RT ThinkTax

RT ThinkTax is our official monthly publication which highlights select and significant issuances and advisories of various government agencies including the BIR, SEC, BOC, FIRB, PEZA, and other regulatory bodies.`

This RT ThinkTax August 2023 Issue covers select and significant issuances and advisories issued or published in July 2023.

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BIR Issuances

Purchases of Senior Citizens and PWDs through Online (E-Commerce) or Mobile Applications

Revenue Regulations No. 8-2023
Issued on July 31, 2023

The BIR categorically declares the mandatory nature of the benefits given to Senior Citizens (SCs) and Persons with Disabilities (PWDs) for qualified purchases made online or through mobile applications.

This Revenue Regulations states that the signature of the SC/PWD is not required if the qualified purchase was made online or through mobile applications. Nonetheless, the SC/PWD Identification Card number should still be provided.

Amendments to Implementing Regulations of PERA Act of 2008

Revenue Regulations No. 7-2023
Issued on July 7, 2023

The following are the amendments on contributions:


Qualified PERA Contribution

Non-Overseas Filipino Not exceeding ₱200,000 per calendar year
Overseas Filipino or in representation of an Overseas Filipino Not exceeding ₱400,000 per calendar year

Maximum Annual PERA Contributions

Maximum Annual PERA Contributions in one calendar year shall be as follows:


Maximum Qualified PERA Contributions*

Unmarried Filipino Citizen ₱200,000
Married Filipino Citizen and both spouses qualify as a Contributor ₱200,000 for each qualified contributor
Married Filipino Citizen and only one spouse qualifies as a Contributor ₱200,000
Unmarried Overseas Filipino ₱400,000
Married Overseas Filipino whose legitimate spouse is neither an Overseas Filipino nor a qualified contributor ₱400,000
Married Overseas Filipino  whose legitimate spouse and children (not otherwise disqualified as contributors) of an Overseas Filipino who did not directly open any PERA ₱400,000, cumulative for the spouse or children in representation of the Overseas Filipino
Married Overseas Filipino who legitimate spouse is also an Overseas Filipino ₱400,000 for each qualified contributor
Married Overseas Filipino whose legitimate children are not Overseas Filipinos and are not qualified Contributors ₱400,000 for the Overseas Filipino

*in Philippine currency or its equivalent in any convertible foreign currency at the prevailing rate at the time of actual contribution.

Any excess from the Maximum Annual PERA Contribution may be accepted as other Savings/ Investment Account after appropriate advice given to Contributor but it shall not be entitled to any benefits under the PERA Act.

A tax credit certificate that remains unutilized after 5 years from the date of issuance shall be considered invalid and shall not be allowed as payment for internal revenue tax liabilities of the PERA Contributor. The amount covered by the certificate issued shall be automatically cancelled by the ePERA system.

In case of damaged or lost certificate, reissuance of certificate will not be available after 5 years from the date of issuance of the original certificate.

Processing of request for corporate information, including beneficial ownership information, with the Securities and Exchange Commission

Revenue Memorandum Order No. 26-2023
Issued on July 19, 2023

Pursuant to the Data Sharing Agreement (DSA) between the BIR and the Securities and Exchange Commission (SEC), the BIR is allowed to obtain from SEC the following information on corporations and other registered/licensed entities:

  1. Complete name of incorporators, stockholders, directors, trustees, members, officers of a SEC-registered corporation, including their specific residential address, date of birth, nationality, taxpayer identification number, and percentage of ownership;
  2. Beneficial owners of SEC-registered corporations;
  3. Partners in a partnership; and
  4. Information on other persons licensed by the SEC.

All personal data obtained pursuant to the DSA shall be used, processed, disclosed, and transferred following the policies and guidelines for personal data protection and security prescribed under the Data Privacy Manual of the BIR, in compliance with the Data Privacy Act and its implementing rules and regulations.   Files and documents containing personal data shall be encrypted and transferred preferably via a secure email facility or via the cloud storage associated with the official email address.

Personal data stored in paper files or any physical media shall be transmitted only through registered mail or, where appropriate, authorized parcel post service.

Prescribed Forms to Avail Income Tax Exemption of Foreign-Sourced Dividends Received by Domestic Corporation

Revenue Memorandum Circular No. 74-2023
Issued on July 5, 2023

Considering that the prescribed templates pursuant to RR No. 5-2023 only included dividend income received from a single source, Annex “A” and “B” of this Circular now provides for the standard templates in case the domestic corporation receives multiple foreign-sourced dividends qualified for the income tax exemption pursuant to the aforesaid provision. Annexes “A” and “B” can be found here.

Extending the Deadline for the Replacement of Ask for Receipt Notice (ARN) with Notice to Issue Receipt/Invoice (NIRI)

Revenue Memorandum Circular No. 75-2023
Issued on July 5, 2023

Pursuant to RR No. 10-2019 and RMO No. 43-2022, all business taxpayers were mandated to exhibit at their place of business the new BIR Notice to the Public or Notice to Issue Receipt/Invoice (NIRI). This Circular extends the deadline for securing the new NIRI to on or before September 30, 2023.

Business taxpayers who fail to renew on or before September 30, 2023, shall be imposed a penalty of a fine of not more than ₱1,000.00 pursuant to Section 275 of the Tax Code. Taxpaying public may report business establishments that do not have the NIRI posted through eComplaint OTHERS or Chatbot “Revie” at www.bir.gov.ph.

Administrative Requirements for Importers and Manufacturers of Raw Materials, Apparatus or Mechanical Contrivances, and Equipment specially used for the Manufacture of Heated Tobacco Products and Vapor Products

Revenue Memorandum Circular No. 78-2023
Issued on July 20, 2023

Application for a Permit to Operate as importer or manufacturer of raw materials, apparatus or mechanical contrivances, and equipment specially used for the manufacture of HTPs and vapor products should include:

  • BIR Certificate of Registration (BIR Form No. 2303), including Payment Form (BIR Form No. 0605) evidencing payment of registration fee;
  • Latest Income Tax Return duly filed with and received by the BIR, if applicable;
  • Location map, and plat and plan of the Production Plant/Warehouse, if applicable; and
  • Specifications (model/serial number) of the apparatus or mechanical contrivance, and equipment, if locally manufactured.

Application with the ELTRD for Electronic Authority to Release Imported Goods (eATRIG) for every importation shall be done using the Philippine National Single Window System (https://nsw.gov.ph/) and must include the Bill of lading, Packing list, Commercial invoice, and Import Entry and Internal Revenue Declaration`

Failure to comply with the above shall subject the taxpayer to penalties under Section 254 and Section 265-B of the Tax Code.

Availability of BIR Form Nos. 1600-PT, 1600-VT, 1602Q, 1603Q, 2551Q and 2552 in the Electronic Filