Bureau of Internal Revenue Issuances
REVENUE MEMORANDUM CIRCULARS
RMC No. 61-2025
June 19, 2025
Circularizing Section 27 of RA No. 12214, titled “An Act Amending Sections 22, 24, 25, 27, 28, 32, 34, 38, 39, 42, 51, 52, 56, 57, 127, 149, 174, 176, 179, 190, 199, and 258 of Republic Act No. 8424, Otherwise Known as the National Internal Revenue Code of 1997, as Amended, and for Other Purposes”
REVENUE DELEGATION AUTHORITY ORDERS
RDAO No. 33-2025
June 11, 2025
Designates the OIC-Assistant Commissioner of the Information Systems Project Management Service (ISPMS) as Officer-in-Charge of the Information Systems Group in view of the approved leave of absence of the Information Systems Group’s Deputy Commissioner
RDAO No. 34-2025
June 16, 2025
Designates the Head Revenue Executive Assistant of the Enforcement and Advocacy Service as Officer-in-Charge of the Enforcement and Advocacy Service in view of the approved leave of the Enforcement and Advocacy Service’s Assistant Commissioner
RDAO No. 35-2025
June 18, 2025
Designates the OIC-Deputy Commissioner of the Legal Group as Officer-in-Charge in view of the approved official travel of the Commissioner of Internal Revenue
TAX ADVISORY
Compliance with VAT Zero-Rating Certifications under RR No. 10-2025 and RA 12066
All concerned suppliers of EOEs or RBEs are hereby reminded to recognize and honor the VAT zero-rating certifications issued by the DTI-EMB or the IPAs, in accordance with Republic Act No. 12066 (CREATE MORE Act), as implemented by RR 10-2025.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/CIR%20Advisory.pdf
All Non-Resident Digital Service Providers may opt to register electronically through the Taxpayer Registration-Related Applications (TRRA) Portal.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/NRDSP%20Advisory%20-%20converted.pdf
eMail Alert Advisory on Phishing/ Spoofing
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/eMAIL%20Alert%20Advisory%206-13-25.pdf
TAX LAW
REPUBLIC ACT No. 12214 – Capital Markets Efficiency Promotion Act (CMEPA)
BIR Website / signed May 29, 2025
AN ACT AMENDING SECTIONS 22, 24, 25, 27, 28, 32, 34, 38, 39, 42, 51, 52, 56, 57, 127, 149, 174, 176, 179, 190, 199, AND 258 OF REPUBLIC ACT NO. 8424, ОТHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
REPUBLIC ACT No. 12079 – A VAT Refund for Non- Resident Tourists
Official Gazette / December 9, 2024
AN ACT CREATING A VAT REFUND MECHANISM FOR NON-RESIDENT TOURISTS, ADDING A NEW SECTION 112-A TO THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, FOR THE PURPOSE
REPUBLIC ACT No. 12066 – CREATE MORE
Official Gazette / November 13, 2024
AN ACT AMENDING SECTIONS 27, 28, 32, 34, 57, 106, 108, 109, 112, 135, 237, 237-A, 269, 292, 293, 294, 295, 296, 297, 300, 301, 308, 309, 310, AND 311, AND ADDING NEW SECTIONS 135-A, 295-A, 296-A, AND 297-A OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES.
