P3.788 trillion this year, a 5.6 percent decrease from the original target of P4.014 trillion.
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BIR, BOC collection targets slashed amid slow growth (mb.com.ph)
Makati LGU eyes reduced tax rates after hitting 80% of its revenue target
Manila Bulletin / Allysa Nievera / June 6, 2024
The Makati City government is eyeing a reduction in the current tax rates being imposed in the city, particularly real property tax, to make it more attractive to local and foreign investors. The city government announced on Thursday, June 16, that it has reached 80 percent of its P18.4- billion revenue target for the year. As of April, the total collections of the city have reached P14,764,700,267.36. Mayor Binay said that with the revenue target reached, it can sustain the implementation of enhanced health, education, and other social programs and innovations planned for this year.
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Makati LGU eyes reduced tax rates after hitting 80% of its revenue target (mb.com.ph)
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