Bureau of Internal Revenue Issuances
REVENUE MEMORANDUM ORDERS (RMO)
RMO No. 25-2024
July 3, 2024
Providing guidelines, policies and procedures in the processing of claims for tax credit/refund of excess/unutilized creditable withholding taxes on income pursuant to Section 76(C), in relation to Sections 204(C) and 229 of the National Internal Revenue Code of 1997, as Amended (Tax Code), except those under the authority and jurisdiction of the Legal Group
Full Text | Annex A1 | Annex A2 | Annex A3 | Annex A4 | Annex B | Annex C1 and C2 | Scenarios | Annex D1 | Annex D2 | Annex E1 and E2 | Annex F | Annex H | Annex I | Annex J1 | Annex J2 | Annexes L to O
RMO No. 26-2024
July 3, 2024
Amending certain provisions of RMO No. 16-2023, prescribing supplemental guidelines and procedures on the implementation of RMO No. 40-2022
RMO No. 27-2024
July 3, 2024
Providing guidelines, policies and procedures in the processing of claims for credit/refund of taxes erroneously or illegally received or collected or penalties imposed without authority pursuant to Section 204(C), in relation to Section 229 of the National Internal Revenue Code of 1997, as Amended (Tax Code), except those under the authority and jurisdiction of the Legal Group
Full Text | Annex A1 | Annex A2 | Annex B | Annex C | Annex D | Annex E | Annex G | Annex H | Annex I1 | Annex I2 | Annexes K to N
REVENUE MEMORANDUM CIRCULARS (RMC)
RMC No. 71-2024
July 1, 2024
Reiteration of Civil Service Commission (CSC) MC No. 4, s.2022 re: Clarification on the Policy on Employment in the Government Service Of Filipino Citizens with Dual Citizenship Pursuant to CSC Resolution No. 2101052 Promulgated on December 07, 2021
RMC No. 72-2024
July 2, 2024
Missing one (1) set of unused/unissued BIR Form No. 0535 -Taxpayer Information Sheet
RMC No. 73-2024
July 2, 2024
Publishing the Executive Order No. 61 suspending the implementation of Administrative Order No. 25 (s. 2011) and Executive Order No. 80 (s. 2012), as amended
RMC No. 74-2024
July 3, 2024
Prescribing the mandatory requirements for claims for credit/refund of taxes erroneously or illegally received or collected or penalties imposed without authority pursuant to Setion 204(C), in relation to Section 229 of the National Internal Revenue Code of 1997, as amended, except those under the authority and jurisdiction of the Legal Group
RMC No. 75-2024
July 3, 2024
Prescribing the mandatory requirements for claims for tax credit or refund of excess/unutilized Creditable Withholding Taxes on income pursuant to Section 76(C), in relation to Section 204(C) and 229 of the National Internal Revenue Code of 1997, as amended, except those under the authority and jurisdiction of the Legal Group
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
Click the link below to read the full news from the source:
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 26 Week ending June 28, 2024
A number of tax cases were filed by the BIR regional and district office last June 19 and 25 under the Bureau’s Run After Tax Evaders (RATE) Program.
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/v15n26%20highres.pdf
Tax impacts from new property valuation law
Business World / Valentin Eduardo Miguel M. Prieto / July 1, 2024
On June 13, President Ferdinand R. Marcos, Jr. signed Republic Act No. 12001, or the Real Property Valuation and Assessment Reform Act (RPVARA), into law. This new piece of legislation aims to upgrade tax collection efficiency in the realm of real property taxation. The new law also aims to reorganize the Bureau of Local Government Finance (BLGF) as the sole agency responsible for streamlining and establishing real property zonal values and their respective tax rates.
Click the link below to read the full news from the source:
Tax impacts from new property valuation law – BusinessWorld Online (bworldonline.com)
TADAT Team completes assessment of BIR
To objectively assess the strengths and weaknesses of key components of the BIR’s system of tax administration and its level of maturity (in the context of international good practice), a team conducted an assessment in the Bureau of Internal Revenue from May 20 to June 6, 2024 using a Tax Administration Diagnostic Assessment Tool (TADAT).
Click the link below to read the full news from the source:
https://www.bir.gov.ph/images/bir_files/internal_communications_5/2024%20BIR%20Updates/BIR%20Updates%20Issue%20No.%2011%20S.%202024.pdf
CTA: Ayala Corp. eligible for P308-M tax credit certificate
Business World / Chloe Mari A. Hufana / July 3, 2024
The Court of Tax Appeals (CTA) has partially granted Ayala Corp. a tax credit certificate worth more than P308 million, covering excess and unused creditable withholding taxes (CWT) for 2018 and 2019. In a decision publicized on June 19, the CTA Third Division ruled that Ayala Corp. had sufficiently demonstrated its entitlement to the tax credit certificate. The amount represents the excess and unutilized CWT for the specified years.
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CTA: Ayala Corp. eligible for P308-M tax credit certificate – BusinessWorld Online (bworldonline.com)
Legislator expects Congress to pass motor vehicle tax bill by mid-2025
Business World / Beatriz Marie D. Cruz / July 2, 2024
While the MVUC (motor vehicle user’s charge) is not part of the Legislative Executive Advisory Council’s priority bills, it is one of the “essential taxes” cited in President Ferdinand R. Marcos, Jr.’s State of the Nation Address last year. Once Congress resumes session, Mr. Salceda said he will conduct hearings to ask all revenue generating agencies what they need to collect more taxes. Lawmakers are on break until July 21. The motor vehicle user’s charge is one of the tax bills the Department of Finance (DoF) is counting on to narrow the National Government’s deficit.
Click the link below to read the full news from the source:
Legislator expects Congress to pass motor vehicle tax bill by mid-2025 – BusinessWorld Online (bworldonline.com)
OECD: Philippines hikes tax-to-GDP in 2022 even as regional peers collect more efficiently
Manila Bulletin / July 1, 2024
The Philippines has increased its tax take as a share to the economy in 2022, even as it lagged behind the regional average in collection efficiency. According to the Organization for Economic Cooperation and Development’s (OECD) Revenue Statistics in Asia and the Pacific 2024 report, the Philippines’ tax-to-gross domestic product (GDP) ratio rose to 18.4 percent in 2022 from 18.1 percent in 2021. The tax-to-GDP ratio reflects how tax and customs authorities efficiently collect revenues to make available financial resources to be spent on public goods and services.
Click the link below to read the full news from the source:
OECD: Philippines hikes tax-to-GDP in 2022 even as regional peers collect more efficiently (mb.com.ph)
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