Subject: WEEKLY TAX UPDATES [APR 15] BIR provides guidelines in the filing of Annual ITRs due today

WEEKLY TAX UPDATES

APRIL 15

  1. TAX & BUSINESS-RELATED NEWS [APRIL 8-14]

  2. BIR PROVIDES GUIDELINES IN THE FILING OF ANNUAL ITRs DUE ON OR BEFORE APRIL 15, 2025

1. TAX & BUSINESS-RELATED NEWS [APRIL 8-14]

1. Palace sacks DICT undersecretary

2. It’s final: No more capital hike for existing HMOs

3. Specialized exams for teacher education programs

4. SEC opens strategic sandbox for crypto service providers

5. DTI opens exporters’ certification for CREATE MORE incentives

6. Nordeco vows to pursue legal remedies, contests Davao Light expansion

7. Ban on induction furnace in steel manufacturing sought

8. French businesses exploring expanded Philippine footprint ahead of EU-PHL free trade deal

9. Palace declares special holidays in several localities

10. US exempts smartphones, computers from global Trump tariffs

11. DOTr's Dizon: Catch-up plan in place to fast-track PNR Malolos-Clark railway

12. Government allows new investment schemes for insurers

13. CSC urged to recall memo on social media use of gov't personnel

14. NAIA Terminal 5 to rise as Philippine Village Hotel’s demolition begins

15. Sprout Solutions eyeing to raise $20M to fund expansion

16. UP-Manila to offer medical imaging certificate courses

17. MPIC starts work on Iloilo waste management plant

18. SEC shifts to online, paperless company registration process

19. Kawasaki Heavy hit with 1-B yen in back taxes over MSDF scandal

DISCLAIMER!

We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions.

Palace sacks DICT undersecretary [The Philippine Star, April 14, 2025]

Following the reported reshuffling of Cabinet officials, Jeffrey Ian Dy has been sacked from his post as undersecretary of the Department of Information and Communications Technology.

 

It’s final: No more capital hike for existing HMOs [The Philippine Star, April 14, 2025]

The government has formally scrapped the increase in the minimum paid-up capital of existing health maintenance organizations (HMOs) as they will instead undergo tiering based on net worth.

 

Specialized exams for teacher education programs [The Manila Times, April 14, 2025]

The circular introduces distinct teacher licensing examinations for each teacher specialization, as outlined in the 2017 CHED Policies, Standards, and Guidelines (PSGs). This is seen as a revolutionary approach to assessing the competence and readiness of teacher education graduates in the country, as extensively emphasized in recent reports by the Second Congressional Commission on Education (EDCOM II).


SEC opens strategic sandbox for crypto service providers [The Philippine Star, April 14, 2025]

The Securities and Exchange Commission (SEC) is introducing a regulatory sandbox for crypto-asset service providers (CASP) to facilitate responsible innovation and ensure investor protection given the continued growth and development of new crypto-asset services.

 

DTI opens exporters’ certification for CREATE MORE incentives [The Philippine Star, April 13, 2025]

The government is extending incentives under the CREATE MORE Act to export-oriented enterprises (EOE), according to the Department of Trade and Industry.

 

Nordeco vows to pursue legal remedies, contests Davao Light expansion [Manila Standard, April 13, 2025]

RA 12144 is an act which includes Tagum City, the Island Garden City of Samal and the municipalities of Asuncion, Kapalong, New Corella, San Isidro and Talaingod in Davao del Norte and the municipalities of Compostela, Laak, Mabini, Maco, Maragusan, Mawab, Monkayo, Montevista, Nabunturan, New Bataan and Pantukan in Davao de Oro to the franchise area of the Davao Light and Power Co. Inc.

 

Ban on induction furnace in steel manufacturing sought [The Philippine Star, April 13, 2025]

Amid the threat of the “Big One,” the Marcos administration should ban the induction furnace (IF) process in steel manufacturing as this results in substandard products that compromise public safety, according to experts.

 

French businesses exploring expanded Philippine footprint ahead of EU-PHL free trade deal [BusinessWorld, April 13, 2025]

MORE French businesses are looking to invest in the Philippines amid the negotiations for a free trade agreement (FTA) with the European Union (EU) and the launch of direct flights between the Philippines and France, according to the French Chamber of Commerce and Industry in the Philippines (CCI France Philippines).

