philippines - Tax & Revenue - Notices & Directives

New Procedural Code for the shipments of PSC

This Circular is to notify the new procedural code B09-Philippine Sports Commission (PSC) for the shipments of the PSC which will be available upon the issuance of Tax Exempt Division. Customs Memorandum Circular No. 81-2018
Date: 24 April 2018; Type: Circular; Source: Bureau of Customs

Renewing the Travel Tax Exemption Policy to Travellers

This Circular is to notify all Internal Revenue Officials, Employees and others concerned that the Memorandum Order No. 23, informing the renewal of Travel Tax Exemption Policy to Travellers Departing from all International Airports and Seaports in Mindanao and Palawan to any destination in the Brunei Darussalam-Indonesia-Malaysia- Philip ...
Date: 21 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Circularizing the Reportorial Requirements of Revenue Regional Offices to the Internal Affairs Service

This Circular is issued to disseminate the revised formats of the reports required to be submitted to the Internal Affairs Service (IAS) by the concerned offices in the Revenue Regions in order to facilitate the collation for database purposes and integration of the reports in the IAS. Revenue Memorandum Circular No. 47-2018
Date: 05 June 2018; Type: Circular; Source: Bureau of Internal Revenue

Revised Non-Disclosure Agreement Form

This Memorandum Order amends the Non-Disclosure Agreement form prescribed to be used/accomplished by BIR revenue personnel and/or third parties. Revenue Memorandum Order No. 27-2018
Date: 11 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Reiteration of the Guidelines in Registration Updates and Other Tax Compliance Requirements

This Circular is issued to reiterate the guidelines in registration, update and other tax compliance requirements of candidates, political parties/ party list groups and campaign contributors pursuant to Revenue Regulations (RR) No. 8-2009, as amended, RR No. 7-2011 and other related revenue issuances. Revenue Memorandum Circular No. 38-2018
Date: 03 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Amendment of Revenue Memorandum Circular No. 55-2016 to extend the Validity Period of all Certificates of Accreditation

This Memorandum Circular notifies the extended validity period of all Certificates of Accreditation. All valid Certificates of Accreditation issued on or before July 31, 2015 shall be valid until July 31, 2020 and all Certificates of Accreditation issued on August 1, 2015 onwards shall follow the five-year validity period b ...
Date: 07 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Clarification on the Issuance of Taxpayer Identification Number for Corporations

This Memorandum Circular is issued to clarify the policies on the issuance of Taxpayer Identification Number for corporations relative to its corporate term under Section 11 of the Corporation Code of the Philippines. Revenue Memorandum Circular No. 41-2018
Date: 23 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Creation of Fast Lane for all One-Time Transactions involving Simple Transaction

This Memorandum Circular by the Bureau of Internal Revenue directs the One-Time Transaction Team to create a fast lane that will cater to individuals or corporations filing Capital Gains Tax or Donor's Tax Returns with only one Deed of Sale/ Exchange/ Donation involving one to three properties. Revenue Memorandum Circular No. 43-2018
Date: 18 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Guidelines and Instructions for BIR Form No. 1701Q

These guidelines by the Bureau of Internal Revenue is to assist the taxpayers to file their Quarterly Income Tax Returns. The Quarterly Income Tax Return does not have to be accompanied with Account Information Form and/or Financial Statements. 
Date: 26 April 2018; Type: Guideline; Source: Bureau of Internal Revenue

FY 2019 Internal Revenue Allotment and Guidelines on the Preparation of the FY 2019 Annual Budgets of Local Government Units

This Circular is to inform the Local Government Units (LGUs) of their Internal Revenue Allotment shares for FY 2019 based on the certification of the Bureau of Internal Revenue and to prescribe the guidelines on the preparation of the FY 2019 annual budgets of LGUs. Local Budget Memorandum No. 77
Date: 15 May 2018; Type: Circular; Source: Department of Budget and Management

Prescribing Policies, Guidelines and Procedures for Individuals Earning from Self-Employment and/or Practice of Professions

This Order is issued to prescribe policies, guidelines and procedures in availing the eight percent (8%) income tax rate option of individuals earning from self­-employment/ business and/or practice of profession relative to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Revenue Memorandum Order No. 23-2018
Date: 21 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Revised Guidelines and Procedures in the Conduct of Tax Compliance Verification Drive

Revenue Memorandum Order No. 9-2006 is revised by removing the requirement for the Tax Mapping Team to issue a ‘Reminder Letter' to all business establishments being tax mapped. Revenue Memorandum Order No. 22-2018
Date: 10 April 2018; Type: Circular; Source: Bureau of Internal Revenue

Entry into Force, Effectivity and Applicability of the Philippines-Sri Lanka Double Taxation Agreement

