Category Archives: Tax Alerts

BIR resumes audit activities on RATE cases

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BIR resumes audit activities on RATE cases (Revenue Memorandum Circular No. 89-2016) This Tax Alert is issued to inform all concerned that suspension of BIR audit activities pursuant to RMC 70-2016 is now partially lifted. In line of this RMC, all field audits, operations, and visitations pursuant to audit notices in the implementation of LOAs […]

Suspension of all audit activities now fully lifted

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Suspension of all audit activities now fully lifted Revenue Memorandum Circular No. 91- 2016 This Tax Alert is issued to inform all concerned that the suspension of all audit activities pursuant to RMC 70-2016 is now fully lifted. All field audits, filed operations, or any form of business visitation in execution of LOAs/eLAs/Audit notices, LNs, […]

Streamlined processing of CARs and tax clearance

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Streamlined processing of CARs and tax clearance (RMO No. 41-2016 and RMC No. 74-2016, July 12 and 13, 2016 respectively) This Tax Alert is issued to inform all concerned that processing of Certificate Authorizing Registration (CAR) and tax clearance applications should comply with the timelines prescribed in the regulations. RMO 41-2016 reiterates that CARs shall […]

New BIR Commissioner suspends effectivity of recent issuances and audit activities; Revokes RMOs on transfer of properties

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New BIR Commissioner suspends effectivity of recent issuances and audit activities; Revokes RMOs on transfer of properties (Revenue Memorandum Circular Nos. 69 and 70-2016) This Tax Alert is issued to inform all concerned that the new BIR Commissioner has suspended the effectivity of revenue issuances issued within June 1-30, 2016, alongside audit activities by the […]

BIR waives TTRA requirement for interest, dividend and royalties

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BIR waives TTRA requirement for interest, dividend and royalties (Revenue Memorandum Order No. 27-2016) This Tax Alert is issued to announce the relaxed rules in applying preferential tax rates under tax treaties. The treaty rates on interest, dividend and royalties can now be withheld and remitted without need to file a tax treaty relief application […]

Deadlines for filing returns and tax payments

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Deadlines for filing returns and tax payments (Revenue Memorandum Circular No. 65-2016) This Tax Alert is issued to circularize proper due dates for filing of returns and payment of taxes. Due dates for filing of return and payment of taxes shall be the exact dates stated in the law or regulations for filing or payment. […]

Accounting for netting/offsetting arrangements

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Accounting for netting/offsetting arrangements (Revenue Memorandum Circular No. 61-2016) This Tax Alert is issued to circularize the prescribed accounting and recording of transactions involving “netting” or “offsetting” arrangements. Accrued receivables or payables arising from sale of goods and services shall at all times be recognized at gross for tax purposes, regardless of whether the transactions […]

Stricter rules on transfer of properties

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Stricter rules on transfer of properties This Tax Alert is issued to inform all concerned on the stricter rules on the processing of Certificates Authorizing Registration (CAR) and Tax Clearance Certificates (TCL) on transfers of properties. The guidelines cover transfers of real properties, transfer of shares not traded in the stock exchange, transfers of properties […]

Policies and guidelines on disputed assessments

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Policies and guidelines on disputed assessments Revenue Memorandum Order No. 26- 2016 This Tax Alert is issued to inform all concerned of the uniform policies and guidelines on handling disputed assessments. It is a basic policy that opportunities are given to taxpayers who choose to explain objection to an assessment and present necessary documents in […]