Friday November 24 , 2017
Tax Updates

Tax Updates

A compilation of recent legislation and issuances of the Bureau of Internal Revenue and other government agencies relevant to the field of taxation and corporate practice.

Documents

Value-Added Tax on Tollway Operators (Revenue Memorandum Circular [RMC] No. 63-2010) Value-Added Tax on Tollway Operators (Revenue Memorandum Circular [RMC] No. 63-2010)

The Bureau of Internal Revenue (BIR) through Revenue Memorandum Circular (RMC) No. 63-2010 fully implements Section 108 of the Tax Code imposing value-added tax (VAT) on tollway operators.

Issuance of electronic Letter of Authority (eLA) suspended [Revenue Memorandum Circular (RMC) No. 61-2010] Issuance of electronic Letter of Authority (eLA) suspended [Revenue Memorandum Circular (RMC) No. 61-2010]

On the matter of the indefinite suspension of the generation of electronic Letters of Authority (eLA) and similar matters.

Circularizing Revocation of BIR Ruling No. DA (C-322) 789-2009 [Revenue Memorandum CIrcular (RMC) No. 54-2010] Circularizing Revocation of BIR Ruling No. DA (C-322) 789-2009 [Revenue Memorandum CIrcular (RMC) No. 54-2010]

The schemes of  build-to-own, build-your-own, and similar concepts are not subject to income taxes and value-added taxes.

Frequently Asked Questions (FAQs) on the eDST System (Revenue Memorandum Circular (RMC) No. 51-2010) Frequently Asked Questions (FAQs) on the eDST System (Revenue Memorandum Circular (RMC) No. 51-2010)

A clarification by the Bureau of Internal Revenue of the probable issues that may arise in the use of the eDST System.

Implementing Rules and Regulations of RA 9994 (Expanded Senior Citizens Act of 2010) Implementing Rules and Regulations of RA 9994 (Expanded Senior Citizens Act of 2010)

Published in the Business Mirror on June 21, 2010 are the Implementing Rules and Regulations of Republic Act No. 9994, otherwise known as the “Expanded Senior Citizens Act of 2010.

Amendments introduced by RMC 49-2010 on the taxability of insurance companies for business tax and DST Amendments introduced by RMC 49-2010 on the taxability of insurance companies for business tax and DST

The BIR has introduced, through RMC 49-2010, substantial amendments in the taxability of nsurance Companies for business tax and documentary stamp tax on the other types of income they generate aside from the premiums from their main activity of underwriting life insurance policies.

Guidelines on the electronic issuance of Letters of Authority (Revenue Memorandum Order (RMO) No. 44-2010) Guidelines on the electronic issuance of Letters of Authority (Revenue Memorandum Order (RMO) No. 44-2010)

By this time, most taxpayers must have already received a Letter of Authority issued by the BIR.  In this connection, taxpayers are advised of the important features of a valid electronic LA.

BIR Verification on proper VAT computation of Health Maintenance Organizations (HMOs) [Revenue Memorandum Circular No. 39-2010] BIR Verification on proper VAT computation of Health Maintenance Organizations (HMOs) [Revenue Memorandum Circular No. 39-2010]

The taxable base of Health Maintenance Organizations (HMOs) for VAT purposes shall be the gross receipts without any deduction for medical utilization  (medical and dental fees, hospital bills, laboratory fees, professional fees, etc.), pursuant to Revenue Regulations No. 16-2005, as amended.

Issuance of Subpoena Duces Tecum for failure of taxpayers to show their books of accounts (RMO No. 45-2010) Issuance of Subpoena Duces Tecum for failure of taxpayers to show their books of accounts (RMO No. 45-2010)

The BIR reminds taxpayers of their responsibility to comply with the requests of the BIR to produce their books of accounts and/or other records and documents in the course of a tax investigation and/or access to records requests.