The circular notifies the Convention between the Government of the Republic of the Philippines and the Government of the Democratic Socialist Republic of Sri Lanka for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income has entered into force on 14 March 2018. Revenue Memorandum Circular No. 34 ...
Date: 17 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Entry into Force, Effectivity and Applicability of the renegotiated Philippines-Thailand Double Taxation Convention

The circular notifies the Renegotiated Convention between the Government of the Republic of the Philippines and the Government of the Republic of Thailand for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income has entered into force on '05 March 2018. Revenue Memorandum Circular No. 33-2018
Date: 17 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Exemption from Withholding Tax on Compensation of Public School Teachers and other Persons Serving in the Electoral Board

This resolution ensures that those serving in the Electoral Boards, DESOs and support staff who are exempted from withholding tax on compensation shall be able to execute the prescribed Sworn Declaration, and to submit the same to the Commission on Elections for the processing and refund of the tax previously withheld. Resolution No. 10332
Date: 11 May 2018; Type: Circular; Source: Commission on Elections

Circularizing the Availability of the Newly revised BIR Form No. 1701Q

This Circular is issued to prescribe the newly revised Bureau of Internal Revenue Form, which was revised due to the implementation of the Tax Reform for Acceleration and Inclusion Law. The newly revised return shall be used by the taxpayers in filing and paying the quarterly income tax return starting the first quarter of 2018 through the pre ...
Date: 26 April 2018; Type: Circular; Source: Bureau of Internal Revenue

Over-the-Counter Acceptance of Certain Tax Returns/ Payment of Internal Revenue Taxes due to the Unavailability of the eFPS

This Revenue Memorandum Circular is to notify that the due date for Over-the-Counter Acceptance of Certain Tax Returns/Payment of Internal Revenue Taxes is extended to April 26, 2018 without the corresponding payment of penalties for late filing, due to the unavailability of the Bureau's Electronic Filing and Paym ...
Date: 25 April 2018; Type: Circular; Source: Bureau of Internal Revenue

Amended Documentary Requirements for New Business Registrants

This Circular is to amend Annexes A1 to A3 of Revenue Memorandum Circular No. 93-2016. The documentary requirements of new business registrants were amended pursuant to the Data Privacy Act of 2012 and the Ease of Doing Business (EODB). Revenue Memorandum Circular No. 30-2018
Date: 03 May 2018; Type: Circular; Source: Bureau of Internal Revenue

Prescribing the Revised Policies and Procedures on the Processing of Tax Credit Certificates for Cash Conversion

This Circular prescribes the revised guidelines, policies and procedures in the processing of request for conversion of Tax Credit Certificate into cash refund, to update the functions and responsibilities of offices involved in this process and to provide a better control and monitoring mechanism in the cancellation of TCCs and the release of fund ...
Date: 19 March 2018; Type: Circular; Source: Bureau of Internal Revenue

Circularizing New and Revised BIR Forms affected by Tax Reform for Acceleration and Inclusion Law

This Circular is to notify the new and revised BIR forms. The Forms are available under the BIR forms-Payment/ Remittance Form section of the BIR website. Revenue Memorandum Circular No. 27-2018
Date: 16 April 2018; Type: Circular; Source: Bureau of Internal Revenue

INDUSTRY UPDATES

Duterte will ‘definitely’ Order Oil Excise Tax Suspension

MANILA, Oct 15 (PNA) - Malacañang on Monday confirmed that President Rodrigo R. Duterte will soon order the temporary suspension of the second tranche of excise tax on fuel, but has yet to decide whether it will heed a senator's suggestion to suspend it "now or sooner."

Read More

INDUSTRY UPDATES

Indonesia's proposal on Tuna Labeling approved by Asean Ministers

Jakarta, Oct 15 (ANTARA News) - Indonesia`s proposal on the ASEAN Tuna Eco-Labeling (ATEL) policy has been approved and endorsed at the ASEAN Ministers of Agriculture and Forestry (AMAF) meeting in Hanoi, Vietnam.

Read More

INDUSTRY UPDATES

IMF-WB - Indonesia to use OECD Recommendations to set up Policies

Nusa Dua, Bali, Oct 14 (ANTARA News) - Indonesia will use a recommendation on tourism development from the OECD (Organization for Economic Cooperation Development) as one of the references in setting up policies.

Read More

INDUSTRY UPDATES

Deterrent Punishment must be imposed if Death Sentence to be abolished - AADK

BANGI, Oct 15 (Bernama) - The National Anti-Drug Agency (AADK) urged the government to decide on appropriate punishment for drug offences, if the mandatory death sentence to be abolished, says its director-general Datuk Seri Zulkifli Abdullah.

Read More

INDUSTRY UPDATES

Parliament building declared Smoke-Free Zone

PUTRAJAYA Oct 15 - Smoking-designated corners inside the Parliament building have been declared as smoke-free zones, effective today, said Health Minister Datuk Seri Dr Dzulkefly Ahmad.

