F. Leano and Company

25/08/2022

Per Revenue Regulations (RR) No. 6-2022, the BIR has removed the five-year validity period on all printed and system-generated receipts/invoices effective on July 16, 2022.

Read the RR's full text here: https://bit.ly/3yzTlny

05/04/2021

The BIR announced on Monday it is allowing the filing of tax returns and the payment of taxes falling within the period of March 22 to April 30 this year “anywhere, even outside the jurisdiction of the Revenue District Office (RDO) where the taxpayer is registered.”

There was, however, no announcement regarding a deadline extension.

30/09/2020

Dear Taxpayers,

Greetings! Just recently, the BIR released Revenue Regulations No. 21-2020 regarding Voluntary Assessment and Payment Program or simply called VAAP for the collection of additional tax revenues to sustain the programs of the Government against the pandemic. Attached herewith is a flier summarizing and simplifying the provisions laid down in the said Revenue Regulations.

For any questions or concerns about VAPP, you may directly contact your TAMP officer.

We thank you for your continuous support.

22/06/2020

Avail the 2020 BIR TAX AMNESTY!!!

16/06/2020

SEC DEADLINE IN SUBMISSION OF AUDITED FS

As per SEC Ruling due to Covid 19:

In view of the foregoing and pursuant to the regulatory power of the Commission under Section 5.1(g) of the Securities Regulation Code (SRC) and Section 179(o) of the Revised Corporation Code (RCC), the Commission grants the following affected companies an extension of time without penalty, within which to submit the Annual Reports and/or AFS for the period ended 31 December 2019:

(i) For companies doing domestic operations only: an extension of time until 30 June 2020: and

(ii) For companies with domestic and foreign operations: an extension of time until 30 June 2020 or 60 days from that date of lifting of travel restrictions/ban by the concerned government authorities, whichever comes later.

13/06/2020

As per BIR Ruling:

"In general, if you missed the Income tax deadline, you should pay 25% of the tax amount due plus 20% interest per annum (from the deadline until the amount is fully paid), on top of the tax you are required to pay.

The 25% surcharge is also imposed if you file your ITR with the wrong internal revenue officer.

But in case of "willful neglect to file the return" or in case "a false or fraudulent return is willfully made," the penalty imposed is 50% of the tax due.

There is also a compromise penalty for unsettled obligations, in lieu of criminal prosecution, depending on the tax amount due, as mandated by Revenue Memorandum Order No. 19-2007 of the Bureau of Internal Revenue (BIR)"

31/05/2020

BIR's eAFS (as stated in RMC No. 49-2020) is now online!

https://eafs.bir.gov.ph/eafs

21/05/2020

New BIR Deadlines ......

28/04/2020

After the 15th of May, if the ECQ will not be extended anymore, we should all assume that a GCQ will be imposed on ALL of the regions affected by the COVID-19. Let us help Malacañang in informing people of the new normal we have to follow. Familiarize yourselves to avoid confusion.

General Community Quarantine (GCQ) Rules:

1. Selected workers in non-essential services are allowed to go to work.

● electronics
● exports
● manufacturing
● e-commerce
● delivery
● repair services
● maintenance
● housing

2. Half of employees work from home, 50 percent are working on site:

● Finance
● Business process outsourcing (BPO)
● Non-leisure trade and service

3. Will remain CLOSED:

● Schools
● Amusement centers
● Leisure facilities
● Gaming
● Tourism services

4. NOT permitted to leave the house:

● Children (0 to 20 years old)
● Elderly (60 years old and above)
● People with high-risk health issues

5. ONLY shops catering to NECESSITIES will be allowed to re-open in malls. Malls will limit entry of shoppers.

6. Airconditioning will be limited in malls. WIFI will not be provided. NO loittering allowed.

7. Priority construction projects can resume

8. Nonworkers are allowed to buy food and go out to avail of essential services

● Allowed will be people who are 21 to 59 years old.
● EXCEPT again: children, elderly, vulnerable people

9. Public transport can operate at reduced capacity.

10. Local government units shall ENFORCE CURFEW for nonworkers.

11. Airports and ports can only operate for the unhampered DELIVERY OF GOODS.

---
Plans of going out or reunions after May 15 are still not entirely possible. You are REQUIRED to bring an I.D. that specifies your AGE and ADDRESS wherever you go. Checkpoints will still be in place. You will still be questioned if you defy the rules.

