Tax Updates Archives - Philippine Accounting Updates

Payment of taxes during MECQ – RMC No. 79-2020

Posted on August 8, 2020 by Orlando Calundan | 0 Comments

The country is again put under Modified Enhanced Community Quarantine (MECQ) for 15 days, from August 4 to 18, 2020. The areas affected are Metro Manila, Bulacan, Rizal, Cavite, and Laguna. With MECQ, some industries are allowed to operate at…

Clarifications on filing of BIR Form No. 1709 or Related Party Transaction form

Posted on August 2, 2020 by Orlando Calundan | 0 Comments

The Bureau of Internal Revenue recently issued Revenue Regulations (RR) No. 19-2020 introducing BIR Form No. 1709, replacing form no. 1702H series of 1992. BIR Form No. 1709 is also called Related Party Transaction (RPT) form. Various issues and questions…

VAT on Digital Services (Netflix, Spotify, Lazada) in PH? Agree?

Posted on July 29, 2020 by Joanna C. | 0 Comments

The government may be in dire need of revenue source as the pandemic goes on and billions of borrowing have been or are being spent to recover. While the government commits to pass a tax reform that will help the…

Online Businesses should Register and Comply with their Tax Obligations

Posted on July 29, 2020 by Joanna C. | 0 Comments

As we suffer an international health crisis brought about by the COVID-19 pandemic, many businesses and companies were forced to put a halt in their operations and to lay off many of their workforces. For many, they can’t rely on…

Online transactions and withholding tax in the “new normal”

Posted on July 28, 2020 by Orlando Calundan | 0 Comments

The Coronavirus pandemic (more commonly known as COVID-19) has changed so much about the way we live, the things we used to do, the places we used to go, the friends, and even transactions we used to enter, and the…

CRYPTO: Taxation on crypto-assets

Posted on September 8, 2019 by Arlan V. | 0 Comments

Previously: Accounting for non-monetary asset? and Valuation of crypto (in the context of IFRS 13). Levies on Crypto Outside PH Tax Authority Tax law and crypto have one thing in common. According to a leading crypto digital thinktank, Crypto Research…

BIR reduces requirements for tax clearance, orders frontline to issue CAR within 5 days

Posted on July 14, 2016 by Orlando Calundan | 0 Comments

Heeding the call of the President of the Republic, the Bureau of Internal Revenue (BIR) begun its journey towards change through two (2) revenue issuances which effectively cuts down on red tape in the processing of Tax Clearance Certificates (TCC)…

Use the updated eBIRForms version 6.0

Posted on April 5, 2016 by Orlando Calundan | 20 Comments

Update: Current version of eBIRForms Offline Package is v7.6.1. Click here to download this latest version. Taxpayers are now filing their tax returns in the hope of avoiding the rush where they need to queue in a very long line or…

Deficiency interest not applicable to VAT, expanded and withholding tax on compensation – CTA

Posted on December 18, 2015 by Orlando Calundan | 0 Comments

We are sharing with you an article written by Wendy C. Go with regards to a Court of Tax Appeals (CTA) decision ruling that deficiency interest is not applicable to value-added tax (VAT), expanded withholding tax and withholding tax on compensation, published…

Tax obligations of Uber, Grab Taxi and Other TNCs and Partners

Posted on November 3, 2015 by Orlando Calundan | 7 Comments

Uber, Grab Taxi/Grab Car, Lyft and other Transportation Network Companies (TNCs), just like any other businesses are subject to tax. In fact, when it comes to tax obligations, unless specifically exempted by the National Internal Revenue Code or a special…

RMC 57-2015: Submission of List of Inventories (extended)

Posted on September 28, 2015 by Orlando Calundan | 33 Comments

The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 57-2015, Submission of Inventory List and Other Reporting requirements, with the objective of implementing an expanded and improved landscape of accounting information reporting that seeks to provide…

BIR Form No. 2305 data entry and validation module download

Posted on September 22, 2015 by Orlando Calundan | 153 Comments

As what we have previously discussed, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 59-2015 to circularize the availability of: Update of Exemption of Employees (UEE) (BIR Form No. 2305) Data Entry Module 2305 Batch File…

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