Part 2 In our previous article, we discussed Revenue Memorandum Circular (RMC) No. 54-2018, which circularizes the amendment on the 20 percent interest rate for deficiency and delinquency interest under Republic Act No. 10963, or the “Tax Reform for Acceleration and Inclusion” (Train) Law. As it stands, deficiency and delinquency…

Remember the movie “Train to Busan”? The movie starts off with the protagonist and a handful of characters trying to escape a zombie apocalypse by boarding a train that would hopefully lead them into a place called “Busan”, a safe zone which has effectively cordoned off the flesh-eating zombies. The…

As the hackneyed saying goes: “Taxes are the lifeblood of the nation”. Simply put, without the needed funds it gets from taxes, government will be paralyzed to perform its basic functions. And to ensure that taxes constantly run though those government “veins”, so to speak, the Bureau of Internal Revenue…

You may want to rethink that carbonated drink that you usually have during your merienda break. The Department of Finance (DoF) through the Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) No. 20-2018, prescribing the imposition of excise tax on “Sweetened Beverages” as provided under the “Tax Reform…