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

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.