With the implementation of the Bayanihan to Recover as One Act, taxpayers will enjoy various exemptions under the law, including relief for businesses incurring losses due to the Pandemic. One such relief, is the issuance of the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 25-2020 which prescribes the rules and regulations extending the period of… Continue reading BIR Issues Revenue Regulation Extending Claiming of Net Operating Loss Carry-Over to Five (5) Years
The Bureau of Internal Revenue recently released its latest Revenue Regulation-21-2020, which promotes the promulgation of the VAPP (Voluntary Assessment and Payment Program) for the taxable year of 2018. According to this circular, taxpayers may settle their unpaid tax deficiencies for 2018 without being subject to any investigation or meticulous audit of their personal and business… Continue reading BIR Launches Program Cutting Audits to Address Issues Brought by the Pandemic
As a business owner, you must be concerned about paying the right taxes on the proper deadlines to avoid hefty penalties. However, no matter how diligent a business is, it is inevitable to encounter discrepancies and shortcoming when filing tax returns. When the Bureau of Internal Revenue has questions regarding your returns, you have… Continue reading Revenue Memorandum Circular No. 110-2020: Clarifying the Proper Service of Electronic Letter of Authority (eLA)
