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Philippines: Recent direct and indirect tax developments

Reports on recent tax-related developments

February 13, 2024

The KPMG member firm in the Philippines has prepared reports on recent tax-related developments (read more at the hyperlinks provided below).

  • Revenue Memorandum Circular (RMC) No. 5-2024 (dated 10 January 2024) further clarifies the proper tax treatment of cross-border services in light of the Supreme Court en banc decision in Aces Philippines Cellular Satellite Corp. v. Commissioner of Internal Revenue, G.R. No. 226680 (dated 30 August 2022) holding that satellite air time fee payments are subject to final withholding tax (FWT), which requires a two-tiered approach of determining: (1) the source of the income, and (2) the situs of that source. RMC No. 5-2024 provides a framework for assessing FWT and final withholding value added tax (FWVAT) on the activities of nonresident foreign corporations. Read the January 2024 report
  • RMC No. 7-2024 (dated 11 January 2024) announces that effective 1 January 2024, the sale or importation of goods related to prevention and treatment of COVID-19 are subject to value added tax (VAT) (i.e., no longer considered a VAT-exempt transaction). Read the January 2024 report
  • Revenue Regulations (RR) No. 16-2023 (dated 10 January 2024) implement the new threshold for the sale of house and lots and other residential dwellings for VAT-exemption purposes to Php 3.6 million,  effective 1 January 2024. RMC No. 08-2024 (dated 15 January 2024) clarifies the provisions of the RR No. 16-2023 imposing a withholding tax (i.e., expanded withholding tax or EWT) on gross remittances made by electronic marketplace (e-marketplace) operators and digital financial services providers to sellers/merchants. RMC No. 09-2024 (dated 15 January 2024) also clarifies that taxpayers may disregard the surcharge automatically computed in amended returns filed through the electronic filing and payment system (eFPS), provided the original return was filed on or before the set deadline. The RMC also mentioned that the eFPS is being enhanced to adjust the computation of the surcharge. Read the January 2024 report
  • RMC No. 10-2024 (dated 22 January 2024) announces the availability of the branch account enrollment registration in the online registration and update system (ORUS) of the Bureau of Internal Revenue (BIR) effective 15 January 2024. Read the January 2024 report

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