BIR Updates!

Photo from: Inquirer News

The BIR has issued the following for this week:

Revenue Memorandum Order (RMO) No. 23-2018, dated May 21, 2018, which prescribes policies, guidelines, and procedures, in the availment of 8% Income Tax Rate option for individuals earning from self-employment and practice of profession

RMO No. 22-2018, dated April 10, 2018 with released date on May 17, 2018, which revises the guidelines and procedures in the conduct of tax compliance verification drive specifically removing the requirement for the Tax Mapping Team to issue a “Reminder Letter” to all business establishments being tax mapped.

Revenue Memorandum Circular (RMC) No. 34-2018 dated May 17, 2018 circularizes the effectivity of the Philippines-Sri Lanka Double Taxation Agreement giving tax relief to the concerned Sri Lankan and income earner on their income arising in the Philippines beginning January 1, 2019. It likewise provides for the guidelines and procedures for the availment of relief.