Latest updates in Philippine Taxation
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 Alert No. 5 - [NEW ISSUANCE] 2021 CREATE Act
The Corporate Recovery and Tax Incentives for Enterprises (CREATE) law aims to make the Philippines more competitive in ASEAN by lowering the corporate income taxes to 25% and 20% for small, medium and micro enterprises. It is also seen as a fiscal relief and recovery measure for Filipino business still suffering from the COVID 19 pandemic.
Tax Alert No. 4 - [UPDATE] BIR Form Nos 1604-C and 1604-F
Extension of the deadline for the filing/submission of the Annual Information Return of Income Taxes Withheld on Compensation and Final Withholding Taxes
Tax Alert No. 3 - [UPDATE] Tax amnesty on delinquencies
Under the Tax Amnesty Act, qualified taxpayers are given the chance to clean their tax records and avoid facing possible criminal charges and stiff penalties.
Tax Alert No. 2 - [UPDATE] Voluntary Assessment and Payment Program (VAPP)
Revenue Regulations 21-2020 for Voluntary Assessment and Payment Program (VAPP) was issued for the collection of additional tax revenues, which could otherwise be collected through audit and enforcement efforts.
Tax Alert No. 1 - [UPDATE] Related Party Transactions
REVENUE REGULATIONS NO. 34-2020 was issued to prescribe the guidelines and procedures in the submission of BIR Form 1709, amending the previous regulations issued (Revenue Regulations Nos. 19-2020, 21-2002, as amended by RR 15-2010).