Legal & Tax Updates

Implementing the Registration Procedures and Invoicing Requirements Under the Ease of Paying Taxes Act

On 11 April 2024, the Bureau of Internal Revenue (“BIR”) issued Revenue Regulation (“RR”) No. 7-2024 which implements Sections 113, 235, 236, 237, 238, 242, and 243 of the National Internal Revenue Code of 1997, as amended (“NIRC”) by R.A. No. 11976 otherwise known as the “Ease of Paying Taxes Act” (“EOPTA”), on the Registration Procedures and Invoicing Requirements.

Implementing Section 21 (B) of the National Internal Revenue Code of 1997, as amended by R.A. No. 11976 otherwise known as the “Ease of Paying Taxes Act”, on the Classification of Taxpayers

Implementing Section 45 of the Ease of Paying Taxes Act on Reduced Interest and Penalty Rates for Micro and Small Taxpayers

Implementing Sections 76 (C), 112 (C), 112 (D), 204 (C), and 229 of the National Internal Revenue Code of 1997, as amended by the Ease of Paying Taxes Act on Tax Refunds

Implementing the Provisions of the Ease of Paying Taxes Act on the Filing of Tax Returns and Payment of Taxes and Other Matters Affecting the Declaration of Taxable Income

Implementing the Amendments Introduced by the EOPTA on the Relevant Provisions of Title IV – Value Added Tax (VAT) and Title V – Percentage Tax of the National Internal Revenue Code of 1997, as amended (Tax Code)

Guidelines on the Philippine Sustainable Finance Taxonomy under SEC Memorandum No. 05, series of 2024

SEC OGC Opinion No. 24-02: Re: Composition of Board of Trustees of a Condominium Corporation

SEC-OGC Opinion No. 24-01: Re: Foreign Ownership, Control and Administration of Educational Institutions; Applicability of the Foreign Investments Negative List to Educational Institutions

DOE Prescribes the Framework and Guidelines for the Processing of Applications for Certificate of Energy Projects of National Significance

Revised IRR of Article 96 of the Labor Code of the Philippines (Service Charges Collected by Hotels, Restaurants and Other Similar Establishments)

DOLE Department Order No. 241-24: Implementing Guidelines of the DOLE AMP for Workers and Enterprises

BSP Circular No. 1192 Series of 2024: Bangko Sentral ng Pilipinas Amends Foreign Exchange Regulations Covering Foreign Investments

RMC No. 53-2024: Circularizing the Availability of the Revised BIR Registration Forms Relative to the Implementation of Republic Act No. 11976

Updates and Amendments to the Manual of Regulations for Banks and Non-Bank Financial Institutions Under BSP Circular No. 1189

Effectivity Date of the Provisions of the Philippines-Brunei Double Taxation Agreement

BIR Releases Policies and Guidelines for Brand Registration and Submission of Packaging Labels of Vapor Products and Variants

VAT Exemption Threshold for Sale of House and Lot and Other Residential Dwellings Increased

DOE Amends Guidelines for the Green Energy Auction Program

SEC Requires Corporations to Indicate a Definite Number of Directors in their Articles of Incorporation

DOJ Legal Opinion No. 02-24: Effect of WFH Arrangements to the Tax Incentives of Registered Business Enterprises

BIR Issues Guidelines for Government Remittance of DST

SEC Clarifies Protocols on the Sale of Unissued Shares at a Premium and the Exercise of Pre-Emptive Rights

SEC OGC Opinion No. 23-12: Nationality of the President of a Non-Stock Non-Profit Corporation

Veto of Section 8 of Republic Act No. 11976

SEC Integrates MC 28-2020 and MC 01-2021 into ESPARC And One SEC, Including Automatic Enrollment To eFAST

Tax Treatment of Cross-Border Transactions

Republic Act No. 11967: Internet Transactions Act of 2023

Republic Act No. 11976: Ease of Paying Taxes Act

SEC-OGC Opinion No. 23-09: Eligibility of Logistics Company to be Converted into 100% Foreign-Owned Corporation

SEC Memorandum Circular No. 18, Series of 2023: Guidelines on the Submission of Digital Copies of Applications, Compliance Documents and Other Requests, and Further Reduction of the Number of Hard Copies to be Filed with the SEC

SEC OGC Opinion No. 23-10: Retail Trade Law; Exceptions

SEC Amends List of Authorized Registrars of Qualified and Institutional and Individual Buyers

DOF Issues New Rules on Non-Income Related Tax Incentives

BIR Clarifies the Applicable Taxes Due on Sale of Real Property Considered as Ordinary Assets of the Seller

SEC Grants Final Extension for Amnesty Applications Until 31 December 2023

SEC Releases Guidelines on Declaration of Delinquency Status and Revocation of Certificate of Registration

DOLE Issues Guidelines on Mental Health Policy and Program in the Workplace

SEC Extends Amnesty Application until 06 November 2023

PEZA Issues Memorandum Circular 2023-045: Clarification on the Documentary Requirements in Securing PEZA Visa

BIR Amends Regulations on Estate Tax Amnesty

SEC Memorandum Circular No. 13: Guidelines on Annex C of Rule 12 of Securities Regulation Code Interpreting the Comparative Periods Required in the Management’s Discussion and Analysis

DOE issues Advisory on the Implementation of DOE Department Circular No. DC2023-06-0021

DOE Issues Implementing Guidelines for Offshore Wind Development

Republic Act No. 11956: Further Amending Republic Act No. 11213 or the Tax Amnesty Act

