Bureau of Internal Revenue Issuances
REVENUE MEMORANDUM ORDERS (RMO)
REVENUE MEMORANDUM CIRCULARS (RMC)
RMC No. 69-2024
June 24, 2024
Lost One (1) Set of Used/Filled-Up but Unissued BIR Form No. 1966 – Electronic Letter of Authority
RMC No. 70-2024
June 24, 2024
Lost Six (6) Sets of Unused/Unissued BIR Form No. 0423 – Apprehension Slip
Tax Law
Republic Act No. 12001
Official Gazette / June 13, 2024
An act instituting reforms in real property valuation and assessment in the Philippines, reorganizing the Bureau of Local Government Finance, granting of tax amnesty on real property and special levies on real property, and appropriating funds therefor
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Republic Act No. 12001 | Official Gazette of the Republic of the Philippines
Tax And Business Related News
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No 25 Week ending June 21, 2024
A total of three (3) tax cases were filed by the BIR regional and district office last June 13 and 14 under the Bureau’s Run After Tax Evaders (RATE) Program.
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https://www.bir.gov.ph/images/bir_files/internal_communications_5/2024%20Weekender%20Briefs/v15n25%20highres.pdf
2024 Regional Director’s Forum: Paving the Way for “One BIR”
The 2024 Regional Directors’ Forum concluded with a reinforced commitment to innovation, efficiency and unity within the BIR. DCIR Rosario’s vision of “One BIR” resonated throughout the event, inspiring attendees to exert their best performance to achieve their respective goals.
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https://www.bir.gov.ph/images/bir_files/internal_communications_5/2024%20BIR%20Updates/BIR%20Updates%20Issue%20No.%2010%20S.%202024.pdf
Lumagui: eCAR is now valid until presented to the Registry of Deeds, only CARs issued outside of eCAR System can be invalidated
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. announced that all Electronic Certificate Authorizing Registration (eCAR) will be valid until its presentation to the concerned Registry of Deeds (RD), and only CARs issued outside of the eCAR System will be allowed for revalidation. This is the effect of Revenue Regulations No. 12-2024 (RR No. 12-2024) issued by Commissioner Lumagui.
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https://www.bir.gov.ph/images/bir_files/internal_communications_1/2024/Press%20Release/PR39JUN2524.pdf
Proof of possession is not limited to tax declaration
The Manila Times / Persida Acosta / June 23, 2024
The new requirements for land registration are now governed by Section 6 of Republic Act (RA) 11573 or An Act Improving the Confirmation Process for Imperfect Land Titles, Amending for the Purpose Commonwealth Act 141, as amended, otherwise known as The Public Land Act, and Presidential Decree 1529, as amended, otherwise known as the Property Registration Decree.
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Proof of possession is not limited to tax declaration | The Manila Times
What’s it gonna be, my way or the highway?
Philstar.com / Peter John Vitaliano / June 25, 2024
As you may be aware, Section 6(A) of the National Internal Revenue Code of 1997 or the Tax Code, as amended, provides the Bureau of Internal Revenue (BIR) Commissioner or their duly authorized representative the power to authorize the examination and assessment of any taxpayer for the correct amount of tax. During tax assessments, the BIR provides business taxpayers with details of deficiency taxes along with their computations. For certain withholding taxes (i.e., creditable and final), rates are fixed and usually vary by nature of income. For withholding tax on compensation (WTC), we use the graduated tax rates ranging from zero percent to 35 percent as updated by the Tax Reform for Acceleration and Inclusion (TRAIN) Law*. With that in mind, how does the BIR determine the tax rate to be applied in their assessment of WTC? Do they really use the right rate?
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What’s it gonna be, my way or the highway? | Philstar.com
POGOs: Stay or go?
Business World / Vhalerie Buluran-Reyes / June 26, 2024
POGO, POGO and more POGO stories seem to be flooding everyone’s news feeds. As the troubled industry generates news that ranges from controversial at best to illegal at worst, it would be good to know more about POGOs and how they affect us. The short answer is — in more ways than we may realize.
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POGOs: Stay or go? – BusinessWorld Online (bworldonline.com)
BIR sets verification rules for low-risk VAT claims
Business World / Luisa Maria Jacinta C. Jocson / June 25, 2024
The Bureau of Internal Revenue (BIR) said in new guidelines that it will require only minimal verification of value-added tax (VAT) refund claims classified as low risk. In a memorandum order, the BIR said: “Processing of VAT refund claims classified as low risk shall be limited only to the checking of the authenticity and completeness of documentary requirements,” it said.
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BIR sets verification rules for low-risk VAT claims – BusinessWorld Online (bworldonline.com)
Canada to consider imposing surtax on Chinese electric vehicles
Inquirer.net / Associated Press / June 25, 2024
TORONTO — Canada’s government is investigating whether to impose a surtax on imports of Chinese-made electric vehicles. A 30-day consultation on the issue will begin on July 2 to counter what Deputy Prime Minister Chrystia Freeland said Monday is a clear effort by Chinese companies to generate a global oversupply.
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Canada to consider imposing surtax on Chinese electric vehicles (inquirer.net)
CTA affirms P717.7-M deficiency taxes of UP North Property for 2009
Manila Bulletin / Czarina Nicole Ong Ki / June 27, 2024
The Court of Tax Appeals (CTA) has declared “final, executory, and demandable” the P717.7 million deficiency taxes of UP North Property Holdings, Inc. for 2009 assessed by the Bureau of Internal Revenue (BIR) in 2018. In a decision issued by its second division last June 25, the CTA ruled that “the FDDA (Final Decision on Disputed Assessment) dated Feb. 1, 2018 has become final and unappealable due petitioner’s (UP North Property) failure to file a valid administrative protest before the CIR (Commissioner of Internal Revenue), or to elevate the same to this Court within 30 days from receipt thereof.”
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CTA affirms P717.7-M deficiency taxes of UP North Property for 2009 (mb.com.ph)
Can evading taxes be a protest against corruption?
Business World / Olivier D. Aznar / June 24, 2024
When it comes to corruption perceptions, the Philippines has remained on the low end of the spectrum compared with other countries. Unfortunately, some taxpayers use this perception as an excuse or even a justification for believing that there is no need to pay the correct taxes. Here, the question is: why would a taxpayer part with a portion of his hard-earned money, in the form of tax, when he knows that it might end up in the pockets of unintended recipients? Is the non-payment of correct taxes justified then?
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Can evading taxes be a protest against corruption? – BusinessWorld Online (bworldonline.com)
Failure to tax world’s richest means global tax needed: report
Inquirer.net / Agence France-Presse / June 26, 2024
The failure of rich countries to tax the world’s billionaires has made it necessary to introduce a global minimum tax rate on the world’s richest, argued a G20-commissioned report published on Tuesday. The idea of a global tax on the richest is already supported at the G20 by Brazil, France, Spain, and South Africa — although the United States has opposed it.
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Failure to tax world’s richest means global tax needed (inquirer.net)
Bill creating Bulacan EcoZone lapses into law
Manila Bulletin / Betheena Unite / June 28, 2024
A bill establishing the Bulacan Special Economic Zone and Freeport has lapsed into law. The Republic Act 11999 or the Bulacan Special Economic Zone and Freeport Act which lapsed into law on June 13 also creates the Bulacan Special Economic Zone and Freeport Authority. Highlighting that BuZ is the largest ecozone in the country, Recto emphasized that it will unlock the value of currently idle land, leading to an increase in tax revenues.
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Bill creating Bulacan EcoZone lapses into law (mb.com.ph)
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