REPUBLIC ACT No. 12023 – VAT on Digital Services
Official Gazette / October 2, 2024
AN ACT AMENDING SECTIONS 105, 108, 109, 110, 113, 114, 115, 128, 236, AND 288 AND ADDING NEW SECTIONS 108-A AND 108-B OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
REPUBLIC ACT No. 11976 – Ease of Paying Taxes (EOPT)
Official Gazette / January 5, 2024
AN ACT INTRODUCING ADMINISTRATIVE TAX REFORMS, AMENDING SECTIONS 21, 22, 51, 56, 57, 58, 76, 77, 81, 90, 91, 103, 106, 108, 109, 110, 112, 113, 114, 115, 116, 117, 118, 119, 120, 128, 200, 204, 229, 235, 236, 237, 238, 241, 242, 243, 245, 248, AND 269; AND REPEALING SECTION 34(K) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
TAX AND BUSINESS RELATED NEWS
BIR WEEKENDER BRIEFS
Volume No. 16 Issue No 25 Week ending June 20 2025 – (BIR Website)
BIR regional office and district office file criminal complaints and tax cases under BIR’s Run After Tax Evaders (RATE) Program against erring taxpayers between June 16 and 17, 2025. On June 11, Regional Investigation Division and Legal Division revenuers conduct filling of cases. Entrapment Operation on Illicit Cigarettes On June 17, a team of intelligence officers from RR 5-Caloocan City’s Regional Investigation Division, led by Chief Jesus Reyes, and revenue officers from RD 26-Malabon/Navotas, led by RDO Antonio Mangubat Jr., in coordination with lawyers from the Legal Division.
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https://bir-cdn.bir.gov.ph/BIR/pdf/v16n25%20web.pdf
Lumagui: BIR district offices extend until midnight to assist thousands of taxpayers availing of Estate Tax Amnesty; taxpayers arriving at the district office on/before 5PM will be assisted regardless of the time they will finish
BIR Website / June 13, 2025
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. extended his heartfelt gratitude to the examiners and revenuers deployed by the different Revenue District Offices of the BIR to accommodate the thousands of taxpayers that are hoping to avail of the estate tax amnesty before the deadline. BIR District Offices have extended their work hours as late as 12MN “As long as taxpayers arrive in the District Office on or before 5PM, the District Office will entertain their application for Estate Tax Amnesty whatever time they may finish, even if the District Office has to extend beyond normal office hours,” Commissioner Lumagui stated. The commitment of the examiners of the BIR was on full display when Commissioner Lumagui visited Revenue District Office No. 39 last June 11, 2025.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/PR26JUN1325.pdf
More medicines for cancer, diabetes, dialysis, hypertension, high cholesterol, and mental illnesses are now VAT-free
Department of Finance / June 13, 2025
Finance Secretary Ralph G. Recto has ordered the Bureau of Internal Revenue (BIR) to swiftly implement the value-added tax (VAT) exemption on the expanded list of medicines for cancer, diabetes, dialysis, hypertension, high cholesterol, and mental illnesses to make healthcare affordable and accessible to Filipinos. This is in line with President Ferdinand R. Marcos, Jr.’s directive to advance universal healthcare for all. A long-time health advocate, Secretary Recto championed landmark laws during his time in the Senate that laid the foundation for VAT-free medicines. He was the author of the Tax Reform for Acceleration and Inclusion Act (R.A. 10963) and co-author of the Corporate Recovery and Tax Incentives for Enterprises Act (R.A. 11534)—laws that led to the expansion of the VAT-free list, significantly reducing out-of-pocket costs for Filipino patients.
Click the link below to read the full news from the source:
https://www.dof.gov.ph/more-medicines-for-cancer-diabetes-dialysis-hypertension-high-cholesterol-and-mental-illnesses-are-now-vat-free/
BIR collects P4 billion after crackdown on fake receipts
Business World / Aubrey Rose A. Inosante / June 16, 2025
THE Bureau of Internal Revenue (BIR) said it generated more than P4 billion in the first quarter from its Run After Fake Transactions (RAFT) Program. “As of now, we’ve probably collected a little over P4 billion,” Commissioner Romeo D. Lumagui, Jr. told reporters last week, on the sidelines of a Revenue District Office visit in Quezon City. The RAFT program audits businesses and individuals suspected of buying or selling fake receipts. Mr. Lumagui also said he is counting on the 12% value-added tax (VAT) on digital service providers to help hit the Bureau’s target. “From June to December, our estimated collection (will be) around, more or less, P10.8 billion. That’s the target collection for the remaining half of the year. In 2026, it’s expected to be about the same — almost P20 billion… We’re expecting a significant amount from this,” he said. Republic Act No. 12023, which imposes a 12% VAT on digital services providers, both resident and non-resident, was signed into law in October.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/16/679538/bir-collects-p4-billion-after-crackdown-on-fake-receipts/
RR No. 15-2025: Tax implications of private retirement benefit plans ‘Let’s Talk Tax’
Business World / Kim M. Aranas / June 16, 2025
On April 29, Revenue Regulations (RR) No. 15-2025 was issued, revising and clarifying the tax treatment of private retirement benefit plans. This RR updates both employers and employees, highlighting the tax incentives granted to qualified retirement benefit plans and underscoring the need for strict compliance to fully avail of such privileges.
