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Philippines: Guidance on tax law amendments

Guidance on amendments introduced by “Ease of Paying Taxes (EOPT) Act”

August 16, 2024

The Bureau of Internal Revenue (BIR) issued revenue memorandum circulars (RMC) to provide guidance on the amendments introduced by the “Ease of Paying Taxes (EOPT) Act,” effective January 22, 2024.

  • RMC No. 60-2024 clarifies that the repeal of section 34(K) of the tax code, which allowed certain expenses to be deducted only if the corresponding withholding tax was paid, applies only to tax years starting from January 1, 2024. This means that ongoing audits for periods before this date must still comply with the old withholding tax requirements.
  • RMC No. 77-2024 focuses on the invoicing requirements under RR No. 7-2024, as amended by RR No. 11-2024. It mandates that value added tax (VAT)-registered taxpayers issue a VAT invoice for every sale, while non-VAT registered taxpayers must issue a non-VAT invoice for sales of PhP500 or more, or upon the buyer's request. The circular also provides guidelines for converting existing billing documents to comply with the new standards and outlines penalties for non-compliance.

Read an August 2024 report prepared by the KPMG member firm in the Philippines

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