EOU Acccounting Services

28/12/2025

Upadate on de minimis benefits:

09/04/2024

GR 247737 McDonalds Philippines Realty Corporation vs CIR on the applicability of the 10-year prescriptive period due to false return.

"...for a return to be considered false and for the extraordinary period of assessment to apply, it must contain errors or misstatements which are deliberate or willful."

For too long a time, there existed two opposing views in the interpretation of Section 222(a) of the Tax Code.

28/03/2024

Heads up - among BIR's priority program for 2024 includes the ff:
Register, comply and have peace of mind.

26/02/2024

Deadline of BIR Form 2316 submission is March 31, 2024 as per RMC 29-2024.

The following documents are required to be submitted together with the BIR Form No. 2316 saved in dvd or usb

1. Sworn Declaration (Annex "C") under Revenue Regulations (RR) No. 2-2015

2. Certification of the List of Employees Qualified for Substituted Filing of their Income Tax Return (Annex "F") under RR No. 11-2018

The submission of copies of BIR Form No. 2316 without the signature of the concerned employee under Revenue Memorandum Circular (RMC) No. 18-2021 is no longer allowed, especially for employees who are qualified for substituted filing.

Taxpayers who have already submitted the BIR's copy of the said Certificate using the old format (2018 version) do not need to re-submit it using the new format (2021 version), as long as the computation of the withheld tax reflected is correct using 2023 rates.

24/02/2024

📣 | 𝐎𝐑𝐃𝐄𝐑: 𝐒𝐔𝐒𝐏𝐄𝐍𝐒𝐈𝐎𝐍 𝐎𝐅 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍𝐒 𝐅𝐎𝐑 𝐍𝐎𝐍-𝐅𝐈𝐋𝐈𝐍𝐆 𝐎𝐅 𝐑𝐄𝐏𝐎𝐑𝐓𝐎𝐑𝐈𝐀𝐋 𝐑𝐄𝐐𝐔𝐈𝐑𝐄𝐌𝐄𝐍𝐓𝐒

The Securities and Exchange Commission (SEC) suspends the certificates of incorporation of 117,885 corporations, which names are enumerated in this link: bit.ly/Suspended2024, due to non-filing of reportorial requirements for more than 5 years.

The Corporations are hereby given a period of 30 days from the date of publication of this Order to avail of the existing remedies pursuant to the laws, rules and regulations implemented by the Commission.

A copy of the Suspension Order is posted at https://www.sec.gov.ph/issuance/suspension-of-corporations-for-non-filing-of-reportorial-requirements/ .tab=0

23/02/2024

The BIR is conducting a public consultation on the proposed implementing rules on RA 11976 or Ease of Paying Taxes Act. We encourage every business owner, especially online sellers, to join this event.

You can download and read the proposed Revenue Regulations (RR) from the BIR website below and email your comments to [email protected]

https://www.bir.gov.ph/index.php/ease-of-paying-taxes-law.html

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18/02/2024

22/01/2024

With the passing of Revenue Regulation No. 16-2023, the BIR will now have a tool to know how much sales is being generated by each seller from online platforms like Shopee , Lazada and Tiktok. Business registration is a must if you want to avoid penalties and have peace of mind.

There are ways to minimize taxes legally. Register your business now or you won't be able to continue your business, We can help you.

MANILA – The Bureau of Internal Revenue (BIR) has announced that online merchants with earnings amounting to more than PHP500,000 annually are now subject to a 1-percent withholding tax. BIR Revenue Regulation 16-2023, issued last December 21, said the withholding tax will apply to one-half of…

22/01/2024