bureau of internal revenue

The Importance of TIN # and Certificate Authorizing Registation

CASE STUDY : OUR tax laws provide that before documents transferring real properties are registered, it is first required that the Bureau of Internal Revenue (BIR), through its commissioner or duly authorized representatives, has certified that such transfers have been reported, and the corresponding taxes thereon have already been paid. To comply with this, the BIR issues Certificates...

BIR told to refund Php 63.25 M to Belle

Here's an article from Philippine Star correspondent, Elizabeth Marcelo re a controversial issue regarding a Bureau of Internal Revenue regulation.  Take note of the last paragraph on the definition of Capital Gains Tax, it has been sometime since we have been questioning this ruling as the tax imposed on the sale of a property doesn't necessarily mean a gain on the sale of a Capital Asset.  I've...

BIR – REVENUE MEMORANDUM CIRCULAR NO. 35 – 2017

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE 27 April 2017 SUBJECT :  REVENUE MEMORANDUM CIRCULAR NO. 35 - 2017 Clarification on the lmposition of Capital Gains Tax on Sale, Exchange or other Disposition of Real Properties TO :  All lnternal Revenue Officials and Employees and Other Concerned This Circular is being issued to clarify the imposition of Capital...

House Committee OK’s Estate Tax Amnesty

here's the latest on Estate Tax ruling from bworld.com's correspondent, Raynan F. Javil for your reference.  Again this is positive news as quite a number of properties inherited by "Heirs" all over the Philippines have had this issue either because the percentage of Estate Tax is too high or they simply don't have the funds to pay for the taxes.  This will eventually spur the sale of more properties...

Assessor’s Office – What you Should Know

Here's a recent memorandum from the Assessor's Office in Makati that validates what i have mentioned two years ago issued to all Makati property owners with regards to having their properties assessed every three years.  Any improvement to a structure ( extra room, swimming pool, etc ) should be reported.  It's a fact that all want to save on their real estate taxes that's why some don't report any...

Real Estate Property Tax for 2017

Just a reminder to pay your Real Estate Taxes for 2017 if you still haven't paid for it in order to avail of discounts given by the municipality where your property is located.  Corresponding discounts apply, please call the City Treasurer's office where your property is located.  For gated communities and select condominiums, check with your Homeowner's Association if any collection service is...

Case Study : Donor’s Tax

Case Study : Re post i did a month ago wherein a Seller and Buyer were under negotiation for a purchase of a real estate property, the issue of Donor's Tax has already been addressed and it's also plain and simple, it's for the Buyer's Account. The Buyer is undergoing annulment of marriage and wants to name the property under their only child who is still a minor.  The annulment case is already...

Pimentel Bill seeks one-time relief from Estate Taxes

Here's an article from Rappler.com with regards to Estate Taxes, what a reversal from what the previous Commissioner implemented during her reign.  i have been getting so many feedbacks from property owners, practioners, corporations, etc.... since this past Commissioner was assigned by the previous President.   Taxes were charges without going through the proper procedure.  Take note that it is in...

New BIR Guidelines on Tax-Free Exchanges

here's an article from business world online courtesy of  Margaux A. Advincula, a Tax Senior Director of SGV & Co., on the new guidelines for Tax Free Exchanges. As part of its efforts to streamline the Philippine tax system, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 17-2016 (RMO 17-16) dated May 5, 2016 to supplement the guidelines in recording the tax-free...

New BIR Commissioner revokes Property Sale Rule

Here's an eye opening article from Manila Times correspondent, MAYVELIN U. CARABALLO, re incoming Bureau of Internal Revenue Commissioner, Caesar Dulay's immediate revocation of several memorandum orders issued by outgoing Commissioner, Kim Henares. New Internal Revenue Commissioner Caesar Dulay revoked several memorandum orders on his first day in office, particularly the ruling on property...

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