R&C Business Solutions Inc

Per Revenue Regulations (RR) No. 11-2024, taxpayers may convert and use their remaining Official Receipts as Invoice and convert the Billing Statement/Statement of Account/Statement of Charges into Billing Invoice UNTIL THEY ARE FULLY CONSUMED.

Read more about RR No. 11-2024 here: https://bit.ly/BIR_RR11-2024

BIR ADVISORY!

System Maintenance

Tax deadlines for January 2024.

📰 | 𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄: Final chance to avail of SEC amnesty program extended to end of 2023

The Securities and Exchange Commission (SEC) is giving non-compliant and suspended or revoked corporations a last chance to avail of lower fines and penalties with the final extension of amnesty applications until the end of 2023.

The Commission on November 3 issued SEC Memorandum Circular No. 20, Series of 2023, which extends the deadline for corporations to file their amnesty application and settle the amnesty fees to December 31.

The amnesty program provides corporations, which have incurred penalties for the late and non-filing of their General Information Sheet (GIS), Annual Financial Statements (AFS), and official contact details, a reduction on penalties for non-compliance with their reportorial requirements, as provided under Republic Act No. 11232, or the Revised Corporation Code (RCC).

Read more at https://tinyurl.com/338v25w4

Tax Advisory from the Bureau of Internal Revenue (BIR):

Advising all Electronic Filing and Payment System (eFPS) taxpayers to file BIR Form No. 1701Q - Quarterly Income Tax Return (ITR) using the eFPS starting with the 2nd Quarter 2023 ITR since the Income Tax Rates of BIR Form No. 1701Q have already been updated in the system.

Source: BIR website

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 70-2023 circularizing the List of Withholding Agents Required to Deduct and Remit the 1% or 2% Creditable Withholding Tax (CWT) for the Purchase of Goods and Services under Revenue Regulations (RR) No. 31-2020.

👉 Taxpayers are advised to visit BIR website where the updated list is uploaded;
👉 The obligation to deduct and remit the 1% and 2% CWT shall commence (for new top withholding agents/TWAs) or cease (for those delisted TWAs) effective July 1, 2023;
👉 Any taxpayer not found in the published list of TWAs is not required to deduct and remit the 1% and 2% CWT.

Source: BIR website

satisfied client
accomplished
registration of a corporation with cash and non-cash (real property) as initial contribution

Advisory on the Deadline of Submission of Annual Income Tax Return (AITR) Attachments

In view of the upcoming deadline on the submission of attachments to the electronically filed Annual Income Tax Returns (AITRs) through eBIRForms on May 2, 2023, the Bureau of Internal Revenue (BIR) has issued an advisory for taxpayers who have not received their respective Tax Return Receipt Confirmation (TRRC) for their electronically filed AITRs for Taxable Year 2022.

Source: BIR website

LAST DAY TO FILE YOUR 2022 AITR

Today is the last day for filing of 2022 Annual Income Tax Returns and payment of Income Tax due thereon. File your 2022 AITR and pay the Income Tax due now!

Don't know how to file your 2022 AITR? Watch our webinars to learn how.

Webinar on AITR Filing & Payment - Employees Earning Purely Compensation Income & Mixed Income Earners: https://bit.ly/BIRFBWebinar1

Webinar on AITR Filing & Payment - Self-Employed Individuals: https://bit.ly/BIRFBWebinar2

Webinar on AITR Filing & Payment - Corporations and Partnerships: https://bit.ly/BIRFBWebinar3

📢 𝐍𝐎𝐓𝐈𝐂𝐄: 𝐒𝐔𝐒𝐏𝐄𝐍𝐒𝐈𝐎𝐍 𝐎𝐅 𝐄𝐅𝐀𝐒𝐓 𝐀𝐂𝐂𝐎𝐔𝐍𝐓𝐒 𝐎𝐅 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍𝐒 𝐓𝐀𝐆𝐆𝐄𝐃 𝐀𝐒 𝐍𝐎𝐍-𝐂𝐎𝐌𝐏𝐋𝐈𝐀𝐍𝐓, 𝐒𝐔𝐒𝐏𝐄𝐍𝐃𝐄𝐃 𝐎𝐑 𝐑𝐄𝐕𝐎𝐊𝐄𝐃

Effective 01 April 2023, the accounts of all corporations enrolled in the SEC Electronic Filing and Submission Tool (eFAST) with 𝐫𝐞𝐯𝐨𝐤𝐞𝐝, 𝐬𝐮𝐬𝐩𝐞𝐧𝐝𝐞𝐝, 𝐨𝐫 𝐧𝐨𝐧-𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐬𝐭𝐚𝐭𝐮𝐬 shall be put on “on-hold” status until they comply with SEC Memorandum Circular No. 2, Series of 2023, which provides for the grant of amnesty for non-filing and late filing of the General Information Sheet (GIS) and Annual Financial Statements (AFS), as well as for noncompliance with SEC Memorandum Circular No. 28, Series of 2020.

Should they fail to avail of the amnesty, said corporations will have to undergo the standard process of requesting for monitoring, or of filing the necessary petition for the lifting of their suspension or revocation of their certificates of incorporation, as the case may be. They shall likewise settle the assessed fines and penalties in full to reactivate their accounts in eFAST.

For the information and guidance of the public.

The Bureau of Internal Revenue (BIR) and the Securities and Exchange Commission (SEC) entered into a Data-Sharing Agreement (DSA) on corporate information.

The BIR will have an on-site, off-site, and online access to relevant corporate data, such as the name, address, date of birth, nationality and other beneficial ownership information from SEC. The DSA has a binding validity of five (5) years from the date of signing.

Click here to read the full media release: https://bit.ly/BIRSECDataSharing

The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 131-2022 announcing the availability of Offline Electronic Bureau of Internal Revenue Forms (eBIRForms) Package Version 7.9.3

The changes from the previous version are as follows:

👉 Inclusion of additional ATCs in 0605 for use of international carriers;
👉 Revised the Terms of Service Agreement as found in Annex A of this circular;
👉 Required official email address of the taxpayer to be provided on the eBIRForms profile page, which shall be used by the BIR as an additional mode of serving BIR orders, notices, letters, communications, and other processes.

Source: BIR Website

Starting your business?

Revenue District Offices (RDOs) provide briefings for their New Business Registrants to orient taxpayers with their tax compliance requirements. Know how, when, and where to file and pay your taxes!

See the schedule of New Business Registrants briefings of RDOs here: https://bit.ly/3dS4w32

Per Revenue Regulations (RR) No. 6-2022, the BIR has removed the five-year validity period on all printed and system-generated receipts/invoices effective on July 16, 2022.

Read the RR's full text here: https://bit.ly/3yzTlny