Wednesday, December 7, 2016

Lifting of Suspension of Effectivity of Certain Revenue Issuances under RMC No. 127-2016

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.

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