VAT exemption of international carriers (Revenue Regulations No 15- 2015) The list of transactions classified in Section 4.109-1 of Revenue Regulations 16-2005 as VAT-Exempt has been amended as follows: • Inserted a new subsection (S) for transport of passengers by international carriers doing business in the Philippines. The same Subsection (S) clarified that transport of […]
Yearly Archives: 2015
Acceptable IDs for senior citizens
Acceptable IDs for senior citizens (Revenue Regulations 11- 2015) The following shall be acceptable as Identification Documents (ID) for senior citizens to avail of benefits and privileges under these Senior Citizens Act: 1. Senior Citizens’ Identification Card issued by the Office of Senior Citizen Affairs (OSCA) in the city or municipality where the elderly resides; […]
October 31 deadline for inventory lists
October 31 deadline for inventory lists (Revenue Memorandum Circular No. 61-2015) The September 30 (today) deadline for the enhanced inventory list has been extended to October 31. We quote pertinent portion of RMC 61-2015, as follows: This Circular is issued to extend the deadline, initially set on or before September 30, 2015 per Revenue Memorandum […]
Clarifications on the Sept. 30 deadline for enhanced inventory list
Clarifications on the Sept. 30 deadline for enhanced inventory list The enhanced inventory list prescribed in Revenue Memorandum Circular 57-2015 is due tomorrow, September 30. Please refer to our Tax Alert issued on September 18 for details. In a forum organized by the BIR last September 25, the following issues were clarified: Who are required […]
Mandatory use of non-thermal paper for tape receipts
Mandatory use of non-thermal paper for tape receipts (Revenue Regulations 10- 2015) Use of non-thermal paper for all CRM/POS and other invoice/receipt-generating machine/software shall be mandatory effective on October 7, 2015 (15th day after its publication) for new business registrants. Considering the costs of transitioning to non-thermal paper, for existing registered taxpayers, staggered implementation shall […]
Required format for CRM/POS issued receipts
Required format for CRM/POS issued receipts (Revenue Regulations 10- 2015) Official Receipts and Sales or Commercial Invoice generated from CRM/POS/other similar machines/software shall be printed showing among others, the information listed below: This also covers electronic receipts generated/issued from a network or linked to CAS or components thereof. 1. Taxpayer’s (TP) Registered Name; 2. TP’s […]
Mandatory eFiling by employers of employee personal exemption updates
Mandatory eFiling by employers of employee personal exemption updates (Revenue Memorandum Circular No. 59-2015) Employers shall be responsible for electronic filing of the tax exemption updates of their employees using BIR Form 2305. With this requirement, no employees should visit the RDOs to file the update form. The Form is used for the following: 1. […]
Available Now: eBIRForms Package V5.1
Available Now: eBIRForms Package V5.1 (Revenue Memorandum Circular No. 58- 2015) Downloadable eBIRForms Package Version 5.1 is now available from any of the following sites: 1. www.knowyourtaxes.ph 2. www.dof.gov.ph 3. Dropbox using this link: http://goo.gl/UCr8XS 4. Direct link: http://ftp.pregi.net/bir/ebirforms_package_v5.1.zip or 5. www.bir.gov.ph Modifications on the new eBIRForms Package Version 5.1: 1. Additional return: BIR Form […]
New inventory lists due on September 30, 2015
New inventory lists due on September 30, 2015 Revenue Memorandum Circular No. 57-2015 All taxpayers with tangible asset-rich balance sheet, often with at least 50% of their assets in working capital assets, (e.g. accounts receivable and inventory) shall submit, in addition to the annual inventory list, the schedules/lists prescribed in the following Annexes of the […]
Additional requirement for E-sales reporting from CRM/POS machines
(Revenue Memorandum Circular No. 56-2015) RMC 56-2015 now requires that any amendments in the amount of sales reported in the monthly eSales reports from CRM/POS machines, shall require a written justification addressed to the concerned LTS Investigating Office/Revenue District Office (RDO) with the corresponding adjusting entries properly recorded in the Books of Accounts. Thus, monthly […]