Clarifications and guidelines in using eAFS system; use of e-signatures on all tax returns, attachments and documents now allowed (Revenue Memorandum Circular No. 40-2022 issued on April 06, 2022) This Tax Alert is issued to inform all concerned on the on the clarifications and guidelines in using the electronic Audited Financial Statement (eAFS) System as well as […]

Reminder on the reportorial requirements for the income tax exemption of foreign-sourced dividends received by domestic corporations This Tax Alert is issued to remind all concerned taxpayers on the reportorial requirements for the income tax exemption of foreign-soured dividends received by domestic corporations. Under the CREATE Law, foreign-sourced dividends received by a domestic corporation shall be exempt […]

2021 Annual ITR filing and payment guidelines; Out-of-district filing and payment of taxes allowed (BIR Advisory dated March 22, 2022 and Bank Bulletin No. 2022-06 issued on March 8, 2022) This Tax Alert is issued to inform all concerned on the rules on the filing and payment of the annual income tax return (ITR) for the calendar […]

New list of additional and delisted Top Withholding Agents now available (Revenue Memorandum Circular No. 27-2022 issued on March 16, 2022) This Tax Alert is issued to inform all concerned on the latest published lists of additional and delisted Top Withholding Agents (TWAs) who are required to deduct and remit the one percent (1%) or two percent […]

Submission of Certificate of Entitlement to Incentives (CETI) as attachment to Registered Business Enterprise’s annual ITR (Revenue Memorandum Circular No. 28-2022 issued on March 16, 2022) This Tax Alert is issued to inform all concerned on the submission of Certificate of Entitlement to Tax Incentives (CETI) in lieu of the former Certificate for Entitle to Income Tax […]

Clarifications on the VAT rules for Registered Business Enterprises (RBEs) under the CREATE Law (Revenue Memorandum Circular No. 24-2022, March 9, 2022) This Tax Alert is issued to inform all concerned on the clarifications on the VAT rules applicable to Registered Business Enterprises (RBEs) pursuant to Revenue Regulations No. 21-2021, implementing Sections 106 and 108 of the […]

Suspension of income tax incentives of RBEs for violating WFH threshold/guidelines prescribed by FIRB (Revenue Memorandum Circular No. 23-2022, March 9, 2022) This Tax Alert is issued to inform all concerned on the possible suspension of income tax incentives granted to Registered Business Enterprises (RBEs) in the IT-BPM sector for violating Work-From-Home (WFH) threshold requirements and conditions […]

Clarifications on filing of Request for Confirmation, Tax Treaty Relief Applications and tax sparing applications (Revenue Memorandum Circular No. 20-2022, February 17, 2022) This Tax Alert is issued to inform all concerned on the clarifications and guidance in filing of Requests for Confirmation (RFC), Tax Treaty Relief Applications (TTRA) and Tax Sparing Applications. Background There are two […]

Work-around procedures on reporting of input VAT on purchases or importations of capital goods in the VAT returns (Revenue Memorandum Circular No. 21-2022, February 21, 2022) This Tax Alert is issued to inform all concerned on the workaround procedures in claiming of input VAT on purchases or importations of capital goods in the Monthly VAT declaration (BIR […]

Clarifications and guidelines on tax-free exchanges of properties under Section 40 (C)(2) of the Tax Code, as amended by CREATE (Revenue Memorandum Circular No. 19-2022, February 04, 2022) This Tax Alert is issued to inform all concerned on the clarifications and guidance on tax-free exchanges of properties under Section 40 (C)(2) of the Tax Code of 1997, […]