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ATTY. PEACHES ARANAS

To be VAT or not to be non-VAT registered

Earlier on, we discussed Revenue Regulations (RR) No. 13-2018,implementing the value-added tax (VAT) and percentage tax provisions of Republic Act (RA) No. 10963, the “Tax Reform for Acceleration and Inclusion” (Train) Law. RR No. 13-2018 took effect January 1, 2018, the effectivity date of the Train Law. With the passage…

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ATTY. PEACHES ARANAS

Valuation of Property Gifts

Last March, the Department of Finance (DoF) issued Revenue Regulations (RR) No. 12-2018, the consolidated regulations governing the imposition and payment of estate and donor’s taxes, implementing the provisions of Republic Act (RA) 10963, or the “Tax Reform for Acceleration and Inclusion” Train Law. The donor’s tax for each calendar…

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ATTY. PEACHES ARANAS

Government contractor, good taxpayer

What would it take for someone to become a private contractor engaged by the government? Competence, experience, know-how, skill, these are expected traits of any private contractor. How about being up-to-date with tax payments? In 2005, then President, and now Speaker of the House of Representatives Gloria Macapagal-Arroyo issued Executive…

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ATTY. PEACHES ARANAS

Winter of discontent for ‘small’ taxpayers

August is upon us, and, without us knowing it, the first half of the year is gone. Next month will be the start of the “ber” months, ushering in chilly mornings and windy afternoons. Nowadays, a different kind of wind is blowing, and its coming from the direction of the…

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ATTY. PEACHES ARANAS

On BIR’s authority to cancel assessments

The BIR has issued Revenue Memorandum Order (RMO) No. 33-2018, which consolidates, clarifies and reiterates the existing policies and procedures in the issuance by the BIR of the Authority to Cancel Assessment (ATCA). To the layman, to be able to understand what an ATCA is, one has to talk about…

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ATTY. PEACHES ARANAS

A look at the BIR’s audit of ‘small’ taxpayers

Small taxpayers, beware; the Bureau of Internal Revenue (BIR) has you in its sights. The BIR has issued Revenue Memorandum Order (RMO) No. 32-2018, dated July 6, 2018, prescribing the audit/investigation of individual and non-individual taxpayers by the Assessment Divisions of the BIR Regional Offices. But what exactly is a…

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ATTY. PEACHES ARANAS

Of CRMs, POS machines, and faded receipts

Filipinos who love to shop and are frequently found in groceries and shopping malls will have noticed a ubiquitous fixture called the cash register machine (CRM). A CRM is a machine that has a memory that can record a sale of merchandise or services rendered, in lieu of a registered…

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ATTY. PEACHES ARANAS

BIR policies on corporate TINs

For Filipinos, nothing quite prepares you for the challenge and responsibility that goes with paying taxes. To this end, the BIR is constantly coming up with improvements and innovations to make paying taxes a less tedious experience for taxpayers. One of these innovations is the Taxpayer Identification Number (TIN). To…

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ATTY. PEACHES ARANAS

On quarterly income tax returns

The Commissioner of Internal Revenue (CIR) has issued Revenue Memorandum Circular (RMC) No. 32-2018, which prescribes the new Quarterly Income Tax Return for Individuals, Estates and Trusts (BIR Form No. 1701Q), implementing the income tax provisions of the “Tax Reform for Acceleration and Inclusion” (TRAIN) Law. The new BIR Form…

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ATTY. PEACHES ARANAS

Death and taxes

As the saying goes, “In this world, nothing can be said to be certain, except death and taxes.” This hackneyed idiom effectively underscores the overreaching arm of the taxman, in our case the Bureau of Internal Revenue (BIR), in taxing transactions of the living and the dead. With the passage…

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