GOVERNING LAWS AND REGULATIONS
As the Supreme Court has aptly stated, “Retirement benefits are a form of reward for an employee’s loyalty and service to an employer and are earned under existing laws, collective bargaining agreements (CBA), employment contracts, and company policies.” RR No. 15-2025 builds upon this legal framework by consolidating, clarifying, and emphasizing the rules governing these plans.
SCOPE AND COVERAGE
The regulations apply specifically to private retirement benefit plans that meet the qualifications prescribed by the BIR. To enjoy the tax incentives under RR No. 15-2025, the retirement plan must:
i. be approved by the BIR; and
ii. possess a valid certificate of tax qualification issued by the BIR.
KEY FEATURES OF RR NO. 15-2025
1. Tax exemption on retirement benefits – This exemption is anchored in Section 32(B)(6)(a) of the NIRC, which has long exempted properly constituted retirement benefits from taxation, provided they comply with BIR regulations. RR No. 15-2025 merely reiterates and strengthens this established principle.
2. Tax exemption on trust investment income – In addition to the exemption of retirement benefits, RR No. 15-2025 clarifies that the income earned by the trust fund investments of a tax-qualified retirement plan is also exempt from income tax, pursuant to Section 60(B) of the NIRC. This exemption applies provided that:
- The income is earned by a trust forming part of a pension, stock bonus, or profit-sharing plan;
- The trust fund is for the exclusive benefit of employees; and
- The trust complies with the investment limitations set forth by existing BIR issuances.
3. Deductibility of employer contributions – The regulation also reaffirms that an employer with a TQP may deduct contributions to such a plan from its gross income pursuant to Section 34(J) of the Tax Code.
4. Reinforcement of compliance requirements – A significant feature of RR No. 15-2025 is its clear emphasis on compliance. The regulation categorically states that tax exemptions cannot be availed of without both BIR approval and a valid certificate of tax qualification.
BENEFITS FOR STAKEHOLDERS
- For Employees: The regulation guarantees that retirement benefits received from tax-qualified plans remain protected from tax liabilities, allowing retirees to fully enjoy the fruits of their years of service.
- For Employers: RR No. 15-2025 encourages the establishment and maintenance of private retirement plans by ensuring that employer contributions enjoy favorable tax treatment. Such plans also serve as valuable employee benefits, enhancing morale and retention.
CONCLUSION
RR No. 15-2025 reflects the government’s continuing commitment to protecting retirement savings and promoting regulatory compliance within the private sector. By clearly defining the conditions for tax exemption, it removes ambiguities that could lead to inconsistent application or misunderstanding of the law.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/16/679532/rr-no-15-2025-tax-implications-of-private-retirement-benefit-plans/
Lawmaker backs petition to restore PhilHealth sin tax share
Philippine News Agency / Wilnard Bacelonia / June 16, 2025 – MANILA
Senator Pia Cayetano on Monday backed calls to restore the mandatory allocation of sin tax revenues to the Philippine Health Insurance Corporation (PhilHealth), warning that the government’s failure to do so may violate existing laws and affect healthcare access for millions of Filipinos. Cayetano’s statement comes in support of a petition filed before the Supreme Court by the Medical Action Group and Social Watch Philippines, which challenged the removal of PhilHealth’s sin tax allocation in the 2025 national budget. The groups asserted that the move violates Republic Act 11346, which mandates earmarked funds from tobacco and sugar-sweetened beverage taxes for PhilHealth. They also demanded the remittance of unaccounted shares since 2019. “The sin tax law is clear. A portion of revenues from tobacco and sugar sweetened beverages must go to PhilHealth to fund the delivery of healthcare services to the Filipino people. Ignoring this is a violation of the law and a disservice to our most vulnerable sectors,” Cayetano said in a news release.
