Jaro Eusalan Certified Public Accountants

The Philippines is now VAT-free for foreign tourists with the recent signing of the implementing rules and regulations (IRR) for Republic Act (RA) No. 12079 or the VAT Refund for Non-Resident Tourists.

— Non-resident tourists or foreign passport holders may apply for VAT refund for locally purchased goods from accredited stores that are equivalent to at least ₱3,000;
— The goods must be physically taken out of the Philippines by the tourist within 60 days from the date of actual purchase;
— VAT refund applies to retail and tangible goods, such as clothing, apparel, electronics, gadgets, jewelries, accessories, souvenirs, food or non-food consumables, and other goods intended for personal use.

Source: https://www.dof.gov.ph/ph-is-now-vat-free-for-foreign-tourists/

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The Securities and Exchange Commission (SEC) has recently issued SEC Memorandum Circular (MC) No. 1, s. 2025 providing the rules for the 2025 Filing of Annual Financial Statements (AFS) and General Information Sheet (GIS).

— All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, whose fiscal year ends 31 December, shall file through SEC's eFAST following the schedule provided in this MC depending on the last numerical digit of their SEC registration or license number;
— For those fiscal years end on a date other than 31 December, the deadline for AFS submission is within 120 calendar days from the end of their respective fiscal years;
— All corporations may file their AFS regardless of their last numerical digit of their SEC registration or license number before the first day of the coding schedule provided in this MC;
— Late filing or submissions after July 11, 2025 shall be subject to prescribed penalties;
— The AFS to be submitted, other than consolidated financial statements, shall be stamped "received" by the Bureau of Internal Revenue (BIR) or its Authorized Agent Banks (AABs). For those who submitted through BIR's eAFS, the system-generated Transaction Reference Number/Confirmation Receipt issued by the BIR, in lieu of the manual "received" stamp should be attached in the AFS submission;
— GIS submission is within 30 calendar days from the date of annual shareholders'/members meeting (for domestic stock/non-stock corporations) or the anniversary date of the issuance of their respective SEC licenses (for foreign corporations);
— Appointment of officers for OPCs are submitted within 15 days from the date of issuance of the OPC's Certificate of Incorporation or within 5 days from when the date was reflected (SEC MC No. 7, s. 2019)

Source: https://www.sec.gov.ph/mc-2025/sec-mc-no-01-series-of-20252025-filing-of-annual-financial-statements-and-general-information-sheet/ .tab=0

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 14-2025 clarifying certain issues pertaining to the mandatory requirements for tax credit or refund of excess/unutilized Creditable Withholding Taxes on income pursuant to Sec. 76(C), in relation to Secs. 204(C) and 229 of the NIRC of 1997, as amended.

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2014-2025.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) No. 4-2025 further amending the "De Minimis" benefits provisions of RR No. 2-98 increasing the Clothing Allowance pursuant to Republic Act (RA) No. 11975, the Fiscal Year 2024 General Appropriations Act, and Employee Achievement Awards.

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%204-2025.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The BIR promulgated Revenue Regulations (RR) No. 1-2025 to further amend Section 9 of Revenue Regulations (RR) No. 25-2003, as amended by Section 3 of RR No. 24-2018, providing for the Department of Environment and Natural Resources – Environment Management Bureau (DENR-EMB) to determine whether the automobiles subject to excise tax exemption are hybrid vehicles or purely electric vehicles pursuant to the provisions of TRAIN Law.

These Regulations shall take effect immediately upon publication with the Official Gazette or the BIR Website, whichever comes first.

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%201-2025.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The BIR promulgated Revenue Regulations (RR) No. 18-2024 to implement Section 32(B)(5) of the Tax Code as amended by RA 12066 or the CREATE MORE Act.

These regulations shall take effect immediately following its publication in the Official Gazette or the BIR official website, whichever comes first.

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%2018-2024.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The Social Security System (SSS) has issued a new schedule of contributions for Business Employers and Employees effective January 2025.

Source:https://www.sss.gov.ph/wp-content/uploads/2024/12/CI-2024-006-Publication.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The BIR issued RMC No. 100-2024 to publish the full text of the August 7, 2024 letter from the Food and Drug Administration (FDA) of the Department of Health (DOH) endorsing updates to the List of VAT-Exempt Products under Republic Act (R.A.) No. 10963 (TRAIN Law) and R.A. No. 11534 (CREATE Act), particularly the inclusion of the following:

1. Certain medicines for cancer;
2. Certain medicines for diabetes;
3. Certain medicines for hypertension;
4. Certain medicines for kidney diseases;
5. Certain medicines for mental illness and;
6. Certain medicines for tuberculosis.

As clarified under Q&A No. 1 of RMC No. 99-2021, the effectivity of the VAT exemption of the covered medicines and medical devices under the CREATE Act shall be on the date of publication by the FDA of the updates to the said list. This was published in the FDA website last August 19, 2024.

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%20100-2024.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The Securities and Exchange Commission Philippines (SEC) has recently issued SEC Memorandum Circular (MC) No. 13, s. 2024 regarding the launch of the Enhanced Compliance Incentive Plan (ECIP).

ECIP aims to encourage regulatory compliance and to continue the progress brought about by the SEC's 2023 Amnesty Program.

Payment of ECIP fees does not confer compliant status to availing corporations, nor does not automatically lift the suspension and revocation. Corporations are still required to submit supporting documents.

The following are excluded from the coverage of ECIP:
a. Corporations whose securities are listed on the Philippine Stock Exchange (PSE);
b. Corporations whose securities are registered but not listed on the PSE;
c. Corporations considered as Public Companies;
d. Corporations with intra-corporate dispute;
e. Corporations with disputed General Information Sheet (GIS);
f. Corporations with expired corporate term; and
g. Other corporations covered under Sec. 17.2 of Republic Act (RA) No. 8799 or the Securities Regulation Code.

Applications for ECIP shall be accepted from September 2 until November 30, 2024.

Source: https://www.sec.gov.ph/mc-2024/sec-mc-no-13-series-of-2024enhanced-compliance-incentive-plan/ .tab=0

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

SEC MC No. 13, series of 2024ENHANCED COMPLIANCE INCENTIVE PLAN - Securities and Exchange Commission Post Views: 15,124 SEC Issuances Menu Memorandum Circulars By Year By Category Opinions Commission En Banc Decisions Resolutions Cease and Desist Orders Other Orders Order of Revocation Corporations with Revoked Primary Registration Order of Suspension Corporations with Suspended Primary Registratio...

The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) No. 15-2024 which prescribes the policies and guidelines in the mandatory registration of persons engaged in business and administrative sanctions and criminal liabilities for non-registration pursuant to Sec. 236 (A) of the Tax Code and Republic Act (RA) No. 11967 (Internet Transactions Act of 2023).

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%2015-2024.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 80-2024 announcing the availability of the new BIR website starting July 17, 2024.

The enhancement of the BIR website was undertaken to make it more user-friendly and responsive to the needs of the BIR's various stakeholders in terms of access to updated tax information and various electronic services.

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com

The BIR issued RMC No. 79-2024 to extend the transitory period prior to actual imposition of withholding tax on gross remittances made by digital financial services providers to sellers/merchants prescribed under Revenue Regulations No. 16-2023.

The prescribed transitory period is further extended for another ninety (90) days or until October 12, 2024.

Accordingly, all electronic marketplace operators shall impose the withholding of tax to sellers/merchants beginning July 15, 2024.

Source:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2079-2024.pdf

For assistance, you may reach us at:
Facebook: Jaro Eusalan Certified Public Accountants
Mobile Number: 0917 584 3665
Email: [email protected]
www.jaroeusalancpa.com