philippines - Tax & Revenue - Notices & Directives

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

Circularizing the Revised BIR Form No. 2551Q

This Circular is to notify the newly revised BIR Form No. 2551Q which refers to the new quarterly percentage tax return which was revised and affected by the implementation of the TRAIN Law and the revised date of January 2018. Revenue Memorandum Circular No. 26-2018
Date: 19 April 2018; Type: Circular; Source: Bureau of Internal Revenue

Omnibus Rules and Regulations Governing Tax-Exempt Importations for Petroleum Operations

This Department Circular shall govern the application, processing, approval and issuance of tax-exempt certificates for the importation, exportation and disposal of machinery, equipment, spare parts and materials used for Petroleum and Coal Operations. Department Circular No. DC2018-03-0006
Date: 15 March 2018; Type: Circular; Source: Department of Energy

Guidelines in the Filing Receiving and Processing of 2017 Income Tax Returns including its Attachments

This is to notify of the updated guidelines in the filing, receiving and processing of 2017 Income Tax Returns including its attachments, due on or before April 16, 2018, or on or before the 15th day of the fourth month following the close of the taxpayer’s taxable year. Revenue Memorandum Circular No. 24-2018
Date: 10 April 2018; Type: Circular; Source: Bureau of Internal Revenue

Amending the Provisions of Revenue Regulations No. 11-18 Particularly Sections 2 and 14

This is to notify the amendment of certain provisions of Sections 2 and 14 of Revenue Regulations 11­-2018. Revenue Regulations No. 14-2018
Date: 28 March 2018; Type: Regulation; Source: Bureau of Internal Revenue

Basis of Capital Gains and Documentary Stamp Taxes in Sales Transactions of Previously Mortgaged Real Property

This Circular is issued to clarify the basis for the computation of Capital Gains Tax (CGT) and Documentary Stamp Taxes (DST) in a sales transaction of previously mortgaged real property. Computation on the CGT and DST on the values set in transactions involving previously mortgaged properties are to be in accordance with the Nationa ...
Date: 19 March 2018; Type: Circular; Source: Bureau of Internal Revenue

Regulations Implementing the Value-Added Tax Provisions

These Regulations are promulgated to amend certain provisions of the National Internal Revenue Code of 1997, Tax Reform for Acceleration and Inclusion (TRAIN) Law, Revenue Regulations No. 16-2005, and implement the Value-Added Tax and percentage tax provisions of the TRAIN Law. Furthermore, these Regulations are effective beginning January 1, 2018, ...
Date: 15 March 2018; Type: Regulation; Source: Bureau of Internal Revenue

Nature and Extent of the Power of the Commissioner of Internal Revenue to obtain Information

This Revenue Memorandum Circular clarifies that the power of the Commissioner to obtain information under Section 5 of the National Internal Revenue Code (NIRC) of 1997, stands amended. Therefore, the privileged communication of attorney-client and accountant-client cannot be used by the Commissioner to obtain information under Section 5 of th ...
Date: 22 February 2018; Type: Circular; Source: Bureau of Internal Revenue

BIR prescribes the Use of Computer Assisted Audit Tools and Techniques (CAATTs) Laboratories in its Offices

The Bureau of Internal Revenue recommends the use of Computer Assisted Audit Tools and Techniques (CAATTs) Laboratories in its offices to enhance the quality and pace of auditing processes and increase revenue collection through proper utilization and analysis of data from internal and external sources. Revenue Memorandum Order No. 3-2018
Date: 04 January 2018; Type: Circular; Source: Bureau of Internal Revenue

Providing for the Revised Tax Rates on Tobacco Products pursuant to Republic Act No. 10963

By this regulation, tax rates on tobacco products stand revised pursuant to the provisions of the Tax Reform for Acceleration and Inclusion Law. Revenue Regulations No. 3-2018
Date: 05 January 2018; Type: Circular; Source: Bureau of Internal Revenue

Rules and Regulations implementing the Documentary Stamp Tax Rate Adjustment under Republic Act No. 10963

These regulations provide for the implementation of the Documentary Stamp Tax Rate Adjustment under the Tax Reform For Acceleration and Inclusion Law. Revenue Regulations No. 4-2018
Date: 19 December 2017; Type: Circular; Source: Bureau of Internal Revenue

Revenue Regulations implementing the Adjustment of Rates on the Excise Tax on Automobiles

This regulation is promulgated to amend Revenue Regulations No. 25-2003 providing for revised tax rates of excise tax on automobiles. Revenue Regulations No. 5-2018
Date: 05 January 2018; Type: Circular; Source: Bureau of Internal Revenue

All Government-Owned or Controlled Offices to comply with the provisions of Republic Act No. 9184

