Bureau of Internal Revenue Issuances
REVENUE REGULATIONS (RR)
RR No. 11-2024
June 13, 2024
Amending the transitory provisions of Revenue Regulations No. 7-2024 relative to the deadlines for compliance with the invoicing requirements.
REVENUE MEMORANDUM ORDERS (RMO)
REVENUE MEMORANDUM CIRCULARS (RMC)
RMC No. 65-2024
June 14, 2024
Clarifies certain issues relative to the implementation of Section 19 of RA No. 11976 (Ease of Paying Taxes Act), which added Section 110(D) of the National Internal Revenue Code of 1997, as amended (Tax Code), that introduced the Output VAT Credit on uncollected receivables.
Tax And Business Related News
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No 23 Week ending June 7, 2024
BIR regional office and district offices filed tax cases under the Bureau’s Run After Tax Evaders (RATE) Program between May 29 and June 4 against erring taxpayers.
Click the link below to read the full news from the source:
https://www.bir.gov.ph/images/bir_files/internal_communications_5/2024%20Weekender%20Briefs/v15n23%20highres.pdf
Lumagui: Online Sale of Vape should follow Tax Stamp, Minimum Floor Price, and other BIR Requirements; Online Sale of Illicit Vape will not be tolerated
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. reminds online platforms and consumers that the sale of vape products online should be compliant with tax stamps, minimum floor price, and other BIR requirements. Online platforms should only allow duly registered online sellers with the BIR, to sell vape online. The online trade of vape is regulated by BIR Revenue Regulation No. 14-2022 (RR No. 14-2022). The BIR is monitoring both online platforms and brick-and-mortar stores that are selling vape products for possible violations of BIR regulations on vape products.
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%20Release/PR37JUN1024.pdf
Options and remedies for unutilized advance income tax payments
Business Mirror / Fulvio D. Dawilan / June 11, 2024
There are a number of instances in our tax structure where income taxes are required to be paid in advance. The two usual cases are the quarterly payments and withholding taxes. Both individual and corporate taxpayers are required to file quarterly returns and pay taxes on such returns filed. Also, with the application of the withholding tax system, clients/customers or payors of income are required to deduct and withhold taxes based on prescribed percentages. Being advance income tax payments, the quarterly income tax payments are creditable against the final income tax due of the taxpayer. Similarly, the creditable withholding taxes are creditable against the quarterly and final income taxes due.
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Options and remedies for unutilized advance income tax payments | Fulvio D. Dawilan (businessmirror.com.ph)
CTA affirms seizure, auction, forfeiture of P68.4M imported rice in 2018
Manilla Bulletin / Czarina Nicole Ong Ki / June 10, 2024
The Court of Tax Appeals (CTA) has denied for lack of merit the petition of Calumpit Multi-Purpose Cooperative (CMPC) which contested the seizure, auction and forfeiture in 2018 of its P68.4 million worth of imported rice from Thailand. The case started on Sept. 9, 2015 when CMPC was granted a Certificate of Eligibility (COE) to import 7,450 metric tons (MTs) of Thai white rice. The importation of rice pushed through from November 2015 until January 2016, with a total of eight shipments.
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CTA affirms seizure, auction, forfeiture of P68.4M imported rice in 2018 (mb.com.ph)
SSS refreshes tax-free retirement savings program
Business World / June 11, 2024
SOCIAL Security System (SSS) has renamed its tax-free retirement savings program, with schemes offering a projected 7.2% annual return rate to members, it said on Monday. The state-run pension fund has relaunched its previous Workers Investment and Savings Program (WISP) and WISP Plus as the MySSS Pension Booster program, SSS President and Chief Executive Officer Rolando L. Macasaet said on Monday.
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SSS refreshes tax-free retirement savings program – BusinessWorld Online (bworldonline.com)
Clarifying the taxability of cross-border services
Business World / Mary Rose Lara / June 12, 2024
Lately, Revenue Memorandum Circular (RMC) No. 5-2024 has become a hot topic of discussion. Just last quarter, two articles were released discussing the implications of this circular and how it will impact transactions moving forward. You might be tired of hearing about this, but here is another one. After negative reactions from various stakeholders, it’s no surprise that the Bureau of Internal Revenue (BIR) will release clarifications aiming to shed light on what has become one of the most controversial BIR issuances to date. The subject of the RMC is the Supreme Court decision involving cross-border service transactions in the case of G.R. No. 226680 dated Aug. 30, 2022.
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Clarifying the taxability of cross-border services – BusinessWorld Online (bworldonline.com)
The Philippines’ tax-driven journey toward sustainability
Business World / Angel Joy R. Letrondo / June 10, 2024
The power of taxation is the lifeblood of a nation; not only does it have the power to create, but it also has the power to destroy. Being its primary source of revenue, it funds governments, making them self-sufficient as much as possible and diminishing their reliance on external funding to achieve their goals. Simultaneously, taxation serves as a policy tool to promote its initiatives and shape behavior towards its desired outcomes. These are the dual functions of taxation. One of the goals for which taxation serves these dual functions is the achievement of the United Nations’ Sustainable Development Goals.
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The Philippines’ tax-driven journey toward sustainability – BusinessWorld Online (bworldonline.com)
BIR sees wider gap in excise tax collection
The Philippine Star / Louise Maureen Simeon / June 13, 2024
MANILA, Philippines — The Bureau of Internal Revenue (BIR) is expecting a wider gap in excise tax collection this year amid a shift in the consumption patterns of Filipinos for sin products, particularly tobacco. On the sidelines of the British Chamber of Commerce Philippines forum on Tuesday afternoon, BIR Assistant Commissioner Jethro Sabariaga said the gap between actual excise taxes and collection goals could be wider this year.
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BIR sees wider gap in excise tax collection | Philstar.com
IMF sees room for Philippines to introduce additional taxes
The Philippine Star / Keisha Ta-Asan / June 12, 2024
MANILA, Philippines — The International Monetary Fund (IMF) said the Philippines has room to introduce higher taxes amid expectations of fiscal consolidation continuing at a slower pace over the medium term. IMF mission chief Elif Arbatli Saxegaard said while the Philippines could raise revenues by improving tax collection efficiency, the government could also propose new tax measures.
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IMF sees room for Philippines to introduce additional taxes | Philstar.com
Certification course for tax compliance specialist
The Philippine Star / June 9, 2024
MANILA, Philippines — With the ever-growing complexities in the tax compliance of organizations, there is a demand for tax compliance specialists. Level up your career and ensure your organization’s tax compliance. Be part of the growing number of Certified Tax Compliance Specialists in the Philippines. The Center for Global Best Practices (CGBP) will hold a six-session training (5 online via ZOOM and 1 in-person session at EDSA Shangri-La Hotel, Mandaluyong City) titled Certification Course for Tax Compliance Specialist starting July 2, 2024.
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Certification course for tax compliance specialist | Philstar.com
Marcos signs Real Property Valuation and Assessment Reform Act
Inquirer.net / Jean Mangaluz / June 13, 2024
MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday signed into law a measure that, among others, sets a two-year amnesty on interests, surcharges, and penalties for unpaid real property tax. The Real Property Valuation and Assessment Reform Act (RPVARA) aims to standardize the valuation of real property in the country.
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Marcos signs Real Property Valuation and Assessment Reform Act (inquirer.net)
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