BIR Revenue Memorandum Circular No. 42-2020

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BIR Revenue Memorandum Circular No. 42-2020

REVENUE MEMORANDUM CIRCULAR NO. 42-2020 issued on April 17, 2020 prescribes the guidelines in the filing and payment of Income Tax Returns for Taxable Year 2019. Taxpayers who will be filing manually or will be using the Offline eBIRForms Package or are enrolled under the Electronic Filing and Payment System shall file and pay in accordance with the guidelines prescribed in Annex A of the Circular.

BIR Revenue Memorandum No. 41-2020

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BIR Revenue Memorandum No. 41-2020

REVENUE MEMORANDUM CIRCULAR NO. 41-2020 issued on April 8, 2020 extends the time for filing of application for new Authority to Print (ATP) Receipts/Invoices of taxpayers with expiring principal and supplementary receipts/invoices and extends the use of expired principal and supplementary receipts/invoices. Where the expiration date(s) of said receipts/invoices falls within the period of the Enhanced Community Quarantine (ECQ), the filing of application for new ATP is extended until May 13, 2020 or for thirty (30) calendar days after the lifting of the ECQ (if extended), whichever comes later, without imposition of penalties to the taxpayer. The use of expired principal and supplementary receipts/invoices that falls within the ECQ period is also extended on the same date/period, provided, that:
a. Taxpayer cannot apply for new ATP due to the ECQ or the application has been filed and received by the BIR but the accredited printer cannot deliver the receipts/invoices to the concerned taxpayer due to the ECQ; and
b. Said receipts/invoices to be issued/used shall be stamped “Emergency Extension for Use until May 13, 2020” (if the ECQ is extended, the date shall be 30 days after the last day of ECQ).

BIR Revenue Memorandum Circular No. 40-2020

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BIR Revenue Memorandum Circular No. 40-2020

REVENUE MEMORANDUM CIRCULAR NO. 40-2020 issued on April 8, 2020 publishes the full text of the Implementing Rules and Regulations (IRR) of Republic Act (RA) No. 11256 (An Act to Strengthen the Country’s Gross International Reserves, amending for the Purpose Sections 32 and 151 of the National Internal Revenue Code, as Amended, and for Other Purposes). Based on the IRR, transactions specified hereunder are exempt from taxes, as follows:
a) Income derived from the following sale of gold are excluded in the gross income and shall be exempt from Income Tax and consequently from Withholding Taxes:
i. The sale of gold to the Bangko Sentral ng Pilipinas (BSP) by registered Small-Scale Miners (SSMs) and accredited traders; and
ii. The sale of gold by registered SSMs to accredited traders for eventual sale to the BSP. b) Excise Tax shall not be levied, assessed and collected on the following:
i. The sale of gold to the BSP by registered SSMs and accredited traders; and
ii. The sale of gold by registered SSMs to accredited traders for eventual sale to the BSP. b) Excise Tax shall not be levied, assessed and collected on the following:
i. The sale of gold to the BSP by registered SSMs and accredited traders; and
ii. The sale of gold by registered SSMs to accredited traders for eventual sale to the BSP. If an Excise Tax has been otherwise paid prior to the sale of gold to the BSP, the taxpayer may file a claim for refund or credit with the Commissioner of Internal Revenue for the Excise Tax paid.
The Bureau of Internal Revenue (BIR) shall issue a Taxpayer Identification Number to SSMs and traders to serve as a tag for the Income and Excise Tax exemption of their sale or eventual sale of gold to BSP. The details of the sales transactions from registered SSMs and accredited traders shall be reported by the BSP on a monthly basis to the BIR.
For purposes of applying the tax exemptions and non -withholding/collection of taxes under RA No. 11256, no further proof shall be required by the BSP from registered SSMs or accredited traders other than the documents mentioned under Sections 9 and 12 of the IRR. In the event that the tax exemption is found by the BIR as not applicable to a BSP transaction with a person or entity purporting to be a registered SSM and/or accredited trader, such person or entity shall be primarily and solely liable for any deficiency taxes that may be assessed by the BIR.

BIR Revenue Memorandum Circular No. 39-2020

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BIR Revenue Memorandum Circular No. 39-2020

REVENUE MEMORANDUM CIRCULAR NO. 39-2020 issued on April 8, 2020 further extends the due dates for the submission and/or filing of certain documents and/or returns as well as payment of certain taxes under Revenue Regulations (RR) No. 7-2020 for a period of fifteen (15) calendar days, except those where the extended due dates granted are reckoned from the lifting of the state of emergency. Moreover, the filing/submission of BIR Form 2551Q (Quarterly Percentage Tax Return) is further extended from April 25, 2020 to May 25, 2020. If the new extended due dates fall on a holiday or non-working day, then the submission and/or filing of specified documents and/or returns under RR No. 7-2020 shall be made on the next working day.