The bureau just issued Revenue Memorandum Circular (RMC) No. 127-2016 for the suspension of effectivity of all revenue issuances promulgated under RMC No. 69-2016 dated July 1, 2016 within the period covering June 1 to 30, 2016.
The suspension of the following revenue issuances is hereby lifted:
RMC / Title/Description of RMC
RMC No. 61-2016 - Prescribing Policies and Guidelines for Accounting and Recording Transactions Involving "Netting" or "Offsetting".
RMC No. 62-2016 - Clarification on Property Tax Treatment of Passed-on Gross Receipts Tax
The RMC is dated November 15, 2016 and the lifting of suspension of the effectivity of the foregoing revenue issuances the same shall be effective immediately.
Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/RMC%20No%20127-2016.pdf of the full text of RMC No. 127-2016.
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