Extended deadline for VAT refund application falling due on March 31, 2021; suspension of 90-day processing period (Revenue Memorandum Circular No. 39-2021 issued on March 22, 2021) This Tax Alert is issued to inform all concerned taxpayers on the extended deadline for filing of application and suspension of the 90-day processing period for value-added tax (VAT) refund […]

Use of e-signatures on BIR Forms 2304, 2306, 2307 and 2316 now allowed (Revenue Memorandum Circular No. 29-2021 published on March 01, 2021) This Tax Alert is issued to inform all concerned taxpayers on the policies and guidelines for the use of electronic signature (e-signature) on certain BIR Forms/ Certificates. Withholding agents or their duly authorized representatives […]

eBIRForms Package Version 7.8 now available (Revenue Memorandum Circular No. 33-2021 issued on March 03, 2021) This Tax Alert is issued to inform all concerned taxpayers on the availability of the latest eBIRForms package (version 7.8). The new version of the eBIRForms 7.8 can be downloaded from www.bir.gov.ph and www.knowyourtaxes.ph. The new offline eBIRForms package now includes the January 2018 […]

Revised manual BIR Forms 2200-A and 2200-T now available (Revenue Memorandum Circular No. 34-2021 issued on March 03, 2021) This Tax Alert is issued to inform all concerned taxpayers on the availability of the revised manual BIR Form 2200-A (Excise Tax Return for Alcohol Products January 2020 ENCS) and BIR Form 2200-T (Excise Tax Return for Tobacco, […]

Enhanced manual BIR Form 1601-FQ now available (Revenue Memorandum Circular No. 35-2021 issued on March 03, 2021) This Tax Alert is issued to inform all concerned taxpayers on the availability of the enhanced manual BIR Form 1601-FQ (Quarterly Remittance Return of Final Income Taxes Withheld September 2020 ENCS). The enhanced form now includes the additional countries having […]

Guidelines for the shift from final to creditable system of VAT withheld on sales to government (Revenue Memorandum Circular No. 36-2021 issued on March 05, 2021) This Tax Alert is issued to inform all concerned on the guidelines for the shift from final to creditable system of VAT withheld on sales to government, or any of its […]

Reportorial requirements on the exemption from DST for qualified loans pursuant to Bayanihan to Recover as One Act (RA 11494) (Revenue Memorandum Circular Nos. 22 and 26-2021 issued on February 18, 2021 and February 24, 2021) This Tax Alert is issued to inform all concerned taxpayers on the prescribed reportorial requirements to be submitted by covered institutions’ […]

Simplified guidelines and procedures on the use of CAS/CBA and its components (Revenue Memorandum Order No. 09-2021 issued on February 19, 2021) This Tax Alert is issued to inform all concerned on simplified guidelines and procedures on the use of Computerized Accounting System (CAS), Computerized Books of Accounts (CBA), and/or its components, including Electronic Storage System (ESS), […]

Financial Institutions Strategic Transfer (FIST) Act (Republic Act No. 11523 signed by the President on February 16, 2021) This Tax Alert is issued to inform all concerned on the relevant tax provisions of Financial Institutions Strategic Transfer (FIST) Act (Republic Act No. 11523). The FIST Act was enacted to ensure that banks and other financial institutions are […]

Bicameral Conference Committee Report on the Proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) This Tax Alert is issued to inform all concerned on the proposed amendments to the National Internal Revenue Code of 1997, as amended, under the proposed “Corporate Recovery and Tax Incentives for Enterprises Act” or CREATE Bill, as approved by the […]