M-E Bookkeeping and Tax Services, INC.

20/07/2023

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06/07/2023

https://www.facebook.com/100078404607275/posts/270698572220294/?mibextid=Nif5oz

Starting July 1, 2023, persons subject to percentage tax under Section 116 of the National Internal Revenue Code, as amended, will revert to 3% of their gross quarterly sales or receipts.

As provided in the said Section 116 of the NIRC, “Any person whose sales or receipts are exempt under Section 109(CC) of this Code from the payment of value-added tax and who is not a VAT-registered person shall pay a tax equivalent to 3% of his gross quarterly sales or receipts. Provided, that cooperatives shall be exempt from the 3% gross receipts tax herein imposed: Provided, further, That effective July 1, 2020 until June 30, 2023, the rate shall be one percent (1%).”

The provision on the adoption of the 1% Percentage Tax rate from July 1, 2020 to June 30, 2023 has been promulgated in March 2021 under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.

Non-VAT taxpayers are mandated to file the Percentage Tax return (BIR Form No. 2551Q) and pay the corresponding tax dues within twenty-five (25) days after the end of each taxable quarter.

Moreover, from July 1, 2023 onwards, the Minimum Corporate Income Tax (MCIT) will return to its previous rate of 2%, calculated based on the gross income at the end of the taxable year. The MCIT rate is applicable to domestic corporations or resident foreign corporations when the MCIT exceeds the regular corporate income tax of the company. The MCIT is imposed beginning the fourth taxable year immediately following the year in which said corporation begins its business operations.

In addition, non-stock/non-profit schools and hospitals will once again be subject to a preferential tax rate of 10% on their taxable income. However, as previously provided, if the gross income from “unrelated trade, business, or other activity” exceeds 50% of the total gross income generated by the educational institution or hospital from all sources, the tax applicable to domestic corporations will be levied on their entire taxable income.

09/06/2023

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05/06/2023

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BIR Tax Deadline

5 Monday
SUBMISSION of Summary Report of Certification issued by the President of the National Home Mortgage Finance Corporation (NHMFC) – Month of May 2023
e-FILING/FILING & e-PAYMENT/PAYMENT of BIR Form 2000 (Monthly Documentary Stamp Tax Declaration/Return) – Month of May 2023
e-FILING/FILING & e-PAYMENT/PAYMENT of BIR Form 2000-OT (Documentary Stamp Tax Declaration/Return One Time Transactions) – Month of May 2023

10/05/2023

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09/05/2023

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📢 𝐒𝐄𝐂 𝐄𝐗𝐓𝐄𝐍𝐃𝐒 𝐃𝐄𝐀𝐃𝐋𝐈𝐍𝐄 𝐅𝐎𝐑 𝐀𝐌𝐍𝐄𝐒𝐓𝐘 𝐀𝐏𝐏𝐋𝐈𝐂𝐀𝐓𝐈𝐎𝐍

The Securities and Exchange Commission is extending the deadline for applications for amnesty for late and non-filing of annual reportorial requirements.

Eligible companies now have until 𝐉𝐔𝐍𝐄 𝟑𝟎 to finish their amnesty applications. Moreover, applicants now have 𝟗𝟎 𝐃𝐀𝐘𝐒, instead of 45 days, from the date of payment to submit their latest due financial statements.

After the extended deadline of June 30, an updated scale of fines and penalties for the covered reportorial requirements shall be implemented.

To find out if your company is eligible for amnesty, visit amnesty.sec.gov.ph

Download the forms and requirements at bit.ly/amnestyforms and watch our tutorial videos for a step-by-step guide on the application process: linktr.ee/secphilippines

To know more about the requirements and procedure, read SEC Memorandum Circular No. 2, Series of 2023: https://www.sec.gov.ph/mc-2023/sec-mc-no-02-series-of-2023/ .tab=0

To know more about the extension of the deadline, read SEC Memorandum Circular No. 6, Series of 2023: https://www.sec.gov.ph/mc-2023/sec-mc-no-06-series-of-2023/ .tab=0

08/05/2023

https://www.facebook.com/100064146995555/posts/631022609045967/?mibextid=Nif5oz

The House of Representatives Committee on Ways and Means has approved a bill extending the amnesty for payment of estate taxes until June 15, 2025.

The bill, authored by Speaker Ferdinand Martin Romualdez and other lawmakers, seeks to amend Section 6 of Republic Act No. 11213, changing the deadline from June 15, 2023 to June 14, 2025. The move aims to provide additional time for families who have failed to settle the estate of their deceased relatives.

According to Committee Chairperson Joey Salceda, some families still struggle with filing required documents, while some fail to comply with cash requirements. While he supports the extension, Salceda hopes that this will be the last time the estate tax amnesty is extended and has suggested various steps to optimize the process. The approval of the bill is essential since the pandemic has hindered the settlement of estates, making it inherently challenging due to family sensitivities.

Source: https://una-acctg.com/house-panel-approves-extension-of-estate-tax-amnesty-until-2025/

08/05/2023

https://m.facebook.com/story.php?story_fbid=581973874035108&id=100066675001955&mibextid=Nif5oz

BIR Tax Deadline

8 Monday
SUBMISSION of All Transcript Sheets of Official Register Books (ORBs) used by Dealers/Manufacturers/Toll Manufacturers/Assemblers/Importers of Alcohol Products, To***co Products, Petroleum Products, Non-Essential Goods, Sweetened Beverage Products, Mineral Products & Automobiles – Month of April 2023
e-SUBMISSION of Monthly e-Sales Report for All Taxpayers using CRM/POS and/or Other Similar Business Machines whose last digit of 9-digit TIN is Even Number – Month of April 2023

05/05/2023

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