Mantalaba-Mabilen Accounting Firm

𝗕𝗜𝗥 𝗖𝗟𝗔𝗥𝗜𝗙𝗜𝗘𝗦 𝗖𝗥𝗘𝗗𝗜𝗧𝗔𝗕𝗟𝗘 𝗪𝗜𝗧𝗛𝗛𝗢𝗟𝗗𝗜𝗡𝗚 𝗧𝗔𝗫 𝗥𝗨𝗟𝗘𝗦 𝗙𝗢𝗥 𝗧𝗢𝗣 𝗪𝗜𝗧𝗛𝗛𝗢𝗟𝗗𝗜𝗡𝗚 𝗔𝗚𝗘𝗡𝗧𝗦 𝗨𝗡𝗗𝗘𝗥 𝗥𝗥 𝗡𝗢. 𝟮𝟰-𝟮𝟬𝟮𝟱

The Bureau of Internal Revenue (BIR) advises all Top Withholding Agents (TWA), manufacturers, direct importers, taxpayers, and other stakeholders that it has issued Revenue Memorandum Circular (RMC) No. 79-2026, which clarifies the provisions of Revenue Regulations (RR) No. 24-2025 on the imposition of Creditable Withholding Tax (CWT) on Top Withholding Agents.

The Circular provides answers to frequently asked questions on the implementation of RR No. 24-2025, including the application of the one-half percent (1/2%) CWT on purchases from manufacturers and direct importers of covered goods intended for wholesale. It also clarifies the documentary requirements for establishing a supplier's status, the proper interpretation of "intended for wholesale," and the circumstances under which the preferential 1/2% CWT rate applies.

In addition, RMC No. 79-2026 clarifies the application of the withholding tax rules to purchases involving motor vehicles in Completely Built Unit (CBU) or Semi-Knocked Down (SKD) form, motorcycles, pharmaceutical products, and solid and liquid fuels and related products. It also prescribes the appropriate corrective measures when an incorrect withholding tax rate has been applied.
The issuance aims to promote the uniform implementation of RR No. 24-2025, provide clearer guidance to withholding agents and taxpayers, and ensure the proper application of withholding tax rules in covered transactions.

For the full text of RMC No. 79-2026, visit the BIR website or access the Circular through this link:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2079-2026_redacted.pdf

𝗣𝗨𝗕𝗟𝗜𝗖 𝗔𝗗𝗩𝗜𝗦𝗢𝗥𝗬 : 𝗕𝗜𝗥 𝗘𝗫𝗧𝗘𝗡𝗗𝗦 𝗗𝗘𝗔𝗗𝗟𝗜𝗡𝗘 𝗙𝗢𝗥 𝗘𝗔𝗙𝗦 𝗦𝗨𝗕𝗠𝗜𝗦𝗦𝗜𝗢𝗡𝗦 𝗨𝗡𝗧𝗜𝗟 𝗠𝗔𝗬 𝟮𝟱

The Bureau of Internal Revenue (BIR) has announced that it is extending the deadline for the submission of the 2025 Audited Financial Statements (AFS) and other mandatory attachments through the Electronic Audited Financial Statements (eAFS) facility until May 25, 2026.

The extension was finalized through Revenue Memorandum Circular No. 46-2026 to provide administrative relief to taxpayers who encountered eAFS system-related technical issues during the recently concluded 2025 Annual Income Tax Return (AITR) filing season.

Under this issuance, penalties arising solely from delayed attachment submissions during this period are waived.

The extension until May 25, 2026, strictly applies to the following taxpayers:

1. Those who were unable to successfully upload their 2025 AFS and attachments through the eAFS platform on or before May 15, 2026, due to system-related issues; and

2. Those who utilized the contingency email submission route on or before May 15, 2026, but have not yet received an official email acknowledgment receipt from their concerned BIR office.

Taxpayers who submitted their attachments through the prescribed contingency email procedure on or before May 15, 2026, and have already received an email acknowledgment from their concerned BIR office, are considered fully compliant.

They are not required to resubmit via the eAFS facility, though they may still choose to do so voluntarily.

The BIR clarified that this extension applies only to the submission of the AFS and related attachments through the eAFS facility. It does not extend the statutory deadline for the filing and payment of the Annual Income Tax Return (AITR) itself.

