On 26 March 2021, the president signed into law Republic Act No. 11534 or the CREATE Act, which is the reconciled version of the Bicameral Conference Committee. It settled the disagreeing provisions of House Bill No. 4157 and Senate Bill No. 1357. The CREATE Act was previously known as the Corporate Income Tax and Incentives Reform Act (CITIRA) bill. The law will become effective on 11 April 2021.
The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 20-2020 dated 3 August 2020, amending RR No. 06-2013 in relation to RR No. 06-2008, governing the imposition of tax on the sale, barter, exchange or other disposition of shares of stock not traded through the local stock exchange.
The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 7-2020 (RR 7-2020) dated 27 March 2020 to implement Section 4(z) of Republic Act No. 11469 otherwise known as “Bayanihan to Heal as One Act.” Under RR 7-2020, the BIR extends the statutory deadlines and timelines for the filing…
On 30 March 2020, in light of the declaration of a State of National Emergency, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 34-2020 (RMC 34-2020) to suspend the running of the statute of limitations on the period to assess and collect taxes under Section 203 and…
In order to provide relief to taxpayers who will not be able to prepare, let alone file, various tax returns which are due this March 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 29-2020 (RMC 29-2020) on 19 March 2020. Under RMC No. 29-2020, the deadline…