DOLE Labor Advisory No. 18: Engagement or Participation of Children in Public Entertainment or Information

PEZA MC No. 2023-041: Deferment of the Implementation of the Expanded Electronic Zone Transfer System for Interzone Transfers

Updating of Authorized Agent Banks’ Authorized Signatories and Withdrawal Limit

BIR Circularizes the Additional List of Top Withholding Agents

BIR Clarifies Issues Relative to Implementation of Revenue Regulation No. 3-2023

SEC Amends SRC Rules and Circular on Risk Based Capital Adequacy Ratio for Brokers Dealers

Availability of Revised BIR Form No. 2200-M

PEZA MC No. 2023-038: Payment of Applicable Fees as a Pre-requisite for Any Application filed with PEZA

BIR Issues Regulation for Senior Citizens and PWDs to Avail of Discounts for Online Transactions

BIR Forms for VAT, Percentage Tax and Final Tax Withheld Now Available via eFPS

DOE Prescribes Guidelines on the Philippine Transport Vehicles Fuel Economy Labeling Program

SEC Implements Fees and Charges for Certain IT-Related Services

DOE Promulgates Guidelines for Electric Vehicle Recognition

DOE Department Circular No. DC2023-05-0016: Prescribing the Fuel Economy Performance Rating Guidelines on Road Transport Vehicles

DOE Opens Online Applications for Accreditation and Registration of Electric Vehicle Charging Stations Providers

SEC-OGC Opinion No. 23-05: Allowable Activities of a Representative Office

BIR Reflects PERA Contribution Amendments and Prescribes Tax Credit Certificate Guidelines

DOE Announces the Accreditation and Registration of Electronic Vehicle Charging Stations Providers

BIR Issues Templates for Domestic Corporations Receiving Multiple Foreign-Sourced Dividends Qualified for Tax Exemption

DOLE Issues Reminders for Protection of Rights of Persons with Disabilities in the Workplace

Executive Order No. 32: Streamlining Permitting Process for Telecommunications and Internet Infrastructure Construction

BSP Amends Rules on Reserves Against Deposits and Deposit Substitute Liabilities of Banks

BIR Extends Deadline for Replacement of Ask for Receipt Notice with Notice to Issue Receipt/Invoice

PCC Issues Review Guidelines on Non-Horizontal Mergers

DOE Advisory: Submission of 2023 RPS Reportorial Requirement

Advisory on Reimposition of Monetary Penalties for Delays Incurred in the Submission of Reports to the BSP-IOD

SEC-OGC Opinion No. 23-08: Lending Company Activity

BIR Implements New Tax Rates by July 1

SEC OGC Opinion No. 23-07: Secondary License

Revenue Regulations No. 6-2023: Amending Certain Provisions of Revenue Regulations No. 13-2010 Regarding Late/Out-of-District Filing of Tax Returns

BSP Reduces Reserve Requirements Effective 30 June 2023

BIR Expands Coverage of Non-Issuance of “Authority to Release Imported Goods”

SEC Further Extends Deadline for Amnesty Applications

SEC-OGC Opinion: Lone Living Stockholder and Director may Act as Trustee-in-Liquidation

BIR Declares that the Clark Development Corporation is not Entitled to Incentives Granted to RBEs

Applications for ONETT for the Issuance of eCAR now Available thru the eONETT System

BIR Issues Amendments on the Venue for the Issuance of a Certificate Authorizing Registration Relative to Tax-Free Exchanges of Properties

DOE Advisory No. RESHERR-1: Moratorium on the Obligations of Renewable Energy Projects in the Pre-Development and Pre-Construction Phase

SEC-OGC Opinion No. 23-04: Remedies for lost stock and transfer book

SEC-OGC Opinion No. 23-03: Implications of RA 11659 on a Freight Forwarding Company Engaged in Domestic Operations

BIR Announces the Availability of the Revised Return for the Quarterly Value-Added Tax (BIR Form No. 2550Q)

BIR Releases Enhanced BIR Registration Forms for Ease of Doing Business

BIR Amends the Requirements for Availing of Income Tax Exemption of Foreign-Sourced Dividends Received by a Domestic Corporation

SEC: Sale of Agricultural Inputs to Industrial Consumers Not Covered by the Retail Trade Liberalization Act

PEZA Recognizes “Ecozone Developers and Operators as Exporters” as “Activities in Support to Exporters”

Adoption of the ASEAN Sustainable and Responsible Fund Standards by the Securities and Exchange Commission

BIR Clarifies Policies and Guidelines on the Issuance and Validity of TIN Card and Certificate of Registration

SEC Issues Guidelines on Application for Allocation of Codes for Financial Instruments

SEC-OGC Opinion No. 23-01: Powers, Citizenship, Residency and Educational Requirements of the Board of Trustees of an Educational Institution

BIR Clarifies the Entitlement of Economic Zone Developers and Operators to VAT Zero-Rating

BIR Announces Enhanced Online Registration System Features through its Online Registration and Update System

SEC Issues Rules for the Financial Products and Services Consumer Protection Act of 2022

DOE Issues Supplemental Policy for Systematic Management of Retail Electricity Suppliers’ Reportorial Requirements

BIR Now Mandates Barangays to File Returns through eBIRForms

Optional Filing and Payment of Monthly VAT Returns (BIR Form No. 2550M) for VAT-Registered Persons

DOE Issues Policy for Energy Storage System in the Electric Power Industry