Read More

INDUSTRY UPDATES

Launch of Professional Mobility Framework, Social and Sustainability Bond Standards

The ASEAN Capital Markets Forum (ACMF) met in Singapore and launched two key initiatives to drive a more connected and sustainable ASEAN capital market. These initiatives complement the measures introduced by the ACMF on collective investment schemes, corporate governance, disclosure standards and capacity building.

Read More

INDUSTRY UPDATES

IPOS Assistant Chief Executive speaks at INTA Asia-Pacific Conference

Assistant Chief Executive Mr Ng Kok Wan spoke at the International Trademark Association (INTA) Asia-Pacific Conference 2018, which took place on 11 Oct in Sydney, Australia.

Read More

INDUSTRY UPDATES

Total Abolition of the Death Penalty - The Right Time to Do the Right Thing, says Bar

The Malaysian Bar has wholeheartedly welcomed the decision of the Malaysian Cabinet to totally abolish the death penalty in Malaysia. "We commend the Minister in the Prime Minister’s Department (Law), Datuk Liew Vui Keong, for making the announcement on 10 October 2018, which coincided with the 16th World Day Against the Death Penalty. We look forward to seeing the legislation being tabled and passed by both houses of Parliament in the Parliamentary session that begins on 15 October", said the President of the Malaysian Bar, Mr. George Varughese.

Read More

INDUSTRY UPDATES

Singapore and Indonesia sign Bilateral Investment Treaty to promote Stronger Economic Ties

Singapore and Indonesia signed an Agreement on the Promotion and Protection of Investments, also known as the Bilateral Investment Treaty (BIT), at the Singapore-Indonesia Leaders’ Retreat in Bali, Indonesia, today. Minister for Trade and Industry Chan Chun Sing, who is attending the Leaders’ Retreat as part of the Singapore delegation, signed the agreement with Indonesian Minister for Foreign Affairs Retno Marsudi. The signing was witnessed by Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo.

Read More

INDUSTRY UPDATES

New EODB Law to impact 2020 doing Business Survey

Department of Trade and Industry (DTI) Undersecretary Rowel S. Barba said on 10 October that the new Ease of Doing Business (EODB) Act can significantly affect the country’s rankings in the upcoming 2020 Doing Business (DB) Survey if government agencies strictly implement the law.

Read More

INDUSTRY UPDATES

SC advocates Sustainable Investing at InvestSmart Fest 2018

InvestSmart® Fest 2018, an investor education initiative by the Securities Commission Malaysia (SC), was officiated by Yang Berhormat Syed Saddiq Syed Abdul Rahman, Minister of Youth and Sports Malaysia at the Kuala Lumpur Convention Centre today.

Read More

INDUSTRY UPDATES

Singapore needs to regain Edge in Legal Tech, says Chief Justice

Chief Justice Sundaresh Menon has urged the Singapore Academy of Law to strive to get the legal profession to step up in the area of legal technology, and help the country regain its status as the world leader.

Read More

INDUSTRY UPDATES

EC clarifies New Election Law to Press Members

BANGKOK, Oct 12 (NNT) - The Election Commission (EC) has clarified the new election law to press members.

Read More

INDUSTRY UPDATES

NLA approves Committee to vet Election Commission Candidates

BANGKOK, Oct 12 (NNT) - The National Legislative Assembly (NLA) has approved the establishment of a committee to vet the two Election Commission candidates.

Read More

INDUSTRY UPDATES

369,148 Ordinance Violators apprehended in Metro Manila: NCRPO

MANILA, Oct 12 (PNA) - Close to 370,000 persons in Metro Manila were apprehended for violation of local ordinances since June this year.

Read More

INDUSTRY UPDATES

Indonesia, Japan sign MoC on Law and Human Right

Jakarta, Oct 14 (ANTARA News) - The governments of Indonesia and Japan have signed a Memorandum of Cooperation in Law and Human Right, the Indonesian embassy in Tokyo said in a statement received here on Saturday.

Read More

INDUSTRY UPDATES

Indonesia, Thailand Ombudsmen sign Memorandum of Understanding

Jakarta, Oct 13 (ANTARA News) - The Chairman of Ombudsman Commission of the Republic of Indonesia, Prof. Amzulian Rifai, and the Chairman of the Royal Thai Ombudsman signed a Memorandum of Understanding (MoU) on cooperation between the Indonesian Ombudsman and the Royal Thai Ombudsman in Bangkok, Thailand, on Oct 10.

Read More

INDUSTRY UPDATES

ASEAN Secretariat seeks to improve Engagement with Private Sector

Jakarta, Oct 12 (ANTARA News) - The ASEAN Secretariat held the First ASEAN Economic Community Dialogue recently to seek a more proactive two-way communication with the private sector on matters related to the ASEAN Economic Community.

Read More