 

Palace declares special holidays in several localities [Manila Bulletin, April 12, 2025]

Malacañang has declared multiple special nonworking days in May 2025 in various parts of the country through a series of proclamations signed to honor local festivals, anniversaries, and historic figures.

 

US exempts smartphones, computers from global Trump tariffs [ABS-CBN News, April 12, 2025]

The Trump administration has exempted smartphones, computers and other electronics from its punishing "reciprocal" tariffs -- lessening the cost impact on American consumers for a host of popular high-tech products.

 

DOTr's Dizon: Catch-up plan in place to fast-track PNR Malolos-Clark railway [GMA News Online, April 12, 2025]

Once finished, the Malolos-Clark Railway Project is expected to cut the travel time from Metro Manila to the Clark International Airport to less than an hour, compared with current two to three hours by car or bus.

 

Government allows new investment schemes for insurers [The Philippine Star, April 11, 2025]

In its latest circular letter, the Insurance Commission (IC) released new omnibus guidelines on investments among insurance companies, reinsurers and mutual benefit associations.

 

CSC urged to recall memo on social media use of gov't personnel [GMA News Online, April 10, 2025]

"This CSC memorandum is a clear violation of government employees' constitutional rights to free expression and political participation. By prohibiting even the most basic social media interactions like 'liking' or 'sharing,' the CSC is effectively silencing nearly two million government workers and stripping them of their fundamental right to engage in democratic discourse,” House Deputy Minority Leader and ACT Teachers party-list Rep. France Castro said.

 

NAIA Terminal 5 to rise as Philippine Village Hotel’s demolition begins [GMA News Online, April 10, 2025]

Alvarez emphasized the need for a passenger terminal to decongest NAIA since its designed carrying capacity is only at about 32 million to 34 million passengers yearly.

 

Sprout Solutions eyeing to raise $20M to fund expansion [BusinessWorld, April 10, 2025]

Sprout Solutions, a homegrown company, specializes in artificial intelligence (AI)-enhanced human resource and business solutions software. It is used by over 240,000 companies in the Philippines and Thailand, according to the company.

 

UP-Manila to offer medical imaging certificate courses [Inquirer.Net, April 9, 2025]

“Faculty members from Thailand’s Mahidol University will lead the courses for the three levels of the Fujifilm Asia-Pacific Healthcare Learning Academy beginning in May 2025,” it added.

 

MPIC starts work on Iloilo waste management plant [The Philippine Star, April 9, 2025]

The Iloilo City Integrated Solid Waste Management Facility (ISWMF), which broke ground last week, is slated to begin operations in December 2026.

 

SEC shifts to online, paperless company registration process [Manila Standard, April 8, 2025]

The SEC ZERO system, integrated with eSECURE for user credentialing and eSAP for document authentication, allows applicants to complete the entire registration process online. The system uses one-time passwords (OTPs) to electronically verify documents, replacing traditional paper-based signatures.

 

Kawasaki Heavy hit with 1-B yen in back taxes over MSDF scandal [Inquirer.Net, April 8, 2025]

The Osaka Regional Taxation Bureau found 1.3 billion yen in unreported income over the six years through the fiscal year to March 2023, as Kawasaki Heavy pooled funds through fictitious transactions related to repair contracts for MSDF submarines, according to the sources.

2. BIR PROVIDES GUIDELINES IN THE FILING OF ANNUAL ITRs DUE ON OR BEFORE APRIL 15, 2025

Revenue Memorandum Circular (RMC) No. 34-2025, issued on April 8, 2025, prescribes the guidelines for the filing of the Annual Income Tax Returns (AITRs) for the Calendar Year ending December 31, 2024, and payment of the corresponding taxes due thereon on or before April 15, 2025.


Highlights include:


A. MANNER OF FILING


1. Filing shall be done electronically, including AITRs without payment using any of the available platforms (i.e., eFPS, eBIRForms, and Tax Software Providers (TSPs).


2. Manual filings are allowed in any of the following:


2.1 Individual business taxpayers classified as micro and small

2.2 When there is unavailability of the systems pursuant to the BIR-issued advisory

2.3 When there is justifiable reason as may be determined by the Commissioner of Internal Revenue or his authorized representative.