Immediate enforcement of collection on disputed assessments covered by final decisions of the Commissioner of Internal Revenue or its representative (RMO 42-2010) Immediate enforcement of collection on disputed assessments covered by final decisions of the Commissioner of Internal Revenue or its representative (RMO 42-2010)

Prohibition on the issuance of temporary restraining orders on the collection of taxes against the Bureau of Internal Revenue by Courts other than the Court of Tax Appeals, the issuance of warrants of distraint and garnishment, and/or levy on final decisions of the Bureau of Internal  Revenue  on  disputed assessments, cases filed before the Court of Tax Appeals, and the sale of property distrained and granished.

Disallowing the acceptance by AABs of out-of-district tax returns (BANK BULLETIN NO. 2010-19) Disallowing the acceptance by AABs of out-of-district tax returns (BANK BULLETIN NO. 2010-19)

Taxpayers are advised to file their income tax returns in the district where they are registered as the BIR has recently issued Bank Bulletin 2010-19 disallowing the acceptance by Authorized Agent Banks (AABs) of out-of-district tax returns.

Conglomerate Audit Program for Taxable Year 2009 (Revenue Memorandum Order  No. 36-2010) Conglomerate Audit Program for Taxable Year 2009 (Revenue Memorandum Order No. 36-2010)

To better address the tax complexities in the operations of interrelated conglomerates, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Order (RMO) No. 36-2010 to govern the conduct of special investigation and enforcement activities of interrelated companies, conglomerates, their affiliates and subsidiaries.

Re-invigorating the Run After Tax Evaders (RATE) Program [Revenue Memorandum Order (RMO) No. 27-2010] Re-invigorating the Run After Tax Evaders (RATE) Program [Revenue Memorandum Order (RMO) No. 27-2010]

The BIR through RMO 27-2010 provided enhanced policies and guidelines for the continuing development, investigation, and prosecution of RATE cases.

Further Deferment of eDST System (Revenue Memorandum Circular 24-2010) Further Deferment of eDST System (Revenue Memorandum Circular 24-2010)

The BIR heeded the request of numerous taxpayers to again defer the implementation of the Electronic Documentary Stamp Tax (e-DST) System, the full implementation of which shall be suspended until June 30, 2010.

Publishing the full text of An Act Reducing the Taxes in Life Insurance Policies [Republic Act No. 10001] (Revenue Memorandum Circular 22-2010) Publishing the full text of An Act Reducing the Taxes in Life Insurance Policies [Republic Act No. 10001] (Revenue Memorandum Circular 22-2010)

The BIR circularizes RA 10001 through RMC 22-2010. The President has signed into law Republic Act (RA) 10001 last February 23, 2010 reducing the tax on total premiums collected by insurance companies from five percent (5%) to two percent (2%), amending for the purpose Section 123 of the Tax Code.

Penalties for employers who fail to comply with laws and regulations on withholding tax on compensation. (Revenue Memorandum Circular No. 21-2010) Penalties for employers who fail to comply with laws and regulations on withholding tax on compensation. (Revenue Memorandum Circular No. 21-2010)

The BIR in this recent circular emphasizes the obligation of the employers to withhold, remit, perform year-end adjustment on withholding taxes on compensation of their employees.

Implementation of   Policies  in  the  Acceptance  of  Income  Tax Returns During the Income Tax Filing Period (Bank Bulletin 2010-11) Implementation of Policies in the Acceptance of Income Tax Returns During the Income Tax Filing Period (Bank Bulletin 2010-11)

The BIR has issued new guidelines to properly respond to the needs of the taxpaying public during this income tax filing season.

Amendments on the Handling of Court Cases by BIR Lawyers/Prosecutors ( Revenue Memorandum Order 20-2010) Amendments on the Handling of Court Cases by BIR Lawyers/Prosecutors ( Revenue Memorandum Order 20-2010)

The BIR clarifies the policies and guidelines regarding appearances of BIR lawyers/prosecutors in court hearings and preliminary investigations.

Taxpayers’ Lifestyle Check System (Revenue Memorandum Order 19-2010) Taxpayers’ Lifestyle Check System (Revenue Memorandum Order 19-2010)

The BIR has recently issued RMO 19-2010 to prescribe the policies and guidelines in the conduct of investigations on the lifestyle and assets of individuals in order to properly determine their tax compliance.

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