Revenue Memorandum Circular reminding all Government-Owned or Controlled Offices, to comply with the provisions of Republic Act No. 9184 requiring publication of procurement notices in their respective websites. Revenue Memorandum Circular No. 5-2018
Date: 18 December 2017; Type: Circular; Source: Bureau of Internal Revenue

Transition Procedures for All Taxpayers affected by the Revised Tax Rates on Documentary Stamp Tax

This Memorandum Circular is issued to provide transition procedures for filing the Revised Tax Rates on Documentary Stamp Tax Returns pursuant to the provisions of the Tax Reform for Acceleration and Inclusion (TRAIN). Revenue Memorandum Circular No. 3-2018
Date: 04 January 2018; Type: Circular; Source: Bureau of Internal Revenue

INDUSTRY UPDATES

Government under rising pressure to correctly tax Ride-Hailing Companies

Since June 13, ride hailing companies operating in Yangon have been obliged to pay income and commercial tax to the Yangon government under the law, U Myint Thaung, regional minister of Planning and Finance said in parliament.

Read More

INDUSTRY UPDATES

PM Prayut: Death Penalty is Legitimate and most People agree

BANGKOK, June 20 (NNT) - The Prime Minister, Gen. Prayut Chan-o-cha, has voiced support for the execution of convicted murderers.

Read More

INDUSTRY UPDATES

Government welcomes Opinions about Implementation of Thailand 4.0 Policy

BANGKOK, June 19 (NNT) - The government continues efforts to implement the Thailand 4.0 policy while welcoming opinions from all sides on helping to achieve its goal.

Read More

INDUSTRY UPDATES

On World Refugee Day, De Lima files Bill to protect Refugees and Stateless Persons

In observance of World Refugee Day, Opposition Senator Leila M. de Lima today filed a measure seeking to promote and protect the rights of refugees and stateless persons in the country and prescribe a fair procedure for their status determination and eligibility.

Read More

INDUSTRY UPDATES

MoF invites Feedback on proposed changes to the Income Tax Act

The Ministry of Finance have invited interested parties to provide feedback on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018.

Read More

INDUSTRY UPDATES

Labor Ministry aims to find Jobs for 100,000 Unemployed Graduates

BANGKOK, June 19 (NNT) - The Labor Minister, Pol. Gen. Adul Sangsingkeo, said the Ministry of Labor aims to find jobs for about 100,000 unemployed graduates within three months.

Read More

INDUSTRY UPDATES

Ex-President Aquino sued over DAP Mess

MANILA, June 20 (PNA) - Ombudsman Conchita Carpio Morales has indicted former President Benigno Simeon Aquino III for usurpation of legislative powers in connection with the alleged anomalous Disbursement Acceleration Program (DAP).

Read More

INDUSTRY UPDATES

Duterte appoints CA, Sandiganbayan Associate Justices

MANILA, June 20 (PNA) - President Rodrigo R. Duterte has appointed new associate justices at the Court of Appeals (CA) and Sandiganbayan. Duterte appointed Emily Aliño-Geluz as CA Associate Justice and Georgina Dumpit Hidalgo as Sandiganbayan Associate Justice.

Read More

INDUSTRY UPDATES

Panelo on Sereno ouster: ‘The Law may be harsh, but it is the Law’

MANILA, June 20 (PNA) - “The law may be harsh, but it is the law.” Chief Presidential Legal Counsel Salvador Panelo made this remark following the Supreme Court’s decision affirming the quo warranto petition, which ousted Ma. Lourdes Sereno as Chief Justice.

Read More

INDUSTRY UPDATES

Carpio to decline Nominations as Next CJ

MANILA, June 20 (PNA) - Acting Chief Justice Antonio Carpio on Wednesday said he would decline all nominations for the top judiciary post, stressing that he doesn't want to benefit from the quo warranto petition which ousted Chief Justice Ma. Lourdes Sereno.

Read More

INDUSTRY UPDATES

SC begins Oral Arguments on Same-Sex Marriage

MANILA, June 20 (PNA) - The Supreme Court (SC) on Tuesday started the oral argument on the petition filed last May 2015 challenging the validity of provisions of the Family Code limiting marriage to heterosexual couples.

Read More

INDUSTRY UPDATES

PCC to draft List of Fair Competition Violators

MANILA, June 20 (PNA) - The Philippine Competition Commission (PCC) announced that it will soon generate a list of industries within the manufacturing sector that violate laws on fair competition.

Read More

INDUSTRY UPDATES

Government announces New MIC Appointments, U Thaung Tun as New Chair

The Union government on Saturday officially announced changes in the ranks of the Myanmar Investment Commission (MIC).

Read More

INDUSTRY UPDATES

Laos, Vietnam strengthen Digital Cooperation

Laos and Vietnam have agreed to cooperate in the field of digital information technology after reaching an agreement in Vientiane on Tuesday at the Lao Blockchain Forum.

Read More

INDUSTRY UPDATES

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.

Read More