TRAIN REVENUE EXCEED TARGET IN FIRST SEMESTER + BIR ON BIR FORMS 0619-E & 0619-F + BIR MEDIA RELEASE ON THE ALLEGED DELAY IN REMITTANCE OF TAXES & CONTRIBUTIONS OF ITS EMPLOYEES
Dear Clients & Friends,
We are sending the following relevant tax updates for this week, for your reference and information:
BIR TAX ADVISORY ON UNAVAILABILITY OF BIR FORMS 0619-E & 0619-F & IMPROPER USAGE OF BIR PAYMENT FORM 0605 FOR NO PAYMENT
The BIR has advised the public to not use BIR Payment Form 0605 in the absence of any remittance and as a substitute form for BIR Forms 0619-E and 0619-F or the monthly withholding tax remittance forms for Expanded Withholding Tax and Final Withholding Tax, respectively. Accordingly, the BIR will announce its availability.
BIR AMENDS RULES ON THE USE OF INVOICES/RECEIPTS OF PREVIOUSLY-REGISTERED VAT TAXPAYERS WHO ARE NOW NON-VAT TAXPAYERS PURSUANT TO TRAIN LAW
The BIR has issued Revenue Regulations (RR) No. 19-2018 dated August 9 [with released date on August 9, 2018] amending Section 13 of RR 13-2018 on the use of invoices/receipts of previously registered VAT taxpayers who are now Non-VAT taxpayers. Accordingly, the BIR provided a deadline on the use of old invoices/receipts with stamped Non-VAT by Non-VAT taxpayers.
During the change in registration from VAT to NON-VAT, the taxpayer must submit an inventory list of unused invoices and/or receipts as of the date of filing of application for update of registration and surrender the said invoices and/or receipts for cancellation.
Unused invoices/receipts, with the approval of the appropriate BIR Office, may be allowed for use, provided the phrase “Non-VAT registered as of (date of filing an application for update of registration). Not valid for claim of input tax.” shall be stamped on the face of each and every copy thereof, until new registered non-VAT invoices/receipts have been printed and received by the taxpayer or until August 31, 2018, whichever comes first. Upon receipt of newly-printed registered non-VAT invoices/receipts, the taxpayer shall submit, on the same day, a new inventory list of, and surrender for cancellation, all unused previously stamped invoices/receipts.
BIR MEDIA RELEASE ON THE ALLEGED DELAY IN REMITTANCE OF TAXES & CONTRIBUTIONS OF ITS EMPLOYEES
BIR asserted its timely remittance of taxes and contributions and clarified alleged unremitted amount as carry-over balances during the e-NGAS implementation to be refunded to BIR employees and accounts to be adjusted. If you wish to get a copy of the complete text of the above digests, please e-mail us.
TAX NEWS
- COA seeks criminal charges over P11-B tax credit irregularity
- P8.5-B fake tax stamps, high-value goods found in QC warehouses
- House panel ‘approves in principle’ the corporate tax reform package
- Pag-IBIG earns record 6th straight unqualified opinion from COA
- Ayala’s resort project in Palawan gets tax perks
- IRR for Ease of Doing Business law ready by October 22 – DTI
- Pacquiao scores another victory – this time in tax court vs BIR
- TRAIN revenues exceed target in first semester
- DOF expects P62 B from TRAIN 2
- DBCC seeks ruling clarification from Supreme Court on revenue sharing
- BOI seeks menu of tax perks under CTRP
- 4 big casino-resort operators mull investments in CEZA
COA seeks criminal charges over P11-B tax credit irregularity [Manila Bulletin, August 3, 2018]
The Commission on Audit (COA) has sought the filing of criminal charges against officials and personnel of the One Stop Inter-Agency and Duty Drawback Center (OSS Center) and textile firms involved in a tax credit certificate irregularity that may have cheated government of some P11.18 billion in illegally acquired tax incentives between 2008 to 2014.
Source: https://news.mb.com.ph/2018/08/03/coa-seeks-criminal-charges-over-p11-b-tax-credit-irregularity/
P8.5-B fake tax stamps, high-value goods found in QC warehouses [Manila Bulletin, August 3, 2018]
A raid on five warehouses in Quezon City led to the discovery of P8.5-billion fake cigarette tax stamps,
several sacks of rice, cigarettes, and pieces of jewelry concealed in wine bottles Thursday.
