What is BIR RR?

Revenue Regulations (RR) are issuances signed by the Secretary of Finance, upon recommendation of the Commissioner of Internal Revenue, that specify, prescribe or define rules and regulations for the effective enforcement of the provisions of the National Internal Revenue Code (NIRC) and related statutes.

Who is entitled to presumptive tax?

-Persons or firms engaged in the processing of sardines, mackerel and milk, and in manufacturing refined sugar, cooking oil and packed noodle-based instant meals, shall be allowed a presumptive input tax, creditable against the output tax, equivalent to four percent (4%) of the gross value in money of their purchases …

Who are exempted from paying value added tax?

Cooperatives and self-employed individuals and professionals availing of the 8% tax on gross sales and/or receipts and other non- operating income whose sales or receipts are exempt from the payment of VAT and who are not VAT-registered persons shall be exempt from the payment of 3% percentage tax (Section 4-116).

What is create Bill Philippines?

The CREATE Act was previously known as the Corporate Income Tax and Incentives Reform Act (CITIRA) bill. The law will become effective on 11 April 2021. Reduced corporate income tax: The CREATE Act lowers the corporate income tax rate from 30% to 25% beginning 1 July 2020.

What are BIR issuances?

Revenue Memorandum Circulars (RMCs) are issuances that publish pertinent and applicable portions, as well as amplifications, of laws, rules, regulations and precedents issued by the BIR and other agencies/offices.

Who can avail transitional input tax?

Transitional input tax credits are input taxes on a taxpayers beginning inventory of goods, materials, and supplies equivalent to 8% (then 2%) or the actual VAT paid on such goods, materials and supplies, whichever is higher. It may only be availed of once by first-time VAT taxpayers.

Who is the one statutorily liable for the payment of VAT?

The seller of goods/services is the one statutorily liable to pay vat.

What transactions are subject to VAT?

Value-added tax (VAT) VAT applies to practically all sales of services and imports, as well as to the sale, barter, exchange, or lease of goods or properties (tangible or intangible).

Can you amend a VAT return once submitted?

Providing the errors meet certain conditions, you do not need to tell HMRC about them – you can simply correct them by adjusting your next VAT return. You can adjust your current VAT return to correct errors on past returns as long as the errors: are below the reporting threshold; are not deliberate; and.

What is Republic No 11534?

11534, otherwise known as the “Corporate Recovery and Tax Incentives for Enterprises” (CREATE) Act is the second package of the Comprehensive Tax Reform Program that reduces corporate Income tax rates. The MCIT applies to the corporation on its fourth year of operation after the year of its BIR registration.

What is RRRR no 4-2005?

RR No. 4-2005. Prescribes the rules and regulations implementing Bangko Sentral ng Pilipinas Circular No. 472, Series 2005 requiring all bank borrowers and co-makers to submit latest Income Tax Return and Financial Statement received by BIR.

What are the areas of amendments under RRRR 13-2018?

RR 13-2018 Areas of amendments include: -Expansion & removal of certain items under zero-rated sale of goods, properties, and services -Expansion & removal of certain items under VAT-exempt transactions & entities

What is Revenue Regulations (RR) 13-2018?

The Bureau of Internal Revenue has recently issued Revenue Regulations (RR) 13-2018 dated March 15, 2018 relative to the implementation of the Value-Added Tax (VAT) provisions of Republic Act No. 10963, otherwise known as the “Tax Reform for Acceleration & Inclusion” TRAIN Act. RR 13-2018 Areas of amendments include:

When did revenue regulations 14-2005 come into effect?

These Regulations supersedes Revenue Regulations No. 14-2005 dated June 22, 2005. COVERAGE, NATURE, BASIS, AND RATE OF VALUE-ADDED TAX (VAT) SECTION 4.105-1. Persons Liable.