Rey Lozada

Guidelines of Filing ITR including the required Attachments

BIR issued RMC 4 – 2021 dated December 22, 2020 for the Guidelines of Filing ITR including the required Attachments and payments.

Guidelines on Intercompany Dividend Paid by Domestic Corporation to Non-resident Foreign Corporation

RMO No. 46-2020, dated December 23, 2020 provided guidelines and procedures for the availment of the reduced rate of 15% on Intercompany Dividend paid by domestic corporation to non-resident foreign corporation. It includes guidelines on Philippine Depository Receipts (PDRs).

Tax Amnesty On Delinquencies – Extended

The BIR issued RR 32-2020 dated December 17, 2020, extending the Tax Amnesty on Delinquencies until June 30, 2021. Attached RR for your reference.

Labor Advisory No. 28 Series of 2020

The Department of Labor and Employment (DOLE) issued the above advisory for the Guidelines on the Payment of 13th month pay. Copy of the Advisory is attached for your reference.

NOLCO 2020-2021

The BIR issued RR 25-2020 dated September 30, 2020 signifying that NOLCO for the year 2020 to year 2021 can be carried forward for the next five years.

Suspension of All Audit and other Field Operations of the Bureau of Internal Revenue Effective December 15, 2O2O (RMC 127-2020)

All field audit and other field operations of the Bureau of Internal Revenue relative to examinations and verifications of taxpayers’ books of accounts, records and other transactions are hereby ordered suspended for the period December 15,2O2O to January 7,2021. Thus, no field audit, field operations, or any form of business visitation in execution of eLettersContinue reading “Suspension of All Audit and other Field Operations of the Bureau of Internal Revenue Effective December 15, 2O2O (RMC 127-2020)”

Modified Tax Assessments Procedures

Modified Tax Assessments Procedures (RMC 102-2020 and RR 22-2020) Highlights Notice of Discrepancy (NOD) – The NOD aims to fully afford the taxpayer with an opportunity to present and explain his side on the discrepancy found. Discussion of Discrepancy (DOD) – Should not extend beyond 30 days from the receipts of NOD. It is duringContinue reading “Modified Tax Assessments Procedures”

SEC – Non-Imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and other Reportorial Requirements

The SEC issued MC No. 31 dated November 5, 2020, on the non-imposition of Fines and Other Monetary Penalties for Non-Filing, Late Filing and Failure to Comply with Compulsory Notification and other reportorial requirement like GIS and AFS.

Conversion of Corporations Either to One Person Corporation or to Ordinary Stock Corporation

The SEC has issued Memorandum Circular No. 27, series of 2020 on the Guidelines for the Conversion of Corporations either to One Person Corporation or to Ordinary Stock Corporation.

Due Process Requirement

BIR issued RR 22-2020 dated September 15, 2020 on Due Process Requirement in the issuance of a deficiency tax assessments.