Philippines: Tax guidance from Bureau of Internal Revenue

Recent guidance from the Bureau of Internal Revenue

Recent guidance from the Bureau of Internal Revenue

The Bureau of Internal Revenue has issued guidance relating to the following tax issues.

  • Revenue Memorandum Circular No. 21-2022 (9 December 2021) provides workaround procedures and guidelines in relation to the claiming of input value added tax (VAT) on purchases or importations of capital goods provided in Section 110 of the National Internal Revenue Code of 1997, which was amended by Republic Act No. 10963. Read a February 2022 report
  • Revenue Memorandum Circular No. 16-2022 (31 January 2022) clarifies the scope and coverage of the extension of deadlines granted pursuant to Revenue Regulations No. 1-2022, particularly item 1 and 3 of Section 2. Read a February 2022 report
  • Revenue Memorandum Circular No. 19-2022 (4 February 2022) provides clarification and guidance on Section 8 of Revenue Regulations No. 5-2021 on the tax-free exchanges of properties under Section 40(C)(2) of the tax code. Read a February 2022 report
  • Revenue Memorandum Circular No. 20-2022 (17 February 2022) provides guidance on the filing of requests for confirmation, tax treaty relief applications, and tax sparing applications. Read a February 2022 report

 

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