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Bureau Of Internal Revenue Issues New Regulations
The Philippines Bureau of Internal Revenue has issued new guidance on a number of tax issues. Taxand Philippines reviews the details of the following regulations:
- Policies, guidelines and procedures on the application for changing an accounting period.
- Proper allocation of costs and expenses amongst income earnings of banks and other financial institutions for income tax reporting purposes.
- "De Minimis Benefits" which are exempt from income tax on compensation as well as from fringe benefit tax.
- Suspension of previous regulations which require the filing of Income Tax Returns and / or Annual Information Return by Individuals, including estates and trusts.
It is imperative that organisations affected by such guidance are thoroughly briefed and aware of the updated regulations to minimise any penalties and to ensure the smooth running of operations.
Your Taxand contact for further queries is:
Serafin U. Salvador, Jr.
T. + (632) 8112500