RMO No. 29-2024
July 22, 2024
Amending RMO No. 11-2024, prescribing the revised allocation of the CY 2024 BIR Collection Goal, by Implementing Office
RMC No. 82-2024
July 26, 2024
Circularizing the mandatory display of National Privacy Commission Seal of Registration
RMC No. 83-2024
July 30, 2024
Tax returns/payment forms generated from the Electronic One-Time Transaction System
RMC No. 84-2024
July 30, 2024
Clarification on the publication of revenue issuances under Section 245 of the National Internal Revenue Code of 1997, as amended by Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act,” as implemented by Revenue Regulations No. 2-2024
RMC No. 85-2024
July 30, 2024
Circularizing Republic Act No. 12001, titled “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.”
RDAO No. 13-2024
July 26, 2024
Delegates Regional Director Atty. Edith C. Yap of Revenue Region No. 14 – Eastern Visayas the authority to sign the Memorandum of Agreement to enhance tax compliance with the Mining Industry
Advisory on the Acceptance of Tax Returns and Payments from Taxpayers Under the Areas Affected by Typhoon “Carina”.
The BIR has redesigned their website with a new, user-friendly interface and improved functionality, making it simpler to access the information you need.
Check out their updated website through this link:
https://www.bir.gov.ph/home
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
Lumagui: Major Business Groups and other organizations back the new BIR logo, 100% Nationwide ISO Certification, and New Web Portal.
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. expressed his gratitude towards the outpour of support from major business groups and other organizations on the nationwide programs launched during the agency’s 120th anniversary. During the anniversary, the BIR showcased its 100% Nationwide ISO Certification, a new logo, and a new web portal.
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https://bir-cdn.bir.gov.ph/BIR/pdf/PR48AUG0224.pdf
Lumagui: BIR marks 120th Anniversary with 100% Nationwide ISO Certification, New Logo, and New Web portal.
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. marks the 120th anniversary of the BIR by presenting its latest landmark achievements. Commissioner Lumagui announced during the anniversary that, for the first time in BIR history, the agency received 100% Nationwide ISO certification on several of its services, a new BIR logo is approved and unveiled, and a new and modern BIR web portal is online.
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https://bir-cdn.bir.gov.ph/BIR/pdf/PR47AUG0124.pdf
Are you eligible for VAT zero-rating? A look into the requirements for zero percent VAT services
The Philippine Star / Shirley Marie Cada / July 30, 2024
To qualify for VAT zero-rating, the following requisites under Section 108(B)(2) of the National Internal Revenue Code, as amended by RA 9337, must be met: First, the services rendered should be other than ‘processing, manufacturing or repacking of goods’; second, the services are performed in the Philippines; third, the service-recipient is (a) a person engaged in business conducted outside the Philippines; or (b) a non-resident person not engaged in a business outside the Philippines when the services are performed; and fourth, the services are paid for in acceptable foreign currency inwardly remitted and accounted for in conformity with the Bangko Sentral ng Pilipinas’ rules and regulations.
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Are you eligible for VAT zero-rating? A look into the requirements for zero percent VAT services | Philstar.com
House ratifies bicam report on digital VAT
Business World / Kenneth Christiane L. Basilio / July 30, 2024
The House of Representatives on Tuesday ratified via voice vote the bicameral committee conference report of a measure seeking to levy a 12% value-added tax (VAT) on digital services provided by companies without a physical presence in the Philippines. Representatives from the Bureau of Internal Revenue (BIR) during a panel hearing said they are planning a reverse charge mechanism for digital service transactions of businesses whose gross sales exceed P3 million VAT threshold, putting on them the responsibility of remitting digital VAT obligations to the BIR.
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House ratifies bicam report on digital VAT – BusinessWorld Online (bworldonline.com)
CTA junks Li-son Transport’s petition vs BIR over P5.5-M tax assessments
Manila Bulletin / Czarina Nicole Ong Ki / July 30, 2024
The Court of Tax Appeals (CTA) has denied for lack of jurisdiction the petition filed by Li-son Transport Service, Inc. which sought the cancellation of the P5.5 million deficiency tax assessments issued by the Bureau of Internal Revenue (BIR) for taxable year 2018. The 32-page decision was written by Associate Justice Jean Marie A. Bacorro-Villena with the concurrence of Presiding Justice Roman G. Del Rosario.
