tax reminder
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Taxation is the lifeblood of the nation, and without it, the government would not survive. Taxes serve many purposes that everyone can benefit – from infrastructure, military, administration, etc.

In the Philippines, BIR or the Bureau of Internal Revenue is the tax authority that administers the collection of taxes. It is tasked to facilitate and assess taxpayers on how to pay taxes properly. Whenever there are new guidelines, BIR makes sure that it will be published so that the taxpayers will be aware and be responsible for the filing and payment processes.

In case you haven’t heard the latest revenue issuances, here are some of the latest updates:

1. A new revenue regulation amending the old format of “Notice to the Public” to be exhibited at the place of business.

You are probably familiar with the signage “Ask for Receipt”. This is commonly seen in business establishments in the Philippines. BIR requires all businesses to post this visibly to ensure all buyers are aware of their right to ask for a receipt and that the sale is properly declared.

The transition of the formats is as follows:

Section 2 of this regulation stated its purposes which are:

  • Improve revenue collection
  • Inform the public/buyers to require the seller to issue OR/SI
  • Direct businesses to post the Notice in their places of business in an area visible to the public

This will be clear-cut guidance for the buyers/customers to be informed of their rights in case those sellers refuse to issue receipts/invoices and the consequences for the violation.

2. Extension of Deadline for the Submission of the Annual Information Return of Income Taxes Withheld on Compensation and Final Withholding Taxes (BIR Forms No. 1604C & 1604F). RMC 124-2019.

It will be a relief for the taxpayers that they still have the chance to catch up to the ever-dynamic scheme of BIR, of course, BIR must give this opportunity not just for the sake of immediate filing, but for everyone to gradually adapt to changes.

One reason for this extended deadline for submission is the transition of the new withholding tax scheme from old tax law to TRAIN law. There are few to several amendments that the system must also adapt. This results in the rise of technical difficulties among taxpayers in using the system and eventually not filing on time.

This Circular is hereby issued to inform all concerned taxpayers that the Alphalist Data Entry and Validation Module (Version 6.1), the prescribed facility for accomplishing the Alphabetical List of Employees/Payees From Whom Taxes Were Withheld for purposes of submission to this Bureau, is currently being enhanced and its completion is still being determined until all the technical issues have been finally addressed. RMC 124-2019.

3. eReg is back in business!

No more waiting for a long day to register your new employees’ TIN (Taxpayer Identification Number) to your respective RDO’s (Revenue District Offices). Those days are over. It is at your fingertips now!

With the help of technology, you can finally enroll your new employees for TIN through the electronic registration system facility offered by BIR.

Recent Memorandum being issued by the BIR to disseminate the availability of eRegistration (eREG) System for use by Corporate or Non-Individual Taxpayer-Employers to facilitate the issuance of Taxpayer Identification Number (TIN) of their employees. RMC 118-2019

This is very good news for the employers in busy industries since they will no longer be required to go to their respective RDOs for the registration and application of TIN for new employees. Even though this system was once created and closed also this year due to system maintenance, the good thing now that it is back to serve convenience once again. Less hassle, just do the fun enrolling in the system, kudos BIR!

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tax deductable calendar

WHAT ARE THE REQUISITES OF DEDUCTIBLE EXPENSES

Every business industry essentially runs for a profit. Owners/managers assure that business operations must always result in a generation of revenue or positive cash flow.