3. eFPS filers are allowed to use the eBIRForms facility due to the following reasons:


3.1 Enrollment in BIR-EFPS and EFPS-AAB is still in process

3.2 Unavailability of BIR-eFPS or eFPS-AAB system covered by an Advisory published in the BIR website


4. Non-eFPS taxpayers shall use eBIRForms Offline Package v7.9.4.2.


5. Taxpayers may file the tax returns electronically through the BIR’s accredited TSPs


6. The BIR eLounge Facility may be used by the following taxpayers:


6.1 Senior Citizens or Persons with Disabilities filing their own tax returns;

6.2 Employees deriving purely compensation income from two or more employers, concurrently or successively at any time during the taxable year, or from a single employer, although the income of which has been correctly subjected to withholding tax, but whose spouse is not entitled to substituted filing;

6.3 Employees qualified for substituted filing under Sec. 2.83.4 of Revenue Regulations (RR) No. 2-98, as amended, but opted to file an ITR and are filing for purposes of promotion, loans, scholarships, foreign travel requirements, etc.; and

6.4 Taxpayers without internet facility who need assistance in the electronic filing of their tax returns.


7. Taxpayers filing their own tax returns shall be given priority over tax practitioners who are filing several tax returns for their clients. Taxpayers who are already within the premises of the RDO on or before 5:00 PM, regardless of jurisdiction, shall be accommodated.


B. MANNER OF PAYMENT


1. Manual Payment may be done through:


1.1 Any Authorized Agent Banks (AABs)

1.2 In places where there are no AABs, through the Revenue Collection Officer (RCO) in any Revenue District Office (RDO) up to Php 20,000, or in check regardless of the amount payable to “Bureau of Internal Revenue”

1.3 RCOs assigned in the municipalities shall not accept payments rather direct them to pay in the RDO.


2. Online Payment through Electronic Payment (ePay) Gateways


2.1 Landbank of the Philippines (LBP) Link.BizPortal-for taxpayers who have ATM account with LBP and/or holders of BancNet ATM/Debit/Prepaid card or taxpayers utilizing PESONet facility for depositors of Rizal Commercial Banking Corporation (RCBC), Robinsons Bank, Union Bank, Bank of the Philippine Islands (BPI), Philippine Savings Bank (PSBank) and Asia United Bank (AUB)

2.2 Development Bank of the Philippines (DBP) PayTax Online-for taxpayers-holders of VISA/ MasterCard Credit Card and/or BancNet ATM/ Debit Card

2.3 Union Bank of the Philippines (UBP) Online/The Portal Payment Facilities-for taxpayers who have an account with UBP or InstaPay using UPAY Facility (for individual Non-Account holder of Union Bank)

2.4 Tax Software Provider (TSP)-Maya (Mobile Application) or MyEG [using credit cards or electronic wallets (e-wallets) such as GCash, Maya, GrabPay or ShopeePay].


Taxpayers using ePAY Gateways must file the AITR online through the Offline eBIRForms Package v7.9.4.2


3. eFPS users shall file and pay the returns through their AABs where they are currently enrolled.


C. FILING OF BIR FORM NO. 1701-MS


1. Micro and Small individual business taxpayers may be allowed to manually file this form since it is not yet available in eFPS and eBIRForms.


2. Form can be downloaded in the BIR website.


3. Filing shall be made to the AAB or RDO in triplicate copies using the electronic or computer-generated returns in its original format and in Legal/Folio size bond paper.


4. In case the payment is made through ePAY Gateway, this form together with the proof of payment shall be filed to any RDO.


D. REQUIRED ATTACHMENTS


1. Required attachments as enumerated in this circular shall be filed within fifteen (15) days from the deadline for filing the returns. In case of late filing, within 15 days from the date of filing.


2. Submission shall be online through eAFS


3. No more stamping shall be practiced since the returns and required attachments are all filed electronically.


4. The Filing Reference Number (FRN) or the Tax Return Receipt Confirmation (TRRC) shall serve as proof of filing of such AITR.


5. As for the AFS submitted through eAFS, the EAFS shall generate Transaction Reference Number (TRN)/ Confirmation Receipt which shall serve as proof of submission by the taxpayer of the attachments to the BIR.


Powered by:
GetResponse