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RMC 62-2021

Clarification on Certain Provisions of Revenue No. 5-2021 Relative to Corporate Income Taxation. (On Lands, Proprietary Schools, Dividends, Certain Expenses, etc.)

No Extension But Can File Tentative ITR

RMC No. 46-2021 dated April 6, 2021 Clarifying the Deadline for Filing of Annual Income Tax Returns (AITR) for Taxable Year Ending December 31, 2020. Providing Guidelines in the Manner of Filing Thereof, including the use of Electronic Signature; and Reiterating Availability of eAFS.

CREATE ACT (RA#11534)

An Act reforming the Corporate Income Tax and Incentive Systems is signed into law. Highlights: RA 11534 cuts corporate income tax rate to 25 percent from the current 30 percent. Retroactive from July 1, 2020. According to the law, ‚ÄúProvided, that corporations with net taxable income not exceeding PHP5 million and with total assets notContinue reading “CREATE ACT (RA#11534)”

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