Mon Abrea, CPA, MBA, writes for various publications including Rappler where he has an online column, #AskTheTaxWhiz.
The Philippine Tax Whiz explains the mandatory benefits of senior citizens and PWDs for their online transactions in relation to the substantiation requirements of receipts or invoices to be considered VAT-exempt What are the benefits that Senior CItizens (SCs) and Persons with Disabilities (PWDs) can avail? Senior citizens (SCs) and persons with disabilities (PWDs) have …
The Philippine Tax Whiz discusses whether a scanned copy of a receipt or invoice is considered an original document and its difference from an electronic document pursuant to the E-Commerce Act Are there specific requirements for an electronic document to be considered as an original document? Republic Act (RA) No. 8792 or the E-Commerce Act …
[Ask The Tax Whiz] Are scanned receipts and invoices considered as original documents? Read More »
The Philippine Tax Whiz discusses the extension of the estate tax amnesty pursuant to Republic Act. No 11956 Until when can I avail of estate tax amnesty? Who is covered by this amnesty? Republic Act (RA) No. 11956 extended the deadline for availment of the estate tax amnesty to June 14, 2025. The extended amnesty covers …
[Ask the Tax Whiz] Is the estate tax amnesty extended? Read More »
The Philippine Tax Whiz discusses the reversion of tax rates of percentage tax, Minimum Corporate Income Tax, and Regular Corporate Income Tax on Proprietary Educational Institutions & Not for Profit Hospital, pursuant to the RA No 11534 or CREATE Law I have heard that the rate for percentage tax will be increased starting July 1, …
The Philippine Tax Whiz discusses the replacement of Ask for Receipt Notice to Notice to Issue Receipts/Invoices and its extension What is NIRI? A “Notice to Issue Receipt/Invoice” (NIRI) is a notice to be displayed in a highly visible location at the seller’s place of business. The NIRI replaces the display of “Ask for Receipt …
[Ask The Tax Whiz] What is Notice Issue Receipts/Invoices (NIRI)? Read More »
The BIR recently issued two new revenue issuances, Revenue Memorandum Circular No. 71-2023 and Revenue Memorandum Order 23-2023, to streamline the requirements and procedures for claiming VAT refund How will I know if I am eligible to claim a VAT refund? Can I also claim a VAT refund for illegally assessed or collected VAT? You …
[Ask the TaxWhiz] Claiming VAT refund: What key changes should you know? Read More »
The Philippine Tax Whiz discusses the two proposed measures seeking to tax junk food and increase the excise tax on sweetened beverages Recently, I heard that there was a proposal on taxing junk food products and sweetened beverages. What does this proposal contain? The Department of Finance is considering the imposition of a tax on junk food, specifically …
[Ask the Tax Whiz] Taxing Unhealthiness: Is it a Healthy Approach? Read More »
The Philippine Tax Whiz clarifies the issuance and validity of Tax Identification Number cards The old TIN card that I was using as a valid ID was deemed invalid because it was still using the old design. Do I need to secure a new TIN card? No, the old TIN cards are still valid. The …
The Philippines Tax Whiz discusses the latest update for VAT zero-rated transactions I am a local supplier to a registered export enterprise (REE). Do I still need to secure BIR’s approval for the VAT zero-rating? If the goods and services are “directly and exclusively used” in the registered project of the REE, then they will …
[Ask The Tax Whiz] Are there updates for VAT zero-rated transactions? Read More »
The Philippine Tax Whiz discusses fake receipts and the liability for those who use them The BIR has started to locate persons/corporations who issue falsified official receipts. What are the consequences of issuing fake receipts? Any person who issues fake receipts violates Sections 254, 255, and 267 of the Tax Code which are summarized as follows: “SEC. …
[Ask The Tax Whiz] What are fake receipts and transactions? Read More »
