Bureau of Internal Revenue Issuances
REVENUE MEMORANDUM ORDERS
RMO No. 34-2024
August 30, 2024
Policies and Guidelines in the Manual and Electronic Request for Service Record (SR), Certificate of Employment (COE), Certificate of Actual Services Rendered (CASR), Assignment Record (AR) and Other Employee Documents (OED) Under the Custody of the Information Records Section (IRS) of the Personnel Division (PD)
RMO No. 36-2024
September 4, 2024
Amending Revenue Memorandum Order No. 1-2021 Prescribing the Gross Sales Threshold for Cases to be Audited/Investigated by the Office Audit Section of the Assessment Divisions in Regional Offices
RMO No. 37-2024
September 4, 2024
Policies, Guidelines and Procedures in Classifying Business Taxpayers pursuant to Revenue Regulations No. 8-2024
REVENUE MEMORANDUM CIRCULARS
RMC No. 97-2024
September 2, 2024
Amending the Revenue Memorandum Circular No. 86-2024 on circularizing the New BIR Logo
RMC No. 99-2024
September 4, 2024
Lost duplicate copy of used/issued BIR Form No. 1966 – Electronic Letter of Authority
RMC No. 100-2024
September 5, 2024
Publishing the full text of the August 7, 2024 letter from the Food and Drug Administration of the Department of Health endorsing updates to the list of VAT-exempt products under Republic Act (RA) No. 10963 (TRAIN Law) and RA No. 11534 (CREATE Act)
BIR ADVISORIES
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
RR 9B-LaQueMar will conduct a Public Auction on Seized Real Properties on September 27, 2024 at 9:00 AM at the BIR Multi-purpose Hall, RR No. 9B-LaQueMar.
RR 14-Eastern Visayas will conduct a Public Auction on Seized Real Properties on October 4, 2024 at 10:00 AM at the BIR Records and Multi-Purpose Building, Government Center, Candahug, Palo, Leyte.
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
Lumagui: BIR is Grateful for the Congratulatory Remarks of Senator Grace Poe on its 91% Tax Filing Accomplishment during Budget Hearing.
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. attended the Senate budget hearing last August 27, 2024, which was presided over by Senator Grace Poe, Chairperson of the Committee on Finance. During the hearing, Commissioner Lumagui was congratulated by Senator Poe for the agency’s remarkable achievement of reaching 91% in total tax returns filed electronically for the first half of the year.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/PR61SEP0524.pdf
BIR WEEKENDER BRIEFS
Volume No. 15 Issue No. 35 Week ending August 30, 2024
A BIR district office filed a tax case on August 22, 2024, under the Bureau’s Run After Tax Evader (RATE) Program.
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https://bir-cdn.bir.gov.ph/BIR/pdf/v15n35%20highres.pdf
Has the income tax refund process become easier?
BusinessWorld / John Edgar Maghinay / September 4, 2024
The Ease of Paying Taxes (EoPT) Law is expected to somehow do away with certain burdensome practices in taxation, including the process of claiming a tax refund. As many of you may be familiar, a taxpayer may claim a tax refund from the Bureau of Internal Revenue (BIR), be it VAT, income tax, or any other national tax that may have been paid in excess or erroneously paid. For my article today, I will focus on the income tax refund or excess income tax credits and the documentary requirements laid down in Revenue Memorandum Circular (RMC) 75-2024. Under the EoPT Law and its implementing regulations, the processing of refunds takes 180 days from the date of submission of complete documents. Deliberate failure on the part of any official, agent, or employee of the BIR to process and decide on the refund application within the prescribed period is punishable by fine, imprisonment and/or disqualification to hold public office, among others.
Click the link below to read the full news from the source:
Has the income tax refund process become easier? – BusinessWorld Online (bworldonline.com)
BIR, AMLC to strengthen efforts vs tax evasion, money laundering
BusinessWorld / B.M.D. Cruz / September 3, 2024
The Bureau of Internal Revenue (BIR) is working with the Anti-Money Laundering Council (AMLC) to boost efforts against tax evasion and dirty money. “The BIR and the AMLC will work hand-in-hand to run after criminals engaged in violations of our tax and anti-money laundering laws. These two agencies are uniquely situated because their expertise in catching tax evaders and money launderers complement each other,” the tax bureau said in a statement on Monday. BIR Commissioner Romeo D. Lumagui, Jr. and AMLC Executive Director Matthew M. David, along with officials of both agencies, met on Aug. 29 to discuss their cooperation. Details of the partnership have yet to be finalized, according to the BIR.