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https://www.pna.gov.ph/articles/1252212
Stock transaction tax cut could supercharge PSE trading by 83%
Manila Bulletin / James A. Loyola / June 16, 2025
The implementation of the reduced stock transaction tax next month could theoretically result in an 83 percent surge in value turnover in the Philippine Stock Exchange, although even a fraction of this growth will already be a big boost to the local bourse. “Section 29 of CMEPA states that the law shall take effect on July 1, 2025, following its complete publication in the Official Gazette or in at least one (1) newspaper of general circulation. “On the premise that publication of CMEPA will be completed before July 1, 2025, the STT of one-tenths of one percent (1/10 of 1 percent) shall apply to transactions through the Exchange made on July 1, 2025 onwards,” he said.
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/16/stock-transaction-tax-cut-could-supercharge-pse-trading-by-83
BIR steps up investor support to make PH top investment hub
Philippine News Agency / June 17, 2025 – MANILA
The Bureau of Internal Revenue (BIR) is ramping up efforts to support local and foreign investors consistent with President Ferdinand R. Marcos Jr.’s goal of making the Philippines a premier investment destination. In a post in his official Facebook page on Tuesday, BIR Commissioner Romeo Lumagui Jr. said he has directed “all BIR offices to assist and prioritize all local and foreign investors, particularly strategic investment, under the Investment Facilitation Network.” “This is in line with PBBM’s call to make the Philippines a top investment destination. The BIR will do its role in attracting investors. Nation-building requires both the public and private sector to work together, in harmony,” Lumagui said. As a member of the Investment Facilitation Network (INFA-Net) — a 36-agency body created under Executive Order No. 18 — the BIR will fast-track the registration and processing of investments endorsed by the Board of Investments (BOI), as well as simplify tax-related requirements for strategic investments.
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https://www.pna.gov.ph/articles/1252374
Before, after VAT: Comparing streaming service rates affected by RA 12023
Philstar.com / Kristofer Purnell / June 17, 2025 – MANILA, Philippines
President Ferdinand “Bongbong” Marcos Jr. signed into law a measure taxing foreign digital services, including popular streaming platforms, such as Netflix and HBO Max. Republic Act 12023 imposes a 12% value-added tax (VAT) on digital services provided by resident and non-resident digital service providers, regardless of whether they have a physical presence in the Philippines.
Click the link below to read the full news from the source:
https://www.philstar.com/entertainment/2025/06/17/2451242/before-after-vat-comparing-streaming-service-rates-affected-ra-12023
BIR backs Marcos investment agenda with faster tax registration, permits
Bilyonaryo.com / June 17, 2025
The Bureau of Internal Revenue (BIR) has ordered all its offices to prioritize services for local and foreign investors, as part of President Ferdinand Marcos Jr.’s campaign to position the country as a leading investment destination. BIR commissioner Romeo Lumagui Jr. said in a social media post on Tuesday that the tax agency would assist investors, particularly those identified as strategic, through the Investment Facilitation Network (INFA-Net), a government-wide initiative aimed at accelerating investment approvals. In a separate reform earlier this year, the BIR issued Revenue Memorandum Circular No. 37-2025 to streamline value-added tax (VAT) refund claims for exporters, in line with the CREATE MORE Act, which aims to modernize the country’s tax incentive system.
