best law firms in the philippines | law firms in makati

Implementing Section 21(b)of the National Internal Revenue Code of the 1997 as Amended by Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”, on the Classification of Taxpayers.

Implementing Sections 113,235,236,237,238,242,243 of the National Internal Revenue Code of 1997, as Amended by Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”,on the Registration Procedures and Invoicing Requirements.

Implementing Sections 45 of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”,on Imposition of Reduced Interest and Penalty Rates for Micro and Small Taxpayers.

Implementing Sections 76(C), 112(C), 112(D), 204(C), 229 and 269(J) of the National Internal Revenue Code of 1997, as Amended by Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act”, on Tax Refunds.

Implementing Sections 22,34,51(A)(2)(e). 51(B),51(D),56(A)(1),58(A),58(B),58(C),58)E),77,81,90,91,103,114,128,200 and 248 of the National Internal Revenue Code of 1997, as Amended by Republic Act No. 11976,Otherwise Known as the “Ease of Paying Taxes Act”, on the Filling of Tax Returns and Payment of Taxes and Other Matters Affecting the Declaration of Taxable Income.

Implementing the Amendments Introduced by Republic Act No. 11976, Otherwise Known as the “Ease of Paying Taxes Act”, on the Relevant Provisions of the Title IV – Value Added Tax (VAT) and Title V – Percentage Tax of the National International Revenue Code of 1997, as amended (Tax Code)

The Circular provides guidelines in the filing of Annual Income Tax Returns (AITR) for Calendar Year (CY) 2022, as well as the payment of corresponding taxes due thereon, until April 17, 2023.

The BIR announced the implementation of its online application for registration and update system through the Online Registration and Update System (ORUS) starting January 23, 2023. In this regard, the taxpayers, whether an individual or juridical entity, may now obtain tax identification number (TIN) online, subject to submission of documentary requirements

RMC No. 7-2023 provides clarification on the Return Processing System (RPS) Assessment being issued by the BIR

RMC No. 141-2022 provides transitory provisions for the implementation of the quarterly filing of VAT Returns starting January 1, 2023 pursuant to Section 114(A) of the Tax Code, as amended, and as implemented under Section 4-114-1(A) of Revenue Regulations No. 13-2018.

RMC No. 131-2022 announces the availability of offline Electronic Bureau of Internal Revenue Forms (eBIRForms) Package Version 7.9.3 downloadable from the following sites

RMC No. 122-2022 discusses the updating of registration information record of taxpayers who will enroll in the BIR’s Online Registration and Update System (ORUS). ORUS will allow the taxpayers to register, update and transact registration-related transactions online.

Removal of Five(5)-year Validity Period on Receipts/Invoices

Guidance on the Filling of Requests for Confirmation, Tax Treaty Relief Applications, and Tax Sparing Applications

Providing Clarification and Guidance on Section 8 of Revenue Regulations (RR) No. 5-2021 on the Tax-Free Exchanges of Properties Under Section 40(C)Q) of the National Internal Revenue Code (Tax Code) of 1997, as Amended by Republic Act (RA) No. 11534 or the CREATE.

EXTENSION OF THE DEADLINE FOR THE FILING OF APPLICATIONS AND SUSPENSION OF’THE NINETY(90) DAY PROCESSING OF VALUE ADDED TAX (VAT)REFI]I\D CLAIMS PURSUANT TO SECTION 112 OF THE TAX CODE OF 1997, AS AMENDED BY THE R.A. NO. 10963(TRAIN LA}Y) WITH THE VAT CREDIT ATIDIT DIVISION(vcAD)

Clarifying the Computation of Donor’s Tax in Case the Heir Waives/Renounces His Shares for the Specific Property Forming Part of the Estate of the Decedent.

Amending Certain Provisions of Revenue Regulations No. 6-2019 to Implement the Extension of the Estate Tax Amnesty Pursuant to Republic Act (RA) No. 1159, Which Amended RA No. 11213, Otherwise Known as the “Tax Amnesty Act”

SUSPENSION OF THE RUNNING OF THE STATUTE OF LIMITATIONS ON ASSESSMENT AND COLLECTION OF TAXES PURSUANT TO SECTION 223 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, DUE TO THE DECLARATION OF ENHANCED COMMUNITY QUARANTINE (ECQ) AND MODIFIED ECQ (MECQ) IN THE NATIONAL CAPITAL REGION (NCR) AND OTHER AREAS OF THE COUNTRY.

The SEC has introduced SEC MC No.13, series of 2024 or the Enhanced Compliance Incentive Plan (ECIP) as a follow-up to its successful Amnesty Program in 2023. This initiative aims to assist delinquent and non-compliant corporations in restoring their good standing by offering significantly reduced fees and penalties for delayed reportorial submissions.

SEC MC No. 9 retained the prescribed amnesty rates and streamline the amnesty application process.

Securities and Exchange Commission Memorandum Circular No. 1-2023 which extends the deadlines for filing of audited financial statements for corporations with calendar year ended on December 31, 2022. 

MC No. 2, series of 2023, discusses the guidelines and procedures for the availment of the grant of amnesty for non-filing and late filing of the general information sheet and annual financial statements, and non-compliance with MC No. 28, series of 2020.

SCHEDULES FOR FILING OF ANNUAL FINANCIAL STATEMENTS AND GENERAL INFORMATION SHEET