Click the link below to read the full news from the source:
BIR, AMLC to strengthen efforts vs tax evasion, money laundering – BusinessWorld Online (bworldonline.com)
Revisiting the tax compliance requirements of online sellers
BusinessWorld / Tonee Rose M. Palomeno / September 2, 2024
The Bureau of Internal Revenue (BIR) has increasingly underscored the importance of ensuring that all persons conducting business, particularly through digital platforms, are properly registered and tax compliant. With the highly anticipated “9.9” sale approaching, online sellers are preparing for a surge in activity, offering various discounts and promotions to attract customers. However, amidst the excitement and potential for increased sales, it is crucial for online sellers to ensure that their business operations are in compliance with regulatory requirements, particularly concerning their tax obligations.
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Revisiting the tax compliance requirements of online sellers – BusinessWorld Online (bworldonline.com)
Retailers see share of GDP growing despite lack of tax on online sellers
BusinessWorld / Justine Irish D. Tabile / September 1, 2024
The Philippine Retailers Association (PRA) said it expects the retail industry’s contribution to the economy to grow by at least one percentage point this year even in the absence of a tax regime for its online competitors. PRA President Roberto S. Claudio told reporters on the sidelines of the National Retail Conference and Expo that the retail industry accounted for 18.6% of gross domestic product (GDP) in 2022. “It will keep growing. The GDP contribution of retail has been going up at least 1-2 percentage points a year. So we feel that by the end of 2024, that should move up to about 20%,” Mr. Claudio said. Citing data from between 2017 and 2022, he said that taxes paid by retailers in the Philippines averaged P750 billion over the five-year period.
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Retailers see share of GDP growing despite lack of tax on online sellers – BusinessWorld Online (bworldonline.com)
Tax lawyers urged: Fight corruption
Daily Tribune / Alvin Murcia / September 6, 2024
Supreme Court Acting Chief Justice Senior Associate Justice Marvic M.V.F. Leonen has called on tax lawyers to play a crucial role in combating corruption and ensuring the continued existence of the government through a steady revenue stream. In his keynote address at the International Tax Summit of the Tax Management Association of the Philippines, Leonen stressed the importance of a just and efficient tax system that prioritizes fairness and social justice. “Our system of taxation is imperfect. It is intricate, constantly changing and coded in a language that borders on the arcane, even for lawyers. More importantly, corruption and leakages exist in the levy, collection, and application of taxes, and this is a reality that we must all address,” Leonen said. He also said that while the laws must enable the government to generate revenue, the collection and application of taxes should be free from corruption and leakages.
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Tax lawyers urged: Fight corruption (tribune.net.ph)
PHL Senate approves CREATE MORE bill on second reading
BusinessWorld / John Victor D. Ordonez, Reporter / September 3, 2024
The Philippine Senate on Tuesday approved on second reading the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill, which seeks to lower taxes on domestic and foreign companies to 20% from 25%. Senate Bill No. 2762 also removes value-added tax (VAT) on goods and services to essential services such as janitorial, security, financial consultancy, marketing and human resources. Large-scale domestic enterprises with a capital stock of more than P20 billion will also be entitled to a VAT zero rating on local purchases, VAT exemption on imports and duty exemptions on imports of capital equipment, raw materials, spare parts and accessories. The Senate version of CREATE MORE transfers the responsibility of processing VAT refund claims to the Department of Finance from the Bureau of Internal Revenue (BIR) to cut delays. The House of Representatives approved its version of the bill in March.
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PHL Senate approves CREATE MORE bill on second reading – BusinessWorld Online (bworldonline.com)
More tax incentives to encourage support for national athletes
The Manila Times / Atty. Euney Marie J. Mata-Perez / August 29, 2024
Republic Act (RA) 7549, a law passed in 1992, provides that all prizes and awards granted to athletes in local and international sports tournaments and competitions held in the Philippines or abroad, and sanctioned by their respective national sports associations, shall be exempt from income tax. Also, Section 32(B)(7)(d) of the National Internal Revenue Code of 1997 (Tax Code) provides that “all prizes and awards granted to athletes in local and international sports competitions, whether held in the Philippines or abroad and sanctioned by their national sports associations,” are excluded from the gross income of the athlete. On the part of the donor, RA 7549 says that such prizes and awards given to winning athletes shall be deductible in full from the gross income of the donor and shall be exempt from the payment of donor’s tax.
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More tax incentives to encourage support for national athletes | The Manila Times
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