Saturday, July 20, 2019

Rate of Creditable Withholding Tax on Meralco Payments

Revenue Regulations (RR) No. 1-2019 was issued by the bureau to further amend certain provisions of RR 2-98 as amended by RR No. 11-2018, which implemented the Provisions of Republic Act 10963, Otherwise Known as Tax Reform for Acceleration and Inclusions (TRAIN) Law, Relative to some changes in the Rate of Creditable Withholding Tax on Certain Income Payments as follows:

SECTION l. AMENDMENT. Section 2 of RR 11-2018 on the amendments to Section 2.57.2 of RR 2-98, as amended, is hereby further amended to read as follows: 

"SECTION 2.57.2. Income Payments Subject to Creditable Payments Subject to Creditable Withholding Tax and Rate Prescribed Thereon. -  Except as herein otherwise provided, there shall be withheld a creditable income tax at the rates herein specified for each class of of income payee from the following items of income payments to persons residing in the Philippines:

(A) XXX

 XXX                      XXX                        XXX 

(P) MERALCO Payments on the following: 

(1) MERALCO Refund arising from supreme court Case G.R. No. 141314 of April 9, 2003 to customers under phase IV as approved by Energy Regulatory Board (ERC)- on gross amount of refund given by MERALCO to customers - Fifteen percent (15%) 

(2) interest income on the refund of meter deposits determined, computed and paid in accordance with the "Rules to Govern Refund of Meter Deposits to Residential and Non-Residential Customers", as approved by the ERC under Resolution No, 8, Series of 2008, dated June 04, 2008 implementing Article 8 of the Magna Carta for Residential Electricity Customers and ERC resolution No, 2005-10 RM (Otherwise known as DSOAR) dated January 18, 2006, exempting all electricity consumers from the payment of meter deposit. 

On gross amount of interest paid directly to the customers or applied against the customer's billings:

(i) Residential and General Service customers whose monthly electricity exceeds 200 kwh as classified by MERALCO - Ten percent (10%) 

(ii) Non-Residential Customers - Fifteen percent (15%) 

(Q) Interest income on the refund paid through direct payment or application against customer's billings by other electric Distribution Utilities (DUs) in accordance with the rules embodied in ERC Resolution No. 8, Series of 2008, dated June 04, 2008, governing the refund of meter deposits which was approved and adopted by ERC in compliance with the mandate of Article 8 of the Magna Carta for Residential Electricity Customers and Article 3.4.2 of DSOAR, exempting all electricity consumers, whether residential or nonresidential, from the payment of meter deposit. On gross amount of interest paid directly to the customers or applied against the customer's billings: 

{i) Residential and General Service customers whose monthly electricity consumption exceeds 200 kwh as classified by the concerned DU -Ten percent (10%) 

(ii) Non-Residential Customers - Fifteen percent (15%)

(R)     XXX          XXX         XXX 

(S) Interest income derived from any other debt instruments not within the coverage of 'deposit substitutes'and Revenue Regulations No. 14-2012, unless otherwise provided by law or regulations - Fifteen percent (15%) 

All existing rules and regulations or parts thereof which are inconsistent with the provisions of these regulations are hereby revoked and are effective beginning January 01, 2019.



Tuesday, April 23, 2019

eBIRForms Package v7.4.2 is Now Available for Download

The bureau just recently announced the new updates of Offline eBIRForms Package from eBIRForms Package v7.4.1 to eBIRForms Package v7.4.2


To download the Offline eBIRForms Package v7.4.2, please click below:



Sunday, April 14, 2019

Guidelines in the Filing of Income Tax Returns for TY 2018 and Payment of Income Tax

Revenue Memorandum Circular (RMC) No. 46-2019 prescribe the GUIDELINES in the filing and payment of 2018 Income Tax Returns, due on or before April 15, 2019. 

It is also stated that Taxpayers who are mandated to use eBIRForms/eFPS under existing issuances, and those who opted to file manually, shall file and pay strictly in accordance with the guidelines hereto attached as “Annex A”. 


eBIRForms Package v7.4.1 is Now Available for Download

The bureau just recently announced the new updates of Offline eBIRForms Package from eBIRForms Package v7.3 to eBIRForms Package v7.4.1 

The new update includes BIR Form No. 1701v (Annual Income Tax Return for individuals (including MIXED Income Earner), Estates and Trust) January 2018 (NEW). 

To download the Offline eBIRForms Package v7.4.1, please click below:



Thursday, April 11, 2019

Performance vs. Safety Parts for Your Honda TRX90X


Why are you searching for the right parts for your Honda TRX90X? it is possible that you just want to make the motorcycle look better but aside from the great design, you want to have a motorcycle that will perform well especially when you have to use it often.

A lot of experts say that if you want to improve the performance of your motorcycle, you need to search for honda motorcycle oem parts. These parts are close to the original parts so you know that each part that you purchase will definitely fit. The only problem with this is you have to spend a lot of money in order to get the parts that you want. It will be worth it though especially if you would see how much it has changed the performance of your Honda TRX909.

Should You Upgrade for Performance or Safety?

This will depend on your priorities. You may want to increase the performance of your motorcycle by getting motorcycle OEM parts so that you can start using your motorcycle for longer distances. You may also realize that the performance of your motorcycle will make it easier for you to get from one place to another.

If you are already satisfied with the performance of your motorcycle or your motorcycle is still new, you may opt to get some parts that will increase your motorcycle’s safety. This is ideal for you especially if you are a new rider and you do not consider yourself to be an expert in motorcycle riding just yet.

There are some parts that you can purchase as accessories. This means that the motorcycle will still work even if these parts are placed or not. There are also some parts that will be considered as important such as motorcycle tires. Can you imagine how your motorcycle will move without wheels?



Take a look at the current wheels of your motorcycle and decide if the tires are still in their best condition. If not, you can always get motorcycle tires online to be sure that you will get something that will work well for your motorcycle.


South Bay Summer Activity Guide 2019


There are a lot of people who are looking forward to the summer season. They know that this is the right time for them to do the activities that they were not able to do during winter. You may want to do some activities in order to keep yourself busy but it is also likely that you want to become more active.

When you go to the beach, you can take beach cruiser bikes with you. You and the rest of your family and friends can bike around the beach before taking a dip. You do not have to worry about bringing a vehicle because you know that you will only get your seats wet.

Aside from the beach, what else can you do during the summer? There are so many that are available. You just need to think about your hobbies so that you can properly choose. You may want to consider getting the best bikes for women now so that you can start biking around the area. Cycling will help you stay in shape in order to fit well with the summer clothes that you are planning to purchase.

Camping

There are a lot of people who have waited for summer before they can start camping again. There are different types of camping spots all over the area that will allow you to bond with other people. If you are camping alone, this will be your chance to bond with nature. Just make sure that you will bring all of the required items with you to be sure.

Go Swimming

Summer will not be complete without swimming. There are different water activities that you can do as well. There are some spots wherein you can do kayaking and other water sports. Take the opportunity to do these things because you will not be disappointed with the fun that you will get because of the activities that you are doing.

Do Yoga and Other Exercises

Have you ever wondered why there are a lot of people who practice yoga? They do this because they usually feel calmer and more at ease after doing some yoga poses. If you want to try something new, this may be something that you can consider doing.




Can you still think of other summer activities that you can do at South Bay?



Sunday, March 24, 2019

eBIRForms Package v7.4 is Now Available for Download

The bureau just recently announced the new updates of Offline eBIRForms Package from eBIRForms Package v7.3 to eBIRForms Package v7.4.0 

The new update includes BIR Form No. 1701 (Annual Income Tax Return for individuals (including MIXED Income Earner), Estates and Trust) January 2018 (ENCS). 

To download the Offline eBIRForms Package v7.4.0, please click below:



Tuesday, February 5, 2019

Alphalist Data Entry and Validation Module Version 6.1 (New) is now available for Download

The bureau has issued a TAX ADVISORY of the revised Alphalist Data Entry and Validation Module Version 6.1 related to the applicable provisions of the Tax Reform for Accelaration and Inclusion (TRAIN) Law. This module is use for the submission of annual Alphabetical List of Employees/Payees from Taxes Were Withheld (alphalist) as part of the filing of the Annual Information Return which is due every January 31 of the succeeding year.

The annual alphalist shall be submitted either through the eSubmission facility (esubmission@bir.gov.ph) of the Bureau or through the dedicated email account of the Revenue District Office (RDO) having jurisdiciton over the withholding agent's registered address. For the guidance, please see Annex "A" of Revemue Memorandum Circular No. 5-2015 for the list of dedicated email accounts of the RDOs.

To download the Alphalist Data Entry & Validation Module Version 6.1 (New) just click on the following: ZIP: ALPHALIST V6.1 SETUP.ZIP / JOB AID: DATA ENTRY / VALIDATION MODULE


Sunday, January 27, 2019

New General Information Sheet (GIS) Form 2019

Security and Exchange Commission (SEC) has announced the use of the new General Information Sheet (GIS) that effective March 01, 2019 the agency will only accept the new GIS form which includes the beneficial ownership.

The new GIS form can be downloaded from the SEC website at the following link: http://www.sec.gov.ph/reportorial-requirements/corporationswith-primary-licenses-2/ 


eBIRForms Package v7.3 is now available for download

Few days ago, the bureau recently announced the new updates of Offline eBIRForms Package from eBIRForms Package v7.2.1 to eBIRForms Package v7.3. 

The new updates includes BIR Form No. 1601Cv2018 (Monthly Remittance Return of Income Taxes Withheld on Compensation), BIR 1602Qv2018 (Quarterly Remittance of Final Income Taxes Withheld on Interest Paid on Deposits Substitutes/Trust/Etc. and BIR 1603Qv2018 (Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other Than Rank and File).

To download the Offline eBIRForms Package v7.3, please click below