Guidelines for the shift from final to creditable system of VAT withheld on sales to government (Revenue Memorandum Circular No. 36-2021 issued on March 05, 2021) This Tax Alert is issued to inform all concerned on the guidelines for the shift from final to creditable system of VAT withheld on sales to government, or any of its […]

Reportorial requirements on the exemption from DST for qualified loans pursuant to Bayanihan to Recover as One Act (RA 11494) (Revenue Memorandum Circular Nos. 22 and 26-2021 issued on February 18, 2021 and February 24, 2021) This Tax Alert is issued to inform all concerned taxpayers on the prescribed reportorial requirements to be submitted by covered institutions’ […]

Simplified guidelines and procedures on the use of CAS/CBA and its components (Revenue Memorandum Order No. 09-2021 issued on February 19, 2021) This Tax Alert is issued to inform all concerned on simplified guidelines and procedures on the use of Computerized Accounting System (CAS), Computerized Books of Accounts (CBA), and/or its components, including Electronic Storage System (ESS), […]

Financial Institutions Strategic Transfer (FIST) Act (Republic Act No. 11523 signed by the President on February 16, 2021) This Tax Alert is issued to inform all concerned on the relevant tax provisions of Financial Institutions Strategic Transfer (FIST) Act (Republic Act No. 11523). The FIST Act was enacted to ensure that banks and other financial institutions are […]

Bicameral Conference Committee Report on the Proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) This Tax Alert is issued to inform all concerned on the proposed amendments to the National Internal Revenue Code of 1997, as amended, under the proposed “Corporate Recovery and Tax Incentives for Enterprises Act” or CREATE Bill, as approved by the […]

Updated filing guidelines for BIR Forms 1604C, 1604F and 1604E; submission of BIR Form 2316 without employee signature shall be accepted (Revenue Memorandum Circular No. 18-2021 issued on February 02, 2021) This Tax Alert is issued to inform all concerned taxpayers on the clarifications of certain issues and concerns in the filing of BIR Form Nos. 1604C, […]

Deadline of filing and submission of BIR Forms 1604C and 1604F, together with annual alphalist of employees/payee, and quarterly alphalist of payees, extended to February 28, 2021 (Revenue Memorandum Circular No. 17-2021 issued on January 29, 2021) This Tax Alert is issued to inform all concerned on the extension of deadline of filing and submission of BIR […]

Clarifications on the suspension of enlisting and delisting of Large Taxpayers (Revenue Memorandum Circular No 02-2021 issued on January 08, 2021) This Tax Alert is issued to inform all concerned on the guidelines on the suspension of enlisting and delisting of Large Taxpayers by the Bureau of Internal Revenue (BIR). The following shall be observed effective January […]

Availability of new Alphalist Data Entry and Validation Module (Version 7.0) (Revenue Memorandum Circular No. 07-2021 issued on January 08, 2021) This Tax Alert is issued to inform all concerned on the availability of the new Alphalist Data Entry and Validation Module (Version 7.0). The new Alphalist Data Entry and Validation Module (Version 7.0) shall be used […]

Rules on the acceptance of tax payments until June 14, 2020 (Revenue Memorandum Circular No. 56-2020, June 11, 2020)  This Tax Alert is issued to inform all concerned on the rules in acceptance of payments of internal revenue taxes until June 14, 2020.  eFPS Taxpayers shall continue to file through the system and settle tax liabilities with the AABs where they […]