Tax Update

Customer info needed in VAT receipts, says BIR

MANILA, Philippines - The Bureau of Internal Revenue said yesterday receipts for value-added tax transactions should carry the name of the customer, address, and taxpayer identification number....

Reference: PhilStar, Oct. 07, 2015 (RMC 64-2015)

Recast inventory reporting rule extended another month to end-October

Internal Revenue Commissioner Kim S. Jacinto-Henares has extended up to October 31 the deadline for the submission of the new reporting requirements imposed on companies maintaining inventories of stock-in-trade, raw materials, goods and other supplies...

Reference: Business Mirror, Oct. 06, 2015 (RMC 57-2015)

BIR tightens scrutiny on refund applications

In Revenue Memorandum Order no. 19-2015, the bureau also identified taxpayers that will be prioritized under its audit program...

Reference: Business World Online, Sep. 27, 2015

BIR bans thermal paper receipts

The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) ordered all business establishments and individual taxpayers not to use thermal paper in issuing receipts as it fades and become unreadable over time...

Reference: Manila Bulletin, Oct. 07, 2015 (RR 10-2015)

Clarifying VAT exemptions for domestic and intl transport operations

At last, the Bureau of Internal Revenue (BIR) has clarified the exemptions granted by law to international carriers. Section 109 of the National Internal Revenue Code (NIRC), as amended, provides specific transactions that are exempt from value- added tax (VAT). Among these exempt transactions are those relating to international shipping and air-transport operations......

Reference: Business Mirror, Jan. 06, 2016 (RR 15-2015)