RMC No. 89-2024
August 13, 2024
Clarifying the taxability of income derived by Local Government Units engaged in proprietary functions
RMC No. 90-2024
August 13, 2024
Online Employee Request Form for Certificate of Employment, Service Record, Assignment Record and copies of documents in the 201 file
RR No. 14-2024
August 14, 2024
Rules and regulations governing the modes of disposition of seized/forfeited articles in line with Section 130, 131 and 225 of the National Internal Revenue Code of 1997, as Amended
RR No. 15-2024
August 15, 2024
Prescribing policies and guidelines in the mandatory registration of persons engaged in business and administrative sanctions and criminal liabilities for non-registration
Advisory on the Availability of Online Registration and Update System (ORUS).
Click the link below to read the full advisory from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/Advisory_ORUS%20Availability.pdf
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
Click the link below to read the full news from the source:
Republic Act No. 12001 | Official Gazette of the Republic of the Philippines
Lumagui: BIR files Criminal Case for Tax Evasion against Alice Guo, Jack Uy, and Baofu Corporate Secretary.
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. filed a criminal case for tax evasion against Alice Guo, Jack L. Uy, and Rachelle Joan Malonzo Carreon, the Corporate Secretary of Baofu Land Development Inc. (Baofu), before the Department of Justice on August 14, 2024. The criminal case stemmed from Guo’s admission that she transferred her shares in Baofu to Uy. Upon investigation, the BIR discovered that no Capital Gains Tax (CGT) and Documentary Stamp Tax (DST) returns were filed and paid in relation to this transfer. Guo, Carreon, and Uy will be facing criminal charges under Section 254 – Attempt to Evade or Defeat Tax, Section 255 – Failure to File CGT and DST Returns, and Section 250 – Failure to File/Supply Certain Information (the latter charge is exclusive to Carreon).
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/PR54AUG1424.pdf
SC upholds Baguio’s right to tax Camp John Hay traders
Inquirer.net / Vincent Cabreza / August 14, 2024
BAGUIO CITY, Philippines — The Supreme Court has recently declared that its recognition of the summer capital’s authority to collect business fees and other taxes from enterprises operating inside Camp John Hay has become final and executory, City Legal Officer Althea Alberto informed the city council on Monday. According to Alberto, the Supreme Court Second Division, in a Feb. 22, 2023, decision, has ruled that Baguio could regulate businesses and collect taxes inside the 625-hectare former American rest and recreation base land, particularly at the 248-hectare built-up areas that were converted into a special economic zone administered by the Bases Conversion and Development Authority (BCDA).
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SC upholds Baguio’s right to tax Camp John Hay traders (inquirer.net)
Finance dep’t could file carbon tax proposal with Congress within the year
BusinessWorld / Beatriz Marie D. Cruz / August 14, 2024
The Department of Finance (DoF) said it is planning to submit its proposals for a carbon pricing scheme to Congress within the year. The pricing scheme is likely to target carbon emitting businesses and industries, Mr. Reside said, noting that the tax could affect the cost of doing business. The tax is expected to help limit the Philippines’ carbon footprint while generating additional revenue for the government. A 2023 study by the International Monetary Fund indicated that the Philippines could generate up to $7 billion in revenue from carbon pricing. Likewise, implementing a $50 per ton carbon price by 2030 could lower carbon dioxide emissions to 144 million tons or 13% below baseline levels, it added.
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Finance dep’t could file carbon tax proposal with Congress within the year – BusinessWorld Online (bworldonline.com)
Digital services within the reach of Value-Added Tax
BusinessWorld / Joyce Anne Boaloy / August 14, 2024
As technology advances, digital services are becoming more and more essential, offering convenience through mobile platforms with products like music and movie streaming. Because our current tax system is generally designed around conventional modes of business, it has become necessary to revisit the current tax regime to address the gaps created by evolving technology. The legislature’s Bicameral Conference Committee recently approved the reconciled version of House Bill No. 4122 and Senate Bill No. 2528, which seeks to impose Value-Added Tax (VAT) on digital transactions of nonresident digital service providers (NDSPs).
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Digital services within the reach of Value-Added Tax – BusinessWorld Online (bworldonline.com)
CTA junks Manulife Data Services’ P127.4-M claim for tax refund
Manila Bulletin / Czarina Nicole Ong Ki / August 13, 2024
For lack of jurisdiction, the Court of Tax Appeals (CTA) has dismissed the petition filed by Manulife Data Services, Inc. which sought from the Bureau of Internal Revenue (BIR) P127.4 million tax refund for its alleged excess and unutilized value added tax (VAT) in 2019. Manulife filed its application for refund of its alleged excess and unutilized VAT for 2019 amounting to P127,437,097.24 on May 10, 2021. On July 30, 2021, the BIR denied the claim. The denial was received by Manulife on Oct. 7, 2021.
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CTA junks Manulife Data Services’ P127.4-M claim for tax refund (mb.com.ph)
Reforming the tax and incentive system for sponsoring athletes
BusinessWorld / Jullie Ann J. Piañar / August 12, 2024
The Paris 2024 Olympics have been a source of pride for Filipinos, after Carlos Yulo won gold in the men’s floor exercise and vault. This success has led to a significant outpouring of gifts and incentives from both the public and private sectors. During the Tokyo 2020 Olympics, Hidilyn Diaz’s achievements also resulted in roughly P40 million worth of cash rewards and gifts from the private sector, in addition to the winnings provided by the government. Considering the size of the accumulated pledges, questions arose as to whether Diaz was liable for any taxes. As clarified by the Bureau of Internal Revenue (BIR), Diaz’s government winnings and gifts from private individuals and corporations are excluded from income taxes under Section 32(B)(7)(d) of the Tax Code. She is also not liable for any donor’s tax, as the obligation to pay it falls upon the donors. The BIR explained that gifts to the winning athlete in excess of P250,000 are subject to a 6% donor’s tax, which must be paid by the private entities making the donations. In Yulo’s case, since the donations presuppose that the donor’s tax has been paid, he can expect to receive the full amount.
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Reforming the tax and incentive system for sponsoring athletes – BusinessWorld Online (bworldonline.com)
Government tax effort increases slightly at end-June
Manila Bulletin / Chino S. Leyco / August 12, 2024
The national government’s tax effort in the first half of the year increased slightly on the back of improved collections by the government’s two tax agencies. Based on the data released by the Department of Finance (DOF), the government’s tax effort posted a slight increase from 14.5 percent to 14.6 percent between January and June 2024, compared to the same period in the previous year. Tax effort is a metric that measures the ratio of tax collections to the country’s domestic economy, typically represented by the gross domestic product (GDP).
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Government tax effort increases slightly at end-June (mb.com.ph)