Tax Reform for Acceleration and Inclusion This Tax Alert is issued to inform all concerned on Senate’s Committee on Ways and Means version of the Tax Reform for Acceleration and Inclusion (TRAIN) under Senate Bill (SB) No. 1592. Below are the significant changes being proposed under SB No. 1592 in relation to the House of Representative’s House […]

Mandatory updating of taxpayers’ registration in Makati This Tax Alert is issued to inform all taxpayers registered in the Makati BIR region (Non-Individual & Individual Taxpayers) that updating of their registration records is mandatory for the following information: Non-Individual: (Corporation/Partnership/Others) – Contact method- email address – SEC Registration – Contact Person and TIN of the Contact Person […]

BIR Form 2305 for claiming PWDs as dependents (Revenue Memorandum Circular Nos. 42 and 43- 2017, June 20, 2017) This Tax Alert is issued to inform all concerned on the revised BIR Form 2305 (Certificate of Update of Exemption and of Employers and Employee’s Information). The new version provides for the columns for claiming of a person […]

New PEZA Compliance Requirement under TIMTA Act (PEZA Memorandum Order No. 2017-009) This Tax Alert is issued to inform all concerned on the submission of the newly required Report on Actual Investments and Benefits From Registered Project/s to Philippine Economic Zone Authority (PEZA) covering taxable years ending anytime in 2015 and 2016. 1.     The submission covers all PEZA-registered Enterprises […]

No CGT on mere issuance of tax declaration of real property (Revenue Memorandum Circular No. 35- 2017, May 4, 2017) This Tax Alert is issued to inform all concerned on the clarification regarding the imposition of Capital Gains Tax (CGT) on the transfer of ownership resulting from sale, disposition or conveyance of real property. The […]

Clarifications on submission of ITR attachments (Revenue Memorandum Circular No. 34- 2017, May 2, 2017) This Tax Alert is issued to inform all concerned on the clarifications regarding the submission of the required attachments to the filed ITRs to the LTD/RDO or AABs. The RMC clarified that the attachments to the ITRs shall be filed […]

Reminders for April 17 ITR filing This Tax Alert is issued as a reminder in relation to the April 17, 2017 filing due date for the annual income tax returns. 1. Taxpayers are advised to file returns early in order to avoid network congestion on the BIR website and penalties associated with late filing and/or […]

Receiving and stamping of ITR and AFS (Revenue Memorandum Circular No. 28- 2017, April 07, 2017) This Tax Alert is issued to remind all concerned on the receiving and stamping procedures of Income Tax Return (ITR) and the attached Audited Financial Statement (AFS). ITRs shall be printed in 3 copies to be submitted to the respective […]

Manual filing of “no-payment” returns (Revenue Memorandum Circular No. 28- 2017, April 07 2017) This Tax Alert is issued to inform all concerned on the manual filing of “no-payment” returns. As a rule, non-eFPS taxpayers with no tax due (“no-payment” returns) should file their Income Tax Returns (ITR) through the eBIRForms package. Required attachments shall […]

BIR waives TTRA requirement for dividends, interest and royalties (Revenue Memorandum Order No. 8- 2017, April 05, 2017) This Tax Alert is issued to inform all concerned on the streamlined process of claiming tax treaty relief for nonresident income earners. BIR has issued these new procedures for claiming tax treaty privileges of nonresident income earners: […]