Today, we are celebrating Valentine’s Day, which many will celebrate by giving flowers or boxes of chocolate, or by arranging dinner dates or visits to romantic locations. These gestures are meant to show our appreciation and care for loved ones. All things considered, this love month can also be a time for showing how much […]
Tag: taxpayers
A closer look at quarterly VAT filing
Republic Act (RA) No. 10963 or the TRAIN Law introduced several major revisions to the National Internal Revenue Code (Tax Code) of 1997. While the law became effective on Jan. 1, 2018, some changes were implemented in a staggered manner. One of the notable changes to be implemented this year is the removal of the […]
Yet another BIR deadline in April
For taxpayers following the calendar year as their tax period, the start of the new year marks the countdown to the April income tax deadline. While this is the most pressing deadline for most taxpayers, we should not forget that there is also another BIR requirement due in April — the Request for Confirmation (RFC) […]
What taxpayers can expect in 2023
With 2022 in our rearview mirrors, let us now face 2023 with full optimism and determination to succeed. To help us realize our aspirations for this new year, let us examine what 2023 has in store for us — taxpayers and tax practitioners alike. CHANGES IN TAX RATES By now, taxpayers should be aware of […]
Endings and beginnings: Year-end tax reminders and tax changes in 2023
“Celebrate endings – for they precede new beginnings.” — Jonathan Lockwood Huie Here we are with two days left in 2022! For the past few weeks, most of us have been busy giving gifts and ticking off grocery lists as we finish our last-minute preparations for media noche, and coming up with resolutions for the […]
Bills on Ease of Paying Taxes: Creation of small taxpayer group, different e-payments proposed
THE SENATE Ways and Means Committee on Wednesday deliberated on proposals to ease the payment of taxes, including the creation of new classifications for small taxpayers and adopting different online payment platforms. “The measures aim to simplify the lives of our taxpayers, make it convenient, and enable them to use cutting-edge technologies as means of […]
Regulatory tax update beginning Jan. 1, 2023
As we take on the last month of 2022 and embrace a new year, a fresh set of tax updates is also coming our way. In 2023, we will see various changes in our tax system because of the Tax Reform for Acceleration and Inclusion Law under the Comprehensive Tax Reform Program. First on the […]
BIR says small taxpayers won’t be focus of agency’s enforcement efforts
THE Bureau of Internal Revenue (BIR) said on Monday that small taxpayers will not bear the brunt of its enforcement actions, adding that its efforts will be focused on medium-sized and large companies. “In this administration, we will really focus on large taxpayers and medium taxpayers,” BIR Commissioner Lilia Catris Guillermo said at the Senate […]
BIR to launch online taxpayer registration system
THE Bureau of Internal Revenue (BIR) announced that it will launch an Online Registration and Update System (ORUS) in 2022 or 2023, in compliance with its Digital Transformation Roadmap. ORUS will accept registration-related transactions. Users need to provide updated records, particularly e-mail addresses and contact information. Registered users will nominate an official taxpayer e-mail address, to […]
Tax Notes: Tax filing, payment deadlines extended for 30 calendar days for taxpayers in areas under Alert Level 3 or higher; out-of-district filing allowed
The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) 1-2022, which extends statutory deadlines for taxpayers within the jurisdiction of BIR Revenue Regions (RRs) and…
Tax reminders on your inventories
As we near the end of the calendar year, many companies will be busy preparing for their year-end inventory tally. In certain industries, such assets make up a significant portion of a company’s balance sheet. Needless to say, it is important for taxpayers to know or review the tax rules and compliance requirements relevant to […]
The VAT refund that got away?
Two weeks ago, our Let’s Talk Tax article covered the new Value-Added Tax (VAT) rules on sale of goods to ecozone entities and exporters. This was pursuant to Revenue Regulations (RR) No. 9-2021 which imposed 12% VAT on certain transactions that were previously taxed at 0%. The RR met with strong opposition from various stakeholders […]
On to the tax audit period
Physical exhaustion, sleepless nights, and anxiety are among the words that some might use to describe the experience of taxpayers and their accountants in this tax season just concluded, an ordeal heightened by the effects of the pandemic and lockdowns. Thinking about the tax filing season, I remember Sisyphus, from Greek mythology, who was made […]
The right to be (actually) heard
Last night, I had a heated discussion with my friend, which turned in part on open-mindedness to my arguments. Even though I laid out my case, it fell on deaf ears. I believed that the altercation could have been settled if only my friend was willing to listen to my explanations. Sounds familiar? I know […]