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CTA junks Li-son Transport’s petition vs BIR over P5.5-M tax assessments (mb.com.ph)
Measure seeking to repeal law taxing POGOs filed in Senate
Business World / John Victor D. Ordoñez / July 30, 2024
A bill seeking to repeal a law taxing Philippine Offshore Gaming Operators (POGOs) has been filed in the Senate, after President Ferdinand R. Marcos, Jr. ordered the industry shut down last week. Senate Bill No. 2752, filed by Senator Emmanuel Joel J. Villanueva on Monday, calls for the cancellation of POGO licenses issued by the Philippine Amusement and Gaming Corp. (PAGCOR) and those within ecozones. The bill imposes a fine of P100 million and jail time of as much as 20 years for POGO firms that fail to cease their operations within 30 days of the law’s effectivity.
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Measure seeking to repeal law taxing POGOs filed in Senate – BusinessWorld Online (bworldonline.com)
BIR raises collection goal for large taxpayers
Manila Bulletin / Chino S. Leyco / July 30, 2024
The Bureau of Internal Revenue’s (BIR) specialized unit responsible for managing the tax affairs of large corporations is expected to exceed its collection target this year. Based on the amended 2024 BIR collection program, the Large Taxpayers Service (LTS) has revised the collection goal to P1.883 trillion, up two percent from the original target of P1.841 trillion. The increase in tax revenue is mainly due to higher collections from excise and other taxes.
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BIR raises collection goal for large taxpayers (mb.com.ph)
Brick-and-mortar retailers call for VAT on global online sellers
Business World / Justine Irish D. Tabile / July 25, 2024
The retail industry said international online sellers should be taxed equally compared with physical stores in the Philippines, noting that the industry is disadvantaged when online sellers’ transactions go untaxed. Philippine Retailers Association President Roberto S. Claudio said one bill he had hoped that President Ferdinand R. Marcos, Jr. would highlight during his third State of the Nation Address was for a measure that would impose value-added tax (VAT) on online transactions.
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Brick-and-mortar retailers call for VAT on global online sellers – BusinessWorld Online (bworldonline.com)
First time in 45 years: Monde Nissin CEO excited to avail of tax incentives
Bilyonaryo.com / August 1, 2024
The CEO of Monde Nissin Corp. hit a milestone after over four decades of operations in the Philippines. Henry Soesanto said he’s thrilled to see President Ferdinand Marcos Jr. put food security as a priority sector under his watch, which benefits Monde Nissin greatly.
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First time in 45 years: Monde Nissin CEO excited to avail of tax incentives (bilyonaryo.com)
Gov’t sees lower tax yield in 2025 amid delayed reforms
Philippine Daily Inquirer / Mariedel Irish U. Catilogo / August 1, 2024
The government scaled down its projected 2025 revenues from priority tax measures as key structural reforms such as new taxes on digital services, pickup trucks and single-use plastics have been pushed back in the legislative mill. According to the 2025 Budget of Expenditures and Sources of Financing, the passage of priority tax reform measures is expected to generate revenues of P28.38 billion. This is less than a fifth of the initial projection of P152.2 billion made last year.
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Gov’t sees lower tax yield in ‘25 amid delayed reforms (inquirer.net)
G20 pledges to work together to tax ultra-rich
Inquirer.net / Agence France-Presse / July 27, 2024
RIO DE JANEIRO, Brazil — G20 nations have agreed to work together to make the super-rich pay their taxes, but stopped short of a more substantial deal, according to a declaration adopted Friday, July 26, after a meeting of finance ministers in Rio de Janeiro. The thorny topic of tackling tax-dodging billionaires dominated the two-day meeting in the Brazilian city, which will host a G20 summit in November.
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G20 pledges to work together to tax ultra-rich (inquirer.net)
SEC issues rules for rental property investments
Manila Bulletin / James A. Loyola / July 26, 2024
The Securities and Exchange Commission (SEC) has issued new rules to regulate the sale of properties with rental pool agreements.The Commission issued Memorandum Circular No. 12, Series of 2024, on Securing and Expanding Capital in Real Estate Investment Transactions (SEC RENT) in line with the rising trend of real estate developers offering potential investment returns and additional income by renting out properties.
SEC issues rules for rental property investments (mb.com.ph)
How AI is transforming the accounting and auditing professions
Business World / Vivian C. Ruiz / July 28, 2024
Artificial intelligence (AI) can transform the business landscape for accountants and auditors. Given the fast-paced technological advancements in data mining; machine learning, which in turn fuels generative AI (GenAI); and quantum computing, which can speed up and enhance machine learning, the potential to transform the accounting and audit professions is immense. As technology continues to evolve, so do accounting and audit professionals as they gain access to huge amounts of data and leverage AI to streamline workflows. Besides data analysis, AI can also be used to improve various accounting and audit processes to save time, reduce human error, and increase efficiency.