The full copy of the guidelines can be accessed through this link:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2046-2026.pdf

𝗕𝗜𝗥 𝗟𝗔𝗨𝗡𝗖𝗛𝗘𝗦 “𝗘𝗔𝗦𝗘 𝗢𝗙 𝗖𝗟𝗢𝗦𝗜𝗡𝗚 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦” 𝗚𝗨𝗜𝗗𝗘𝗟𝗜𝗡𝗘𝗦 𝗙𝗢𝗥 𝗧𝗔𝗫 𝗥𝗘𝗚𝗜𝗦𝗧𝗥𝗔𝗧𝗜𝗢𝗡 𝗖𝗔𝗡𝗖𝗘𝗟𝗟𝗔𝗧𝗜𝗢𝗡; 𝗧𝗔𝗫 𝗖𝗟𝗘𝗔𝗥𝗔𝗡𝗖𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗 𝗔𝗦 𝗙𝗔𝗦𝗧 𝗔𝗦 𝗧𝗛𝗥𝗘𝗘 𝗗𝗔𝗬𝗦

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 47-2026 on May 19, 2026, prescribing new guidelines to simplify the process for closing businesses and cancelling tax registration, as part of the implementation of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act.”

“This is our ‘Ease of Closing Business’ reform,” Commissioner Charlito Martin R. Mendoza said. “In line with President Ferdinand R. Marcos Jr.’s directive to make government services faster, better, and more responsive, and Finance Secretary Frederick D. Go’s push to make tax administration more investor-friendly and business-friendly, the BIR is making it easier for taxpayers who have already ceased operations to properly close their business and cancel their registration.”

“From improving the ease of doing business and the ease of paying taxes, this reform completes the BIR’s support for businesses through every stage of the business life cycle. If we make it easier to start and operate a business, then the government must also make it easier to properly close BIR registration once operations have already ceased,” he added.

Under RMC No. 47-2026, taxpayers who have already ceased operations may now apply for the closure or cancellation of their registration, either manually or electronically, through the Revenue District Office where their head office or branch is registered.

The Circular simplifies and standardizes documentary requirements. Together with the application form and the surrender of original BIR registration documents and permits previously issued to the business, taxpayers will only be required to submit two other document sets for closure: the list of ending inventory of goods and supplies, including capital goods for VAT-registered taxpayers, and the unused invoices, supplementary documents, and other unutilized accounting forms, together with their inventory.

Under the new guidelines, penalties for non-filing of tax returns shall no longer accrue once the taxpayer submits the complete documentary requirements for the closure or cancellation of registration. To prevent the further accumulation of open cases, the taxpayer’s registered form types shall likewise be placed under “deregistered” status upon submission of the complete requirements. Filing an application for the closure or cancellation of registration, however, does not preclude the Bureau from conducting an audit to determine any outstanding tax liabilities.

In addition, micro taxpayers shall not be subject to mandatory audit for closure and/or cancellation of business registration. Hence, tax clearances will be issued within three (3) working days from submission of complete documentary requirements for those with no open cases or outstanding liabilities. For micro taxpayers with open cases, tax clearance will be issued within three (3) working days from the submission of the complete documentary requirements and the payment of outstanding liabilities, including penalties.

Commissioner Mendoza encouraged taxpayers who have already ceased operations to avail themselves of the streamlined process to avoid the continued accumulation of penalties and to properly update their registration records with the Bureau.

Read the full RMC here:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2047-2026.pdf

Year end submission is a wrap. Time to take that break to recharge.

We are sincerely thankful for all whom we have served throughout the last five years. We celebrate this milestone with utmost reverence to the Almighty Father who make all things possible. Ad Majorem dei Gloriam! May His name be praised.

Good news for our transport group.

In line with the directive of 𝙋𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙩 𝙁𝙚𝙧𝙙𝙞𝙣𝙖𝙣𝙙 𝙍. 𝙈𝙖𝙧𝙘𝙤𝙨 𝙅𝙧., the Department of Trade and Industry through Small Business Corporation has launched the 𝗪𝗼𝗺𝗲𝗻’𝘀 𝗘𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲 𝗙𝘂𝗻𝗱 to support women-led MSMEs.

With loans of up to ₱20 million, low interest rates, and faster processing, the program empowers Filipina entrepreneurs to grow and sustain their businesses. Apply now and take the next step in your negosyo journey. 🇵🇭

🎥: https://youtu.be/KIf_tc8BaHY?si=sHEvQ4C15kSaD8Vl

MMAF is now on its way to celebrate our 5th year anniversary! We are grateful for the continued trust and confidence of all our clients. We are now opening our doors for new addition to the team. Looking forward to work with young & young at heart professionals excited to learn, master & enjoy 😊 the art of accounting.

Join us as we embrace a more exciting 2026! ✨🌟

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MMAF family extends our warmest greeting to every household: Merry Christmas and Happy Holidays! Have a meaningful celebration with your family and friends. May God be praised!!!