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Taxation

This category contains 22 posts

eBIRForms version 4.7.08 fast/free download

Nowadays, access to eBIRForms website is very limited and the site is currently frequently offline due to the volume of traffic it receives.

We want to help the Bureau of Internal Revenue (BIR) deliver the eBIRForms v.4.7.07 Offline Package to the covered taxpayers so we are providing you an alternative download link that will surely work for you.  It is saved in Google Drive to ensure that the server is up, working and reliable.

Update: BIR now has eBIRForms Offline Package version 4.7.08!

Below are the download link:

Click here for version 4.7.08 (recommended)

Click here for version 4.7.07

When you click the link, the following window will appear.  Just click the download icon as indicated in the screenshot below.

eBIRForms

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

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 than VATable purchases
  • VATable sales are subject to 0% VAT (just in the case of zero-rated sales)
  • Sales are exempt from VAT
  • Excessive input VAT carried over from period to period and others…

Treatment for the these input VAT varies.  This discussion however will focus on what is the treatment or how can we recover unutilized creditable input taxes attributable to VAT zero-rated sales. Continue reading

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

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. 53-2013Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages.  Contents of RMC No. 53-2013 are provided below.

The taxability of other assessments/charges collected by Homeowners’ Association had already been clarified in Revenue Memorandum Circular (RMC) No. 9-2013 dated January 29, 2013.  It has been observed, however, that Homeowners’ Associations (Associations) are receiving contributions from members and non-members as donations in exchange for goods, services or use of properties.  As such, this Circular is issued to clarify the taxability of donations to Associations of Subdivisions and Villages, as follows: Continue reading

RMC 44-2013: Extension of Validity of Unused/Unissued Principal and Supplementary Receipts and Invoices

Extension of Validility of Receipts/Invoices

UPDATE: On August 13, 2013, the Bureau of Internal Revenue 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 and supplementary receipts/invoices with Authority to Print (ATP) prior to January 1, 2011 shall no longer be valid as of August 31, 2013.
  • No deduction from gross income shall be allowed and input tax may not be claimed for such receipts.
  • Principal and supplementary receipts/invoices with ATP from January 1, 2011 to January 17, 2013 may be used until October 31, 2013, provided new APT was issued or or before August 30, 2013, the term “valid until October 31, 2013 only” shall be stamped prominently.
  • Application for new ATP filed after April 30, 2013 is deemed to have been filed out of time and subject to a penalty of One Thousand pesos (Php1,000).

  • a certified true copy of the ATP shall be included as attachment in any application for tax clearance.  Non-submission of ATP shall be a ground for non-issuance of tax clearance for whatever purposes.

Read more of this… Click Here!


On June 11, 2013, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 44-2013, Extending the Validity of Unused/Unissued Principal and Supplementary Receipts/Invoices Printed Prior to January 18, 2013 and Other Matters.

The said RMC discusses and clarifies the following: Continue reading

The Primers: How to Fill up BIR Form Nos. 1701 and 1702 November 2011 ENCS?

“How to accomplish BIR Form No. 1701 and 1702?”.  “How to fill up BIR Form No. 1701 and 1702?”.  Some of the questions now answered by the BIR with the issuance of the Primer on BIR Form No. 1701 and 1702.

On March 8, 2013, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 26-2013 entitled “Primer on BIR Form No. 1701 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts-Including those with both Business and Compensation Income) and BIR Form No. 1702 (Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer) November 2011 ENCS.Continue reading

Withholding Tax on Political Campaign Contributions/Expenditures

It’s election coming once again!  Politicians as well as their parties are preparing for the near approaching May 2013 Election and are raising and disbursing campaign funds.  The question is, what does the Philippine tax law says about these campaign expenditures and campaign contributions?  What accountants of these political parties and individuals and juridical persons need to remember for the tax side?

Revenue Regulations (RR) No. 8-2009 was issued dated October 22, 2009, with the following subject — “Amending Further Secs. 2.57.2 and 2.57.3 of  Revenue  Regulations No. 2-98, as amended, Subjecting to Creditable Withholding Tax the Income Payments Made by Political  Parties and Candidates of Local and National Elections of All Their Campaign Expenditures and Income Payments Made by an Individual or Juridical Person Forming Part of Their Campaign Contributions to Candidates of Local and National Elections and to Political Parties“. Continue reading

RMC 9-2013: Clarifying the taxability of association dues, membership fees and other assessments/charges

On January 29, 2013, BIR issued Revenue Memorandum Circular (RMC) No. 9-2013.  The circular is issued to clarify the taxability of association dues, membership fees, and other assessments/charges collected by homeowners’ associations from its homeowner-members and other entities.

Download Memorandum Circular (RMC) No. 9-2013 full text, Click Here.

Recall that RMC No. 65-2012, dated October 31, 2012, taxability of association dues, membership fees, and other assessments/charges collected by condominium corporations from its tenants and members.  Click here to download RMC No. 65-2012. Continue reading

RMC No. 2-2013: Clarification on Deductibility of Expenses Relating to Purchase of Vehicles

On December 28, 2012, the Bureau of Internal Revenue issued Revenue Memorandum Circular No. 2-2013 clarifying certain provisions of RR No. 12-2012 on the deductibility of depreciation expenses related to purchase of vehicles and other expenses related thereto and the input taxes allowed therefor.  Among the matters clarified are:

Revenue Regulations (RR) No. 2-2013: Transfer Pricing Guidelines

Last January 23, 2013, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 2-2013 providing guidelines to transfer pricing.  These Regulations seek to provide guidelines in applying the arm’s length principle for cross-border and domestic transactions between associated enterprises.  These guidelines are largely based on the arm’s length methodologies as set out under the Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines.

To download and read more of Revenue Regulations No. 2-2013Click Here! Continue reading

Deductibility of Interest Expense/Allowable Interest Expense

It’s tax season and business and individuals with taxable year ending December 31 are starting to work on financial statements and tax returns.  One of the areas frequently confused about is the deductibility of interest expense, on what are the limits, when deductible and when non-deductible.

Let’s take a look on what the tax code says about the deductibility of interest expenses.

Section 34 of the National Internal Revenue Code of the Philippines, otherwise known as the Tax Code of The Philippines set forth the following on the deductibility of interest expense from taxable gross income: Continue reading

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

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 Existing Revenue Regulations.  As the title suggests, this RR contains revised tax rates on alcohol and tobacco products.  And what maybe the changes in the rates? Well, of course, tax rates increased! Continue reading

RR No. 12-2012 Deductibility of Depreciation and Other Related Expenses of Vehicles

Revenue Regulations (RR) No. 12-2012, dated October 12, 2012, prescribes the rules on the deductibility of depreciation expenses as it relates to purchase of vehicles and other expenses related thereto, and input taxes allowed therefor.

Read also Revenue Memorandum Circular (RMC) No. 2-2013 for some clarification regarding this matter. Click Here!

On a summary Revenue Regulations No. 12-2012 prohibits the deduction of depreciation expense and maintenance expenses of vehicles with cost exceeding P2,400,000.00 and disallowing input VAT on the purchase of this vehicle and input VAT on maintenance expenses to be deducted from output VAT, unless such vehicle is used primarily in the business of transport operation and lease of transportation equipment. Continue reading

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