We need to abide by the guidelines. Be aware that we are trying to avoid a second wave which is considered to be more damaging than the first.

WE CAN DO THIS.💟☝🌿

(CNN:Based sa official statement ng Malacañang and IATF)

24/04/2020

Updates from IATF Resolution and PRRD National Address (24 April 2020, Friday, 8AM)

Palace Spokesman, Atty. Harry Roque says President Duterte has approved the extension of the enhanced community quarantine until MAY 15 in the following areas:

1. NCR
2. Region 3
3. Region 4A

While ECQ pronouncements might change in the following areas by 30 April 2020:

1. Benguet
2. Pangasinan
3. Tarlac
4. Zambalez

The ECQ in the following areas are also extended but still subject for re-checking says Sec. Roque:

1. Antique
2. Iloilo
3. Aklan
4. Capiz
5. Cebu
6. Davao del Norte
7. Davao City
8. Davao de Oro

During the IATF meeting, we also took note of the following recommendations:

1. All other provinces under new normal or general community quarantine
a. Moderate (orange) – to be evaluated if they will be under GCQ or ECQ
Luzon: Abra, Ilocos Norte, La union, Cagayan, Isabela, Marinduque, Nueva Vizcaya, Camarines Sur
Visayas: Samar, Western Samar
Mindanao: Zamboanga del sur, North Cotabato, South Cotabato, Maguindana, Lanao de norte, Misamis oriental, Misamis Occidental

b. Moderate (GCQ until May 15)
Visayas: Negros occidental, Negros Oriental, Siquijor,
Mindanao: Davao del sur, Davao 0riental, Sultan Kudarat, Lanao de sur

c. Low (GCQ until May 15 and if there is no deterioration, GCQ may be relaxed to normal)
Luzon: Apayao, Mountain Province, Ifugao, Kalinga, Ilocos sur, Batanaes, Palawan, Quirino, Aurora, Romblon, Camarines Norte, Sorsogon, Masbate
Visayas: Eastern Samar, Guimaras, Bohol, Biliran, Leyte, N. Samar, S. Leyte
Mindanao: Zamboanga del Norte, Zamboanga Sibugay, Bukidnon, Saranganni, Agusan del Norte, Dinagat Islands, Surigao del Sur, Agusan Del Sur, Surigao del Norte, Basilan, Sulu

2. Development of minimum standards (to be developed by April 27)
Minimum standards for health, hygiene and ECQ– DOH
Public transportation – DOTr
Workers - DOLE
Employers – DTI
Infrastructure – DPWH

3. Guidelines for areas under General Community Quarantine
3.1 Employees may work in sector, 1, 2 and 3: in phases
3.2 General public may go out to buy basic necessities. But high-risk populations must remain at home: Ages 0-20 and 60 and up, high health risk
3.3 Restricted mall opening but non-leisure stores
3.4 Essential items allowed
3.5 Non-workers can go out to buy goods and services except leisure
3.6 Public transportation at reduced capacity
3.7 LGU to enforce curfew at night to non-workers
3.8 Social amelioration program to be reprioritized to ECQ areas
3.9 High school and HEI school year may continue classes to finish the academic year and issue credentials. Recommends opening of classes in September.
3.10 Mandatory temperature check, wearing of masks, alcohol use
3.11 Priority and essential construction projects will be allowed to resume subject to DPWH guidelines
3.12 For ECQ and GCQ areas: Airports and seaports may operate only for transfer of goods

