The beginning of every year is always a good opportunity to look back at the events of the past year, to give thanks and learn from them, as well as to look forward and plan ahead.
In 2024, we saw the passage of the following laws amending our National Internal Revenue Code ('Tax Code'): Republic Act (RA) 11976, or the Ease of Paying Taxes (EOPT) Act, that was passed in January 2024; Create More Act, or RA 12066, which was passed in November 2024; and Republic Act 12023, imposing value-added tax (VAT) on digital services that was passed in December 2024. On June 13, 2024, RA 12001, or the Real Property Valuation and Assessment Reform Act (RP-VAR Act), was passed.These laws are game changers relative to Philippine taxation.The EOPT Act made tax filing and payment easier by allowing the filing of returns and payment of all internal revenue taxes manually or electronically with any authorized agent bank or revenue district office (RDO).It also standardized the basis for VAT, both for the sale of goods and services, to be 'gross sales,' changing the landscape of VAT taxation on service providers, which were previously taxed based on gross receipts. The new law also introduced classifications of taxpayers into micro, small, medium and large taxpayers for income tax purposes, as well as low, medium and high-risk claims for value-added tax (VAT) refund purposes. Further, it amended Sections 204 and 229 of our Tax Code to modify the rules and procedures on the claims for the refund of erroneously paid or illegally collected taxes.The Create More Act, meanwhile, introduced amendments to provisions in our Tax Code on income tax, VAT, especially on VAT zero-rating on purchases, incentives enjoyed by registered business enterprises, on powers of the Fiscal Incentives Review Board and the investment promotion agencies, on refunds of excise taxes on petroleum products sold to international carriers, and on electronic invoicing, among other
FINANCE LEGAL PHILIPPINES TAXATION TAX CODE AMENDMENTS EASE OF PAYING TAXES CREATE MORE ACT VAT DIGITAL SERVICES
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