Philippines: BIR clarifies the filing deadline of attachments to 2021 CIT return
On 18 April 2022, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 46-2022, describing the deadline of submission of attachments to the 2021 annual income tax return and other matters is on or before 31 May 2022, whether
See MorePhilippines: House of Representatives approves digital service tax
On 21 September 2021, the House of Representatives approved on final reading a proposal imposing a 12% value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country's Covid-19 response efforts. The
See MoreIMF: Report Considers Revenue Raising Measures in the Philippines
On 6 August 2021 the IMF published a staff report following consultations with the Philippines under article IV of the IMF’s articles of agreement. A selected issues paper was also published, taking a more detailed look at certain issues
See MorePhilippines: BIR publishes a Circular on corporate income tax changes
On 17 May 2021, the Bureau of Internal Revenue (BIR) Officially published Revenue Memorandum Circular No. 62-2021, which provides clarifications on certain provisions of Revenue Regulations No. 5-2021 regarding Corporate Income Taxation. In this
See MorePhilippines: BIR publishes regulations to implement CREATE Act
On 8 April 2021, the Bureau of Internal Revenue (BIR) Officially published final revenue regulations (Revenue Regulations No. 2-2021, Revenue Regulations No. 4-2021, Revenue Regulations No. 5-2021) for the implementation of the Corporate Recovery
See MorePhilippines: President signs the CREATE Act into Law
On 26 March 2021, the President, Rodrigo Duterte, signed into law the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and maintain fiscal prudence and stability. The CREATE Act introduces
See MorePhilippines: CREATE Bill sends to President for signature to make it Law
On 3 February 2021, the House of Representatives announced in a release that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to
See MorePhilippines: BIR issues guidance on TP reporting and documentation requirements
On 18 December 2020, the Bureau of Internal Revenue (BIR) published a Revenue Regulations (RR) No. 34-2020, which replaces the previous Revenue Regulations (RR) No. 19-2020, its clarifying Revenue Memorandum Circular No. 76-2020, and other relevant
See MorePhilippines: Finance Department issues Corporate Tax Reform
On 29 November 2020, the Department of Finance announced that the Senate passed of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was a redesigned version of corporate tax reform package. The CREATE Act as approved by
See MorePhilippines: BIR issues a Circular to extend the deadline of Form BIR 1709
On 15 September 2020, the Bureau of Internal Revenue (BIR) published Revenue Memorandum Circular (RMC) No. 98-2020 to extend the submission deadline of related party transaction Form, or the Form BIR 1709. The initial extended due date is 30
See MorePhilippines: Committee on Ways and Means submits a Bill regarding DST services
On 18 August 2020, the Committee on Ways and Means submitted a Bill, House Bill No. 7425 to the House of Representatives, which would serve as a substitute Bill of all the previous bills on the digital transactions tax. The Bill proposed to impose
See MorePhilippines: Bureau of Internal Revenue issues a Circular regarding new RPT form
On 29 July 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 76-2020, which addresses the frequently asked questions regarding the submission of Related Party Transaction (BIR Form No. 1709, or RPT) Form, and its
See MorePhilippines: Tax authority issues a Resolution to guide of how to complete TP disclosure form
On 8 July 2020, the Tax authority issued Revenue Regulations No. 19-2020 dated July 8 2020, which provides guidelines of how to complete new transfer pricing (TP) disclosure form, Form BIR 1706. Also, this Resolution informs that taxpayers required
See MorePhilippines: Finance Department extends VAT refund claims deadline
On 24 June 2020, the Department of Finance published Revenue Regulations No. 16-2020, which extends the deadline of VAT refund claim. The extended deadlines for filing of VAT refund claims are as follows: Calendar quarter ending 31 March 2018
See MorePhilippines: House of Representatives introduces a Bill regarding digital economy
On 19 May 2020, the Philippine House of Representatives introduced House Bill No. 6765 regarding an establishment of fiscal regime for the digital economy. The Bill includes digital advertising services, electronic commerce platform, network
See MorePhilippines: Finance Department announces tax relief measures due to COVID-19 pandemic
On 30 March 2020, the Department of Finance issued Revenue Regulations (RR) No. 7-2020 regarding tax relief measures amid COVID-19 pandemic. The key measures are given below: The deadline to file the 2019 annual income tax returns for all
See MorePhilippines: Senate approves the Corporate Income Tax and Incentives Reform Act
On 19 February 2020, the Senate approved a Bill, entitled “the Corporate Income Tax and Incentives Reform Act”. It was approved by the House of Representatives on 13 September 2019. The bill aims to change the National Internal Revenue Code and
See MorePhilippines: BIR issues guidelines for transfer pricing audits
The Bureau of Internal Revenue (BIR) has issued Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order (RAMO) No. 1-2019 on 20 August 2019, which provides standardized audit procedures and techniques in auditing taxpayers with
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