Click the link below to read the full news from the source:
https://bilyonaryo.com/2025/06/17/bir-backs-marcos-investment-agenda-with-faster-tax-registration-permits/business/
PH to implement a framework on crypto-assets to combat cross-border tax evasion and illicit financial flows
Department of Finance / June 17, 2025
The Department of Finance (DOF) has expressed the Philippines’ commitment to implement a framework on crypto-assets in order to combat cross-border tax evasion and illicit financial flows. This is in line with President Ferdinand R. Marcos, Jr.’s agenda of improving fiscal discipline through efficient and transparent tax administration. “We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions. This is a timely commitment as digital currency becomes one of the preferred means for transactions. The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished,” Finance Secretary Ralph G. Recto said.
Click the link below to read the full news from the source:
https://www.dof.gov.ph/ph-to-implement-a-framework-on-crypto-assets-to-combat-cross-border-tax-evasion-and-illicit-financial-flows/
Recto lauds BCDA for remitting P5.17 billion to the National Treasury, spurring more economic opportunities for Filipinos
Department of Finance / June 17, 2025
Finance Secretary Ralph G. Recto has lauded the Bases Conversion and Development Authority (BCDA) for remitting PHP 5.17 billion to the National Treasury and expanding more economic opportunities for Filipinos. The remittance is in line with President Ferdinand R. Marcos, Jr.’s directive to uphold fiscal discipline among government-owned or -controlled corporations (GOCCs), ensuring that the government maximizes non-tax revenues to fund priority programs without the need to impose new taxes on the people. The BCDA remitted PHP 2.04 billion in cash dividends to the Bureau of the Treasury (BTr)––the highest amount it has ever contributed and consisting of 80% of its net earnings in 2024.
Click the link below to read the full news from the source:
https://www.dof.gov.ph/recto-lauds-bcda-for-remitting-p5-17-billion-to-the-national-treasury-spurring-more-economic-opportunities-for-filipinos/
SC Clarifies Two-Year Prescriptive Period for Refund of Wrong VAT Payment
Supreme Court of the Philippines / June 18, 2025
The Supreme Court (SC) has ruled that the two-year period to claim a refund for erroneously paid value-added tax (VAT) begins from the date the taxpayer actually paid the VAT to the BIR—not from the date the taxpayer’s suppliers remitted it. In a Decision written by Associate Justice Ramon Paul L. Hernando, the SC’s First Division modified the Court of Tax Appeals (CTA) En Banc’s ruling and found that Melco Resorts Leisure (PHP) Corporation (Melco) had timely filed its administrative and judicial VAT refund claims. Melco, a Philippine company licensed by the Philippine Amusement and Gaming Corporation (PAGCOR) to operate casino games, filed a claim with the BIR in 2017, seeking a refund of PHP 81.1 million. The amount represented input VAT that was erroneously passed on and collected from its gaming revenues for the first quarter of 2016. Both the BIR, and on appeal, the CTA, denied Melco’s request for a refund. The CTA held that it could not determine whether Melco had filed its claim for a refund in a timely manner.
Click the link below to read the full news from the source:
https://sc.judiciary.gov.ph/sc-clarifies-two-year-prescriptive-period-for-refund-of-wrong-vat-payment/
BIR on track to achieve revenue target for 2025
Philippine News Agency / Anna Leah Gonzales / June 18, 2025 – MANILA
Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. said the agency is on track to achieve its revenue collection target for this year but noted that a revision to the target is also possible to take into consideration the country’s economic performance. “The BIR has been working double-time in making sure that our revenue collection target will be met this year. As of now, the revenue collection target is set at PHP3.2 trillion and as of the first quarter, I am happy to announce that we are right on track in achieving our target,” Lumagui said during the Kapihan sa Manila Bay on Wednesday.
