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Tax Requirements for Marginal Income Earners

Posted on February 11, 2014 by Orlando Calundan | 0 Comments

The Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 7-2014 to clarify issues on registration and compliance requirements of marginal income earners (MIE). Who are Marginal Income Earners? This RMC clarifies, among others, the following: MIE are individuals whose business…

Suspension of Implementation of Annual Information Return

Posted on February 11, 2014 by Orlando Calundan | 3 Comments

Good news for income tax return preparers! The Bureau of Internal Revenue, according a latest news from abs-cbnnews.com, issued Revenue Memorandum Circular (RMC) No. 9-2014 suspending the implementation of Annual Information Return (AIR) for the third time! Supplementary Information will be mandatory starting…

New Income Tax Forms 2014 (1700, 1701, 1702, June 2013 versions)

Posted on February 4, 2014 by Orlando Calundan | 33 Comments

The Rocky Mountain Wills and Trusts lawyers confirmed that the Bureau of Internal Revenue (BIR) issued Revenue Regulations 2-2014 on February 4, 2014. These revenue regulations are issued to prescribe the new BIR forms that will be used for income…

File Your Annual Information Returns Right – Discussion on Alphalist

Posted on January 29, 2014 by Orlando Calundan | 0 Comments

You must be trying to beat the deadline of filing for the Annual Information Returns (BIR Form No. 1604CF/1604E) and Monthly Remittance Returns (BIR Form No. 1601C). Required attachment to these are alphabetical list of employees and list of payees on income payments subject…

2012 Top 500 Individual Taxpayers Released by the BIR

Posted on October 15, 2013 by Orlando Calundan | 0 Comments

Yesterday, October 14, 2013, the Bureau of Internal Revenue (BIR) released the list of top 500 individual taxpayers. The list was topped Vivian Que-Azcona who is said to be the owner of Mercury Drug drugstore chain replacing Kris Aquino who topped…

Obligations of Hopitals, Clinics, HMOs to Withhold Taxes from Medical Practitioners

Posted on September 29, 2013 by Orlando Calundan | 1 Comment

Medicine is one of the professions where the Bureau of Internal Revenue (BIR) looks at when it comes to tax non-compliance. We are not saying that doctors and other medical practitioners like the dentists who are responsible for a complete…

Makati RTC declares invalid RMC 65-2012 subjecting condominium corporation to VAT and income tax

Posted on September 10, 2013 by Orlando Calundan | 0 Comments

A decision issued by the Makati Regional Trial Court (RTC) dated September 5, 2013 declaring Revenue Memorandum Circular (RMC) No. 65-2012, subjecting condominium corporation to VAT and income tax as invalid. This decision was issued by the RTC with Judge Encarnacion…

RMC No. 57-2013: Recovery of unutilized creditable input taxes attributable to VAT zero-rated sales

Posted on September 5, 2013 by Orlando Calundan | 0 Comments

For some reasons, a taxpayer may have excess input VAT at the end of any taxable quarter. The question is, how are these excess input VAT be treated? Excess input VAT may arise from the following: VATable sales are less…

RMC 55-2013: Tax Rules and Obligations on Online Business Transactions

Posted on August 24, 2013 by Orlando Calundan | 3 Comments

Many of us buy and sell goods, virtual goods and services using a virtual marketplace called the Internet. More and more transactions are entered into online including, but not limited to: Internet is a big marketplace for tangible and intangible…

RMC 53-2013: Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages

Posted on August 22, 2013 by Orlando Calundan | 2 Comments

Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages The Bureau of Internal Revenue, on August 16, 2013, issued Revenue Memorandum Circular (RMC) No. 53-2013, Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages.…

RMC 52-2013: Clarifying the Validity of Unused/Unissued Principal and Supplementary Receipts/Invoices Printed Prior to January 18, 2013

Posted on August 14, 2013 by Orlando Calundan | 0 Comments

On August 13, 2013, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 52-2013, for another clarification on the validity of unused/unissued principal and supplementary receipts/invoices printed prior to January 18, 2013 and other matters. Among the matters clarified are: Principal…

RR 12-2013: Requirements for deductibility of certain income payments (expenses)

Posted on August 7, 2013 by Orlando Calundan | 9 Comments

As most of us maybe aware of, the Bureau of Internal Revenue (BIR) has required related withholding tax to be paid as a condition to deductibility of certain expenses. This was set forth in section 2.58.5 of the Revenue Regulations…

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