F. A. Vicente Tax, Accounting, Audit, Advisory

Inherited property but the title is still in the decedent's name? Let's avail 6% Estate Tax Amnesty and avoid penalties! Until June 14, 2023

Just a friendly reminder

The BIR has currently issued RMC No. 8-2023 regarding implementation of an expanded and improved landscape of accounting information reporting that seeks to provide reliable data and to maximize the quality and adequacy of such data for better monitoring and analysis of Inventory List per RMC No. 57-2015.

The following phrases are added in Section 2:

* "in soft copies"
* " or Universal Storage Bus (USB) Flash drive

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BIR has issued RMC No. 5-2023:
Providing Transitory Provisions for the Implementation of the Quarterly Filing of VAT Returns Starting January 1, 2023 Pursuant to Section 114(A) of the National Internal Revenue Code of 1997 Tax Code, as Amended by Republic Act (R.A.) No. 10963, Oherwise Known as the "Tax Reform for Acceleration or Inclusion" or the "TRAIN Law"

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Tax Year End Reminders

LGU Taxes:

1. Local Business Tax - Quarterly/Annually

2. Mayor's permit, sanitary inspection, signboard, business plate, zoning clearance, garbage fee - Annually

* Annual local taxes and fees for renewal of business permits/licenses shall be due on or before of the following year. January 20 or if payment was made in installment/quarterly: Q1 on or before January 20; Q2 on or before April 20; Q3 on or before July 20 & Q4 October 20

* Failure to pay local business tax, fees and other charges within the prescribed deadline; subject to 25% surcharge of the amount taxes, fees or charges not paid on time and 2% interest per month of the unpaid taxes, fees or charges including surcharges but the total amount of interest shall not increase 36 months.

3. Real Property Tax - Annually/Quarterly
*Deadline January 31 or by quarter Q1 on or before March 31, Q2 on or before June 30, Q3 on or before Sept 30 and Q4 on or before December 31

4. Community Tax Certificate - Annually

BIR Year-End Reminders

1. January 31, 2023

Deadline for filing of returns and submission of alphalist - taxable Year 2022: 1604-C, 1604-F and Annual Alphabetical list of Employees/Payees

Deadline for payment of Annual Registration Fees (BIR Form 0605)

Deadline of issuance of BIR Form 2316 to employees

2. February 28, 2023

Deadline of submission of BIR Form 2316 (Duplicate copy) to the BIR, signed by both employer and employee
RMC No. 34-2022

3. Within 30 days following the close of the accounting period (whether fiscal or calendar)
Deadline of submission of inventory list
RMC 57-2015

4. Submission of Book of Accounts

On or before the 15th day of the following the close of the taxable year - Bound computer generated loose leaf books of accounts & other accounting records (for those with no capability to submit in CD-ROM)

Within 30 days following the close of the taxable year - Books of accounts and other accounting records in CD-ROM

- Affdavit on post reporting requirements for CAS in lieu of hardbound computer generated books of accounts and other accounting records

Large Tax Services (LTS)
Revenue District Office (Non-Large Taxpayers)

Happy Tax Year End Compliance