Tax Alerts
Tax Alerts
The Bureau of Internal Revenue has issued several regulations and memorandum circulars that will have an impact on taxpayers’ compliance obligations. We have collated the issuances that we find most relevant and applicable.
Tax Rules: Penalties and violations to Philippine employers who fail to withhold income tax
22 June 2022
Withholding tax is mandated for all enterprises in the Philippines; it is defined as a corporate tax obligation that any taxpayer must pay if they want to engage with any business or conduct domestic and international trading. Employers need to withhold the salary of their employees every month. Afterwards, the amount withheld will be used as an advanced payment for the employer’s Income Taxes for that business year.
Revised payment guidelines for RBEs in violation of the WFH threshold
21 June 2022
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 39-2022 to add revisions to guidelines for payment process of penalties for Work-from-Home violations.
BIR suspends Income Tax Incentives to RBEs violating Work-From-Home thresholds
21 June 2022
The Bureau of Internal Revenue (BIR) implements Memorandum Circular 23-2022, implements income tax suspension to registered business enterprises still implementing work-from-home (WFH) arrangements.
FIRB releases FIRMS, an online registration application for easier Tax incentive management
The Fiscal Incentives Review Board (FIRB) creates new online registration application called Fiscal Incentives Registration and Monitoring System (FIRMS) to give investors and firms a more convenient way to pass and monitor their tax incentive applications to all the investment promotion agencies (IPAs) in the Philippines.
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BIR creates task force to incentivize back-to-work office practices
June 09 2022
The Bureau of Internal Revenue (BIR) creates a task force to ensure that establishments are given incentives for following the government’s back-to-office orders. A news article from Mazars trusted Tax consultant firm in the Philippines, that provides tax services in the Philippines.
TRAIN law mandates a substantial shift toward E-receipts, to be implemented at the beginning by July
09 June 2022
The Tax Reform for Acceleration and Inclusion (TRAIN) Law requires all e-commerce firms, export firms, and largescale taxpayers to shift towards digital issuance of invoices and receipts by the start of July.
BIR amends Q&A of RMC 24-2022 to better align with CREATE Act provisions and IRR
07 June 2022
The BIR amendments certain parts of RMC 24-2022's Q&A to better align with the CREATE act provisions and IRR, changes include CREATE Act amendments regarding VAT zero-rating provisions of the Tax Code.
BIR suspends Audit and other fields of operations, including LOAs and MOs
The Bureau of Internal Revenue has suspended all fields of audit and other fields of operations, including Letters of Authority and Mission Orders as of May 30, 2022, forbidding any written orders to audit until further notice.
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BIR releases revenue MC No. 120-2021, makes various changes towards IRR of CREATE Act
02 June 2022
The Bureau of Internal Revenue (BIR) releases Revenue Memorandum Circular (RMC) no. 120-2021, to amend the changes towards the Implementing Rules and Regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) act.
BIR provides new guidelines in the claim of Input VAT on purchases or importations of capital goods by releasing RMC 21-2022
The Bureau of Internal Revenue (BIR) releases Memorandum Circular 21-2022 to amend certain provisions of Section 110 of the Tax Code of 1997, regarding purchases or importations of capital goods.
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