Source: https://news.mb.com.ph/2018/08/03/p8-5-b-fake-tax-stamps-high-value-goods-found-in-qc-warehouses/
Pag-IBIG earns record 6th straight unqualified opinion from COA [Manila Bulletin, August 1, 2018]
Pag-IBIG Fund has earned its sixth straight unqualified opinion from state auditors, breaking yet
another record in the Fund’s 37-year history.
Ayala’s resort project in Palawan gets tax perks [Manila Bulletin, August 1, 2018]
Seda Lio Resort, a P1.7-billion hotel resort project of Ayala Land Hotel and Resorts Corp. (AHRC), has
been granted income tax holiday by the Board of Investments proudly calling it as the first inclusive
business model project under the current Investment Priorities Plan (IPP).
Source: https://business.mb.com.ph/2018/08/01/ayalas-resort-project-in-palawan-gets-tax-perks/
IRR for Ease of Doing Business law ready by October 22 – DTI [Manila Bulletin, August 1, 2018]
Despite challenges, the Department of Trade and Industry (DTI), the lead agency in the crafting of the
implementing rules and regulations (IRR) on the Ease of Doing Business law, is confident of coming
with the IRR by October 22 this year as government moves to remove bureaucratic red tape to
improve ease of doing business in the country, which is one of the slowest in the region turning off
investors.
Source: https://business.mb.com.ph/2018/08/01/irr-for-ease-of-doing-business-law-ready-by-october-22-dti/
Pacquiao scores another victory – this time in tax court vs BIR [Philippine Daily Inquirer, August 2,
2018]
Following his victory in the boxing ring against Argentinian Lucas Matthysse, Sen. Manny Pacquiao
scored another victory – this time, at the Court of Tax Appeals (CTA).
TRAIN revenues exceed target in first semester [Manila Bulletin, July 31, 2018]
Revenues from the newly-enacted tax reform law exceeded its target in the first six-months of the
year, which dragged down the national government’s budget deficit, the Department of Finance (DOF)
said yesterday.
Source: https://business.mb.com.ph/2018/07/31/train-revenues-exceed-target-in-first-semester/
DOF expects P62 B from TRAIN 2 [Manila Bulletin, July 30, 2018]
The Department of Finance (DOF) wants its so-called tax reform package two-plus (TRAIN 2) covering
the sin products and other areas of the mining sector to be passed into law next year.
Source: https://business.mb.com.ph/2018/07/30/dof-expects-p62-b-from-train-2/
DBCC seeks ruling clarification from Supreme Court on revenue sharing [Manila Bulletin, July 30,
2018]
The inter-agency Development Budget Coordination Committee (DBCC) will seek clarification from the
Supreme Court whether local government units (LGUs) will have a share in revenues from economic
zones.
BOI seeks menu of tax perks under CTRP [Manila Bulletin, July 29, 2018]
The Board of Investments (BOI), the government’s premier investment generating agency, has
proposed a menu of effective incentives for specific strategic industries, removal of the exports and
nationality bias on investments and incentives for contestable market as they backed the Duterte
administration’s push to cap the country’s fiscal incentives regime under the second package of the
comprehensive tax reform program (CTRP).
Source: https://business.mb.com.ph/2018/07/29/boi-seeks-menu-of-tax-perks-under-ctrp/
4 big casino-resort operators mull investments in CEZA [Manila Bulletin, July 28, 2018]
Four big integrated resort and casino operators are investing $800 million initially in the Cagayan
Special Economic Zone and Freeport as they anticipate an big influx of tourists in this freeport in
northern Philippines, which is known for its offshore gaming operations, and a global financial
technology (Fintech) hub.
Source: https://business.mb.com.ph/2018/07/28/4-big-casino-resort-operators-mull-investments-in-ceza/
Thanks and best regards.
WILLIE B. SANTIAGO
Lawyer and Certified Public Accountant
Tax & Corporate Services Division