Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. has issued Revenue Regulation No. 1-2024, increasing the value-added tax (VAT) exemption threshold for the sale of houses and lots and other residential dwellings. The revised threshold now stands at P3.6 million, up from the previous P3.2 million. This revision aligns with Section 109 (P) of the National Internal Revenue Cod...
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THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular 100-2019, prescribing the use of revised BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) January 2018, which was amended due to the implementation of Republic Act 10963, also known as the Tax Reform for Acceleration and Inclusion Law. The revisions to BIR Form 2316 include the removal of the person...
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A tech company has teamed up with the Bureau of Internal Revenue (BIR) to ease the payment of taxes. In a statement on Monday, Sept. 30, mobile wallet app PayMaya said account holders will soon be able to transmit income tax payments through the app’s Pay Bills feature. The feature will initially benefit individuals that handle their own tax payments, like business owners and self-empl...
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