WebJun 10, 2024 · In the case of PEZA-registered entities, the Bureau of Internal Revenue (BIR) issued two Revenue Regulations in 2005 (RR Nos. 2-05 and 11-05). RR No. 2-05 provided an exclusive list of deductible expenses, which can be treated as “direct costs.” However, the BIR subsequently issued RR No. 11-05, which removed the exclusivity of the … WebNov 23, 2024 · Revenue Regulations No. 18-2024, August 3, 2024. B. BIR RULINGS INCOME DERIVED FROM ASSOCIATION DUES, MEMBERSHIP FEES, AND OTHER ASSESSMENTS/CHARGES AND RENTALS OF FACILITIES OF HOMEOWNERS’ ASSOCIATION IS EXEMPT FROM INCOME TAX, VAT OR PERCENTAGE TAX, …
Philippine Tax Updates - August 2024 Carpo Law & Associates
WebThe employer reports the tax withheld using BIR Form 1601-C (Monthly Remittance Return of Income Taxes Withheld on Compensation)and , Annual Information Returns of Income Taxes Withheld on Compensation (BIR Form No. … WebNov 5, 2024 · Last week’s article discussed the accounting treatment for a short-term lease and a lease for low-value assets under the new Philippine Financial Reporting Standard (PFRS) 16 and taxation of operating lease as prescribed in Revenue Regulations (RR) No. 19-86 both for the lessee and the lessor. The discussion also tackled how the lessee and … simple dynamics
2016 BIR Rulings - Bureau of Internal Revenue
WebSep 3, 2024 · Considering that recreational clubs were omitted from the list of tax-exempt corporations, the BIR concluded that the income of recreational clubs from whatever source, including but not limited to membership fees, assessment dues, rental income, and service should be subjected to income tax. WebJan 25, 2024 · Philippines Corporate - Deductions Last reviewed - 25 January 2024 Corporate taxpayers can avail themselves of the optional standard deduction computed at 40% of gross income. The optional standard deduction is in lieu of the itemised operating expenses. Depreciation and depletion WebClassification of Software Payments in Philippines. For the tax implication of software payments, the Bureau of Internal Revenue (BIR) has issued guidelines under Revenue Memorandum Circular No. 44-2005 dated September 1, 2005 (RMC 44-05). Hereunder are the basic rules on taxable transactions under RMC 44-05: simple earth png