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July 16, 2024

EOPTA Revenue Regulations No. 5-2024: Tax Refunds

This regulation applies to tax credit/refund claims filed from July 1, 2024, onwards. Contents Vat Refunds: Limitations: Refund of Excess Income Tax Credits for Taxpayers with “Going Concern” Status: Refund of Excess Income Credits for Taxpayers Undergoing Closure: Refund of Erroneously or Illegally Collected Tax: IndividualJudicial Claim for Credit/Refund:s Exempt from Filing Income Tax Returns: […]

EOPTA Revenue Regulations No. 4-2024: Filing of Tax Returns and Declaration of Taxable Income

These Revenue Regulations address how to file tax returns, pay taxes, and other considerations related to reporting taxable income. Contents Electronic Filing and Payment: Acceptance of Manual Payments: Authorized agent banks and revenue collection officers will only accept manual tax payments after taxpayers have electronically filed their tax returns, unless otherwise directed. Income Tax Returns […]

July 12, 2024

EOPTA Revenue Regulations No. 2-2024: Release of Tax Updates

These rules are meant to improve transparency and make it easier for taxpayers to get the information they need.  Key Points Section 245(i) says that the BIR needs to prepare and share information about tax returns, reports, collections, and other relevant things using electronic means. This is so that taxpayers are always aware of their […]

EOPTA Revenue Regulations No. 3-2024: Implementation of VAT and Percentage Tax Amendments

The Secretary of Finance has issued Revenue Regulation (RR) No. 3-2024 to implement changes to the NIRC 1997 (Tax Code), as amended by Republic Act No. 11976, known as the “Ease of Paying Taxes Act”.  Contents Key Changes in Terminology: Gross Sales –  will now be used for both goods and services instead of “gross […]

July 10, 2024

Strategic Insights: Php 35 Minimum Wage Increase in NCR

On July 1, 2024, the Department of Labor and Employment (DOLE) approved a Php 35 increase in the daily minimum wage for workers in the National Capital Region. The Regional Tripartite Wages and Productivity Board in the National Capital Region supported the petitions for the wage increase from various labor groups, including the Unity for […]

July 5, 2024

Property Management Accounting Made Easier with CloudCFO: A Case Study for Instant Equity and Real Property Management, USA

Effective financial management is crucial for sustained growth and success in any industry, but property management accounting faces its own set of unique challenges. Instant Equity, founded by Paul Heaps, has worked with CloudCFO for 2 years. This case study explores how partnering with CloudCFO to outsource accounting in the Philippines transformed Instant Equity’s financial […]

July 3, 2024

July Tax Calendar

Remember to keep up with the latest BIR tax rules for this month. It’s important to act early when it comes to your tax responsibilities, including submitting electronically, making payments, and sending money. Download our July 2024 Tax Calendar for an easy way to see all the important dates and deadlines this month. Partner with […]

July 1, 2024

Important Update: Revised BIR Form No. 2550Q (Quarterly VAT Return) for April 2024

RMC 68-2024 announces that the revised BIR Form No. 2550Q (Quarterly Value-Added Tax (VAT) Return) for April 2024 (ENCS) is now available for download in PDF format. Take note of the following: Stay compliant with CloudCFO Stay tax compliant and informed about tax matters by partnering with CloudCFO, the cloud accounting firm for SMEs and […]

June 19, 2024

Strategic Insights: Withholding Tax Obligations for Marketplaces and E-commerce companies

The use of online platforms for buying and selling goods is growing in the Philippines, and this means that the rules about taxes for these kinds of transactions are getting more complicated. The government has recently introduced withholding 1% tax on half of the gross remittances made to sellers/merchants for goods or services transacted through their platforms.  These changes affect how these companies work with people who sell things online.