FDA list of VAT-exempt drugs/medicines, vaccines and medical devices pursuant to CREATE Act now available (Revenue Memorandum Circular No. 81-2021, July 6, 2021) This Tax Alert is issued to inform all concerned on the published “List of VAT-Exempt Products” pursuant to Republic Act No. 11534, also known as Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. […]

Implementation of penalty provisions under TRAIN Law (Revenue Regulations No. 13-2021 issued on June 23, 2021) This Tax Alert is issued to inform all concerned on the implementation of the penalty provisions under Sections 76, 77, 78, 79, and 80 of Republic Act (RA) No. 10963 (TRAIN Law), amending Sections 254 and 264 of, and adding Sections […]

Clarifications on the revised guidelines and procedures for availing tax treaty benefits (Revenue Memorandum Circular No. 77-2021 issued on June 15, 2021) This Tax Alert is issued to inform all concerned taxpayers on the significant clarifications on the revised guidelines and procedures for availing tax treaty benefits provided under Revenue Memorandum Order (RMO) No. 14-2021. Under RMO […]

VAT zero-rated transactions now subject to 12% VAT (Revenue Regulations No. 09-2021 issued on June 11, 2021) This Tax Alert is issued to inform all concerned on the amendments to Revenue Regulations (RR) No. 16-05, as amended by RR No. 13-18 and RR 26-18, imposing 12% VAT on certain transactions previously subject to 0% VAT upon satisfaction […]

VAT exemption threshold on sale of house and lot, and other residential dwellings updated to P3,199,200; Importation of certain goods to fight COVID-19 exempt from ATRIG; Updated rules on refund of overpaid percentage tax (Revenue Regulations No. 08-2021 issued on June 11, 2021) This Tax Alert is issued to inform all concerned on the amendments to the […]

Guidelines and clarifications on the temporary reduction of percentage tax rate for the period from July 1, 2020 to June 30, 2023 (Revenue Memorandum Circular Nos. 65 and 67-2021 issued on May 24, 2021) This Tax Alert is issued to inform all concerned taxpayers on the guidelines in filing and clarifications relative to the temporary reduction of […]

New BIR Form 1702Q (January 2018 version) now available in eFPS; Modified BIR Form 1702Q now available in eBIRForms facility (Revenue Memorandum Circular No. 66-2021 issued on May 24, 2021) This Tax Alert is issued to inform all concerned taxpayers on the availability of the new Quarterly Income Tax Return (QITR) (BIR Form 1702Q – January 2018 […]

Relaxed rules in the acceptance of check payments by AABs until April 30, 2021 (Bank Bulletin (BB) No. 2021-07 dated April 08, 2021) This Tax Alert is issued to inform all concerned taxpayers on the further relaxation of rules on the filing and payment of taxes with Authorized Agent Banks (AAB) from March 22, 2021 to April […]

Reiteration of April 15 deadline for 2020 AITR filing and payment; amendment until May 15, 2021 which shall result to additional payment shall not be subject to penalties; additional guidelines for the submission of attachments (BIR Advisory, April 14, 2021) This Tax Alert is issued to inform all concerned taxpayers on the following guidelines for the filing […]

RPT Form (BIR Form 1709) may now be filed either manually or through the eAFS facility; other clarifications on the filing of attachments thru eAFS (Revenue Memorandum Circular Nos. 43 and 44-2021, April 08, 2021) This Tax Alert is issued to inform all concerned taxpayers on the clarifications on the filing of Information Return on Transactions with […]