BOA Resolution No. 3 requiring an accredited CPA to certify the preparation of FS (Revenue Memorandum Circular No. 21- 2016) The BIR circularized Board of Accountancy (BOA) Resolution No. 3, s of 2016 entitled “Requiring…..”. Among others, the Resolution requires that annual FS of companies who have gross sales exceeding P10 million should be accompanied […]
Author Archive: Cathy Lumbre
Amended RP-Germany DTA lowered preferential rates for dividends, interests, and royalties
Amended RP-Germany DTA lowered preferential rates for dividends, interests, and royalties (Revenue Memorandum Circular No. 15-2016, Feb 15, 2016) The RP-Germany Double Taxation Agreement (DTA) signed in 1983 has been renegotiated to take effect beginning January 1, 2016. The renegotiation lowered certain treaty rates as follows: Dividends * 5% if a stockholder owns at least […]
Revised guidelines for tax clearance of government bidders
Revised guidelines for tax clearance of government bidders (Revenue Regulations No. 1- 2016, February 10, 2016) Revenue Regulations 1- 2016 promulgates that only Tax Returns filed thru Electronic Filing and Payment System (eFPS) will be accepted as attachments to government bids/proposals as required under Executive Order (EO) 398. a. All Tax clearance applications for bidding […]
Clarification on tax exemption of NSSLAs
Clarification on tax exemption of NSSLAs (Revenue Memorandum Circular 9-2016, Jan 28, 2016) NSSLAs, as defined under Section 3 of Republic Act (RA) 8367 are non-stock, non-profit corporations engaged in the business of accumulating the savings of its members and using such accumulations for extending credit to them. The BIR clarifies that, pursuant to Section […]
Teleconferencing for stockholder’s meeting not allowed
Teleconferencing for stockholder’s meeting not allowed (SEC Opinion No. 16- 01) Stockholders’ meeting cannot be facilitated through teleconferencing, video conferencing or other electronic medium. Section 51 of the Corporation Code requires that the stockholders’ meeting “shall be held in the city or municipality where the principal office of the corporation is located, and if practicable […]
Jan 20 deadline for list of employees by all Makati business establishments
Jan 20 deadline for list of employees by all Makati business establishments (Revised Makati Revenue Code (City Ordinance No. 2004-A-02) ) The Business Permits Office of the City of Makati announced that it is aiming for the strict implementation of the provisions of the Makati Revenue Code (City Ordinance No. 2004-A-02) concerning employees and business […]
VAT exemption of international carriers
VAT exemption of international carriers (Revenue Regulations No 15- 2015) The list of transactions classified in Section 4.109-1 of Revenue Regulations 16-2005 as VAT-Exempt has been amended as follows: • Inserted a new subsection (S) for transport of passengers by international carriers doing business in the Philippines. The same Subsection (S) clarified that transport of […]
Acceptable IDs for senior citizens
Acceptable IDs for senior citizens (Revenue Regulations 11- 2015) The following shall be acceptable as Identification Documents (ID) for senior citizens to avail of benefits and privileges under these Senior Citizens Act: 1. Senior Citizens’ Identification Card issued by the Office of Senior Citizen Affairs (OSCA) in the city or municipality where the elderly resides; […]
October 31 deadline for inventory lists
October 31 deadline for inventory lists (Revenue Memorandum Circular No. 61-2015) The September 30 (today) deadline for the enhanced inventory list has been extended to October 31. We quote pertinent portion of RMC 61-2015, as follows: This Circular is issued to extend the deadline, initially set on or before September 30, 2015 per Revenue Memorandum […]
Clarifications on the Sept. 30 deadline for enhanced inventory list
Clarifications on the Sept. 30 deadline for enhanced inventory list The enhanced inventory list prescribed in Revenue Memorandum Circular 57-2015 is due tomorrow, September 30. Please refer to our Tax Alert issued on September 18 for details. In a forum organized by the BIR last September 25, the following issues were clarified: Who are required […]