4. Guidelines for opening of work in GCQ areas by industry (low to moderate areas)
4.1 100% opening
- Agriculture, fisheries, forestry, food manufacturing, supply chain (ink, printing, and raw materials), restaurant (take-out and delivery), food retail, manufacturing, logistics, hospital, water, telecom, media, energy, internet
4.2 50-100%
- Other manufacturing (electronic, exports), e-commerce, delivery, repair and maintenance, housing, office services
4.3 Until 50% onsite, 50% work from home
- Financial services, BPO, other non-leisure trade and services
4.4 Option for 100% closure
Schools: Late opening in Sept except for online classes
- Leisure, amusement, fitness, tourism,
- all mass gatherings
- limited opening of malls and construction
- Religious gatherings

5. President Duterte warned against lawlessness and he raised the reward for the discovery of vaccines to P50M.

17/04/2020

SMALL BUSINESS WAGE SUBSIDY (SBWS) PROGRAM by the DOF

The national government is providing a wage subsidy for affected employees of small businesses to help mitigate the impact of the quarantine in Luzon and various local government units. This wage subsidy shall be given for up to two months so that affected small businesses are able to retain their employees during the quarantine period.

Please see link below and/or you may access BIR Website whether your Company is ELIGIBLE.

https://www.dof.gov.ph/small-business-wage-subsidy-program/

The national government is providing a wage subsidy for affected employees of small businesses to help mitigate the impact of the quarantine in Luzon and various local government units. This wage subsidy shall be given for up to two months so that affected small businesses are able to retain their e...

03/04/2020

COVID 19 Government Issuances DOLE and PHILHEALTH

19/03/2020

ITR Filing Extended to May 15, 2020

17/03/2020

Filing of 2019 ITR -- NO EXTENSION

25/02/2019

The Estate Tax Amnesty has passed into law under Republic Act 11213 which was signed by President Duterte last February 14. Now is the time to settle estates of the long dead, and to transfer titles to properties which have never been passed on to the heirs.

The estate tax is a flat 6% of the net estate based on values of the assets as of the time of death. Moreover, the manner of computation of the net estate and the deductions allowed will also be based on the law applicable at the time of death.

The estate tax is 6% based on the net estate (after deductions and after removing the conjugal./communal share of the spouse) and is taxed without any penalties, surcharge or interest. Without the amnesty the tax would have been 20% of the net estate (as of the latest estate tax prior to January 1, 2018), 25% surcharge and 20%/12% interest on the unpaid tax. So this is a bargain not to be missed.

The amnesty period is 2 years from the time the Implementing Rules and Regulations (IRR) become effective. As of now, the BIR is still drafting the IRR.

The amnesty only covers people who died on or before December 31, 2017.

SETTLE NOW OR LOSE THE OPPORTUNITY!

18/02/2019

Under the TRAIN law or Republic Act (RA) No. 10963, self-employed individuals and professionals:

Change in the Creditable Withholding Tax Rate on lncome Payments to Self-employed lndividuals or Professionals

The following lncome Payments to Self-employed lndividuals or Professionals shall be subject to Eight Percent (8%):

1. Professional fees, talent fees, commissions, etc. for services rendered by individuals;

2. lncome distribution to beneficiaries of Estates and Trusts;

3. lncome Payment to certain brokers and agents;

4. lncome Payments to partners of general professional partnership;

5. Professional fees paid to medical practitioners; and

6. Commission of independent and/or exclusive sales representatives, and marketing agents of companies.”

15/01/2019

04/01/2019

A per TRAIN LAW:

Simplified Value Added Tax

The government's aim to elevate the less fortunate in the Philippines and drive development is exemplified as the TRAIN repeals 54 out of 61 of the non-essential VAT exemption. In order to protect these less fortunate persons, as well as small and micro businesses, they are exempted from VAT on goods and services of marginal establishments.

VAT exempt tax payers now have the option to:

1. PIT schedule with 40% OSD on gross receipts or gross sales plus 3% percentage tax

2. PIT schedule with itemized deductions plus 3% percentage tax, or

3. Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax.

"TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators".

As such, VAT exemptions are now only limited to health, education and raw agriculture food.

In 2019, medicines for hypertension, high cholesterol and diabetes will be exempted from VAT. Similarly, purchases from senior citizens and persons with disabilities.

Housing that costs less than ₱2 million shall also be exempted starting in 2021.