Click the link below to read the full news from the source:
https://www.pna.gov.ph/articles/1252411
BIR sees ‘possible recalibration’ of P3.232-trillion revenue target
Business World / Aubrey Rose A. Inosante / June 18, 2025
THE Bureau of Internal Revenue (BIR) said it is possible the government may have to adjust the bureau’s P3.232-trillion collection target for 2025 to bring it more into line with economic growth. Appearing at the Kapihan sa Manila Bay on Wednesday, BIR Commissioner Romeo D. Lumagui, Jr. said “it’s possible given the actual gross domestic p. roduct (GDP) growth.” “Since the economy’s growth… isn’t going as projected, there’s a need to recalibrate the collection target if we’re basing it on GDP performance. Discussions are ongoing about what the appropriate collection target for the BIR should be, but for now, it remains at P3.2 trillion,” Mr. Lumagui said.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/18/680102/bir-sees-possible-recalibration-of-p3-232-trillion-revenue-target/
Missed the estate tax amnesty? What now? ‘Taxwise Or Otherwise’
Business World / Lois Ann Caroline Sarajan / June 18, 2025
The deadline to avail of the estate tax amnesty lapsed on June 16, marking the end of a generous window of opportunity granted under Republic Act (RA) No. 11213, as amended by RA No. 11569 and extended further through RA No. 11956. This three-tiered legislation allowed heirs of decedents who died on or before May 31, 2022, to settle unpaid estate taxes at a flat rate of 6%, free from surcharges, interest, and penalties. For many, it was the best opportunity in decades to finally transfer ownership titles of inherited assets without incurring significant cost. But for those who weren’t able to take the opportunity to file within the amnesty period — what now? As of June 17, unsettled estates have reverted to the regular tax regime under the Tax Code. While the base estate tax rate remains at 6% under TRAIN (RA No. 10963), this no longer comes with the shield of amnesty privileges. The filing of the estate tax returns beyond the original deadline, i.e., one year from the decedent’s death, will now attract a 25% surcharge for late filing, plus annual interest of 12% which will run from the original filing deadline. The Bureau of Internal Revenue (BIR) also retains the right to impose compromise penalties or pursue criminal liability for willful non-compliance. To put this in perspective, for an estate with a net value of P10 million, the estate tax due under amnesty would have been a clean P600,000. After the deadline, the same estate could now face a surcharge of P150,000 (25% of P600,000) plus annual interest of P72,000 (12% of P600,000 for one year), inflating the total liability to well over P822,000. The longer the estate remains unsettled, the higher the cost becomes, not just financially, but administratively.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/18/680093/missed-the-estate-tax-amnesty-what-now/
BIR targets major service upgrade with ₱18-billion budget bid for 2026
Manila Bulletin / Derco Rosal / June 18, 2025
Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. said the government’s main tax agency’s ₱18 billion proposal for 2026 covers plans to build a tax-focused contact center and office space expansion to accommodate more taxpayers and reduce queues. “We want to improve our facilities and we want to improve our digital transformation because it will greatly increase our efficiency in tax collections,” Romeo said during a Kapihan sa Manila Bay press briefing on Wednesday, June 18
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/18/bir-targets-major-service-upgrade-with-18-billion-budget-bid-for-2026
Consunji-led Semirara sues gov’t over fuel import taxes
Manila Bulletin / Gabriell Christel Galang / June 18, 2025
Consunji-led Semirara Mining and Power Corp. (SMPC) has filed a case against the Department of Finance (DOF), the Bureau of Internal Revenue (BIR), and the Bureau of Customs (BOC) over the imposition of taxes on its fuel imports. In a disclosure to the Philippine Stock Exchange on Wednesday, June 18, SMPC stated that it has sought the Makati court to temporarily halt the government from collecting duties and taxes on its fuel imports, as the company asserts it is exempt under the Coal Development Act of 1976 and its coal operating contract (COC).
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/18/consunji-led-semirara-sues-govt-over-fuel-import-taxes
Gov’t to implement crypto-asset tax framework by end of Marcos term
Manila Bulletin / Derco Rosal / June 18, 2025
A framework on crypto-assets will be implemented by the end of Marcos administration to combat cross-border tax evasion and illicit financial flows, according to the Department of Finance (DOF). “We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions,” Finance Ralph G. Recto said in a statement. According to the DOF, the Crypto-Asset Reporting Framework (CARF) establishes a system for tax authorities—the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC)—to automatically exchange information on crypto-assets, thereby supporting tax compliance.
