Tax Alert 2015: Mandatory Use and Online Enrollment of EBIRForms as prescribed by RR 5-2015 for NON-EFPS filers or Manual Filers

by Greg Aquino | Mar 19, 2015 | Accounting Best Practices, Lets Talk Tax, Tax Updates

Philippines – The Bureau of Internal Revenue has released a memorandum mandating Non-EFPS Filers or Manual Filers to use the eBIRForms through the issuance of an amendment of the Revenue Regulation 6-2014 under the Revenue Regulations 5-2015 dated March 17,...

Statutory Cap Exemption on 13th Month and Other Bonuses From 30k to 82k Is Now A Law Effective CY 2015

by Greg Aquino | Feb 12, 2015 | Accounting Best Practices, Lets Talk Tax, Tax Updates

Philippines – Another mark on the history of Philippine Taxes is the amendment of Section 32(B)(7)(E) of the National Internal Revenue Code (NIRC) of 1997 where the former statutory allowance of Thirty Thousand Pesos (P 30,000.00) was increased to Eighty Two Thousand...

Lessor’s Mandatory Submission of Lessee Information Sheet as Prescribed by RR 12-2011 – Due Every 31st Day after the Close of Every Semester

by Greg Aquino | Jan 15, 2015 | Accounting Best Practices, Lets Talk Tax, Tax Updates

Lessors are reminded to monitor and submit to BIR a semi-annual Lessee Information Sheet (see image below) as prescribed by Revenue Regulations No. 12-2011 issued on July 25, 2011. BIR Lessee Information Sheet RR 12-2011  The required Lessee Information Sheet...

Mandatory Submission Of Copies of BIR Form 2316 Certificate of Withholding Tax or Compensation Tax Payment on or Before February 28th

by Greg Aquino | Jan 14, 2015 | Accounting Best Practices, Lets Talk Tax, Tax Updates

Philippines – The Bureau of Internal Revenue has mandated all employers to submit duplicate copies of its “employee certificate of withholding taxes/payments (BIR Forms 2316)” through the issuance of BIR Revenue Regulations (RR) 11-2013. The ruling...

Christmas Bonus, is it taxable or exempt from tax?

by Greg Aquino | Dec 12, 2014 | Lets Talk Tax, Tax Updates

Holiday Greetings! Merry Christmas and a Happy New Year! 🙂  Its holiday season and most organizations are now releasing Christmas bonuses or gifts to its employees. However, did we ever asked ourselves if the Christmas bonus we receive should be taxed or not? If not,...

Common Problems in the Preparation of The Employee Alphalists (BIR Form 1604CF) and How to Possibly Solve Them

by Greg Aquino | Dec 11, 2014 | Accounting Best Practices, Lets Talk Tax

The Dilemma Every year, an Annual Alphalist of Employees are prepared and submitted to the Bureau of Internal Revenue on or before January 31st after the close of each year. The business world preparers of the alphalist encounters several issues that occurs year after...