Reminders for expats in the Philippines 1. April 15, 2017 is the deadline for the 2016 annual income tax return. Expats on a nonresident status, who worked and stayed in the Philippines for more than 180 days in 2016, are required to file their annual income tax returns even if the tax has been fully […]
Category Archives: Tax Alerts
Resumed processing of VAT claims filed before RMC 54-2014
Resumed processing of VAT claims filed before RMC 54-2014 (Revenue Regulations No. 1- 2017, January 18, 2016) This Tax Alert is issued to inform all concerned that VAT claims filed and pending prior to the effectivity of RMC 54-2014 (June 11, 2014) shall continue to be processed administratively. Pursuant to this Revenue Regulations (RR) 1-2017, […]
VAT treatment of Japanese contractors of OECF-funded projects
VAT treatment of Japanese contractors of OECF-funded projects This Tax Alert is issued to inform all concerned on the prescribed VAT treatment of government projects funded by the OECF. Under the Exchange of Notes between the Philippines and Japan on Overseas Economic Cooperation Fund (OECF)-funded projects, all taxes associated with the project shall be assumed by the […]
2017 Renewal of LGU Registration
2017 Renewal of LGU Registration This Tax Alert is issued to remind all concerned on the requirement to renew LGU registration this January. The Local Government Code (LGC) requires every business establishment to annually renew its registration with the Local Government Unit (LGU) that has jurisdiction over its place of business. Renewal consists of, but […]
ONETT taxpayers required to use eBIR Forms
ONETT taxpayers required to use eBIR Forms (Revenue Regulations No. 9- 2016, December 8, 2016) This Tax Alert is issued to inform all concerned on the amended list of taxpayers required to use eBIR forms. The following One-Time Transaction (ONETT) taxpayers who are not eFPS registered are required to use eBIR Forms: a. Taxpayers who […]
eFPS is unavailable: AABs authorized to accept manual filing and payment until Nov 11
eFPS is unavailable: AABs authorized to accept manual filing and payment until Nov 11 (Bank Bulletin No. 2016-30, November 10, 2016) This Tax Alert is issued to inform all concerned of BIR’s latest issuance addressing the issue on the unavailability of the Bureau’s eFPS’ to read: “ln view of the unavailability of this Bureau’s Electronic […]
Issuance of tax clearance not barred by delinquent accounts
<b>Issuance of tax clearance not barred by delinquent accounts<br> (Revenue Memorandum Order No. 62-2016, November 10, 2016) This Tax Alert is issued to inform all concerned on the latest BIR policy on the issuance of tax clearance where there is pending application for compromise settlement/abatement. Applicants with pending application for compromise settlement/abatement shall still be […]
Clarifications on compliance rules under TIMTA
Clarifications on compliance rules under TIMTA (DOF-DTI Joint Memorandum Circular No. 2016-01; and PEZA MC 2016-035) Deadline for submission of TIMTA reports by Registered Business Entities (RBEs) for taxable year 2015 is extended to November 15, 2016. For fiscal years ending January 31 to July 31, the deadline is December 15, 2016. Only RBEs availing […]
VAT audit program for TY 2015 onwards
VAT audit program for TY 2015 onwards (Revenue Memorandum Order No. 59-2016) Under the VAT audit program of the BIR for 2015 and thereafter, taxpayers will be selected based on two sets of criteria. Taxpayers that will be subject to the regular VAT audit will be selected based on the criteria under RMO 20-2012. On […]
Guidelines in establishing PERA
Guidelines in establishing PERA (Revenue Memorandum Order No. 42-2016) This Tax Alert is issued to inform all concerned on the guidelines and procedures in establishing Personal Equity and Retirement Account (PERA). Accreditation of PERA Administrators 1. The Audit Information, Tax Exemption and Incentives Division (AITEID) shall be the BIR’s PERA processing office. Applications for accreditation […]