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Tax residency issues: Gateway to tax assessments


BusinessWorld
April 14, 2021 | 8:30 pm
By Donabel M. Villegas
Through the years, countries have developed a network of tax treaty agreements which provide tax residents of treaty countries income tax exemption or preferential tax treatment on foreign-sourced income. As a minimum requirement to avail of tax treaty benefits, an income earner must prove that it is a tax resident of the treaty country. This is done by presenting a tax residency certificate (TRC) issued by the tax authority of the home country.
In 2019, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 51-2019 providing guidelines and procedures for Philippine taxpayers who wish to secure a TRC. Among the objectives of the RMO is to monitor the reporting and declaration of foreign-sourced income in the tax returns of the applicant-taxpayers since they are taxable on their worldwide income. In 2020, the BIR issued RMO No. 43-2020 to further streamline the pro ....

Bureau Of Internal Revenue , Revenue District Office , Large Taxpayers Division , Tax Incentives For Enterprises , International Tax Affairs Division , Internal Revenue , Revenue Memorandum Order , Audited Financial Statements , Corporate Recovery , Tax Incentives , பணியகம் ஆஃப் உள் வருவாய் , வருவாய் மாவட்டம் அலுவலகம் , பெரியது வரி செலுத்துவோர் பிரிவு , வரி சலுகைகள் க்கு நிறுவனங்கள் , சர்வதேச வரி வாழ்க்கைத்தொழில்கள் பிரிவு , உள் வருவாய் , வருவாய் மெமோராண்டம் ஆர்டர் , தணிக்கை செய்யப்பட்டது நிதி அறிக்கைகள் , பெருநிறுவன மீட்பு , வரி சலுகைகள் ,

VAT refunds during the pandemic | BusinessWorld



The COVID-19 pandemic has forced businesses to explore new ways to improve their cash flow. One of the ways is to tap the government for VAT refunds. This recourse is available to taxpayers with unutilized input VAT attributable to zero-rated transactions and is governed by a process which was recently streamlined by the Bureau of Internal Revenue (BIR).
In the past, we have heard about taxpayers who expressed reluctance to file VAT refund claims in view of the numerous documentary requirements and costs associated with the filing. Those who have actually filed faced difficulties in retrieving documents, whether internally or from outside sources, such as required certifications from various government agencies and foreign jurisdictions. ....

Joannep Lansangan , Exchange Commission , Authority To , Efficient Government Service Delivery , Large Taxpayers Audit Division , Bureau Of Internal Revenue , Revenue District Office , Credit Audit Division , Internal Revenue , Revenue Memorandum Order , Republic Act , Doing Business , Efficient Government Service Delivery Act , Annual Registration Fee , Use Computerized Accounting System , Audit Division , பரிமாற்றம் தரகு , அதிகாரம் க்கு , திறமையான அரசு சேவை டெலிவரி , பெரியது வரி செலுத்துவோர் தணிக்கை பிரிவு , பணியகம் ஆஃப் உள் வருவாய் , வருவாய் மாவட்டம் அலுவலகம் , கடன் தணிக்கை பிரிவு , உள் வருவாய் , வருவாய் மெமோராண்டம் ஆர்டர் , குடியரசு நாடகம் ,