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/18/govt-to-implement-crypto-asset-tax-framework-by-end-of-marcos-term
BIR rethinks revenue goal after slower-than-expected GDP growth in Q1
Philippine Daily Inquirer / Ian Nicolas P. Cigaral / June 18, 2025 – MANILA, Philippines
The receipts target of the Bureau of Internal Revenue (BIR) may be revised to take into account the slower-than-expected growth in Philippine gross domestic product during the first quarter. BIR Commissioner Romeo Lumagui Jr. said that collections are so far “right on track” in hitting the agency’s goal of P3.2 trillion for the full year.
Click the link below to read the full news from the source:
https://business.inquirer.net/531314/bir-rethinks-revenue-goal-after-slower-than-expected-gdp-growth-in-q1
PH, HK strengthen ties via tax treaty negotiations that will usher in more investment
Department of Finance / June 19, 2025
The Philippines and the Hong Kong Special Administrative Region (HKSAR) have successfully completed the first round of negotiations for a tax treaty that will pave the way for stronger economic ties and increased investments between the two nations. The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) led the negotiations for the Comprehensive Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (CDTA) from May 21 to 23, 2025. The CDTA aims to eliminate double taxation on income, prevent fiscal evasion, promote trade and investment, enhance mechanisms for information exchange, reduce tax barriers for businesses and individuals, and foster deeper economic collaboration. This supports President Ferdinand R. Marcos, Jr.’s push to create a tax system that is fair, transparent, and investor-friendly—laying the groundwork for stronger business confidence and sustained growth.
Click the link below to read the full news from the source:
https://www.dof.gov.ph/ph-hk-strengthen-ties-via-tax-treaty-negotiations-that-will-usher-in-more-investments/
BIR eyes PPP for QR tracker of illicit cigarettes
The Philippine Star / Loise Maureen Simeon / June 19, 2025
“Once you open your camera and scan it, it will direct you to a website and then we can see all the details of the products. We can track the producer or the country where it came from if it’s imported.”
MANILA, Philippines — The digital track and trace system that the public can use to spot whether a certain cigarette and vape product is illicit or not will undergo a public-private partnership (PPP) and is targeted for rollout next year. During the Kapihan sa Manila Bay forum yesterday, Bureau of Internal Revenue Commissioner Romeo Lumagui Jr. said the agency remains in the process of improving its verification system via the planned QR tracker. Currently, the BIR uses the Internal Revenue Stamp Integrated System (IRSIS) on cigarettes to determine whether excise taxes have been paid. Only the bureau has its own unique device that monitors the commodity.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2025/06/19/2451534/bir-eyes-ppp-qr-tracker-illicit-cigarettes
Trump’s proposed tax on remittances ‘a concern’ for PHL
Business World / Aubrey Rose A. Inosante / June 20, 2025
US PRESIDENT Donald J. Trump’s proposal to tax the money sent home by foreign workers, may hurt the Philippine economy as remittances and household consumption are likely to slow, experts said. Finance Secretary Ralph G. Recto said the “One, Big, Beautiful Bill Act,” if passed into law in the US, is “a concern” for the Philippines which relies heavily on remittances from overseas Filipino workers (OFWs). “But (it) will be difficult to implement. May be bad for the US and the US dollar. Those remittances may go through informal or other channels,” he said in a text message to BusinessWorld. Mr. Trump’s controversial bill, which was approved by the US House of Representatives in May, includes a provision imposing an excise tax of 3.5% on money sent abroad by foreign workers in the US. The US Senate is now deliberating on the measure. The Center for Global Development estimated the tax will apply to around 40 million non-US citizens — green card holders, temporary workers and undocumented immigrants. However, remittances made by US citizens and nationals are exempted from the tax.
Click the link below to read the full news from the source:
https://www.bworldonline.com/top-stories/2025/06/20/680317/trumps-proposed-tax-on-remittances-a-concern-for-phl/#google_vignette
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