Bureau of Internal Revenue Archives - Philippine Accounting Updates

Revenue regulation increasing withholding tax rates drafted by BIR

Posted on September 8, 2014 by Orlando Calundan | 2 Comments

It has already became a part of our regular business process to withheld taxes on certain income payments to individuals and juridical persons as required by the Bureau of Internal Revenue (BIR). The laws and regulations covering withholding taxes has…

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: Purchase of goods and services for personal use Purchase…

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.…

Philippines ‘sin tax’ introduced (revised tax rates on cigarettes and alcohols)

Posted on January 1, 2013 by Orlando Calundan | 0 Comments

On December 26, 2012, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 17-2012 Prescribing the Implementing Guidelines on the Revised Tax Rates on Alcohol and Tobacco Products Pursuant to the Provisions of Republic Act No. 10351 and to Clarify Certain Provisions of…

New Quarterly Income Tax Returns (1702Q and 1701Q)

Posted on April 16, 2012 by Orlando Calundan | 81 Comments

Some of us may have already filed our income tax returns in the new format prescribed by the Bureau of Internal Revenue (BIR). These new tax returns may be downloaded here. You can also visit in the list of all…

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