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20 industry associations call for repeal of RR 9-2021
mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
House officials lauds BIR for rectifying error in taxing schools
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Tax Notes: Availability of BIR single hotline number and use of REVIE chatbot
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SC affirms CTA order to refund Philexâs P18.6-M tax
June 7, 2021 | 12:05 am
THE high court has affirmed the Court of Tax Appealsâ (CTA) decision for the Commissioner of Internal Revenue (CIR) to refund Philex Mining Corp.âs P18.6-million unutilized and excess input value-added tax (VAT) attributable to its zero-rated sales for the fourth quarter of 2009.
In its ruling dated Jan. 18 and made public on May 26, the Supreme Court (SC) said it found âno reversible errorâ in the assailed CTA decision.
It also ruled that it need not review Philexâs substantiation of its claim for refund as the CTA had already proven its validity and because the SC âis not a trier of facts.â
SunStar
+ June 02, 2021 The Bureau of Internal Revenue (BIR) has addressed the questions and concerns of taxpayers and stakeholders on corporate income taxation in its Revenue Memorandum Circular (RMC) 62-2021 issued on May 17, 2021. The RMC clarifies BIR Revenue Regulations (RR) 5-2021.
Which corporate income tax rate should be used?
Under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act, domestic corporations may be subjected to a lower regular corporate income tax (RCIT) rate of 25 percent starting July 1, 2020. Meanwhile, corporations with net taxable income not exceeding P5,000,000 and total assets not exceeding P100,000,000 excluding the land on which the particular business entity’s office, plant and equipment are situated, are subject to a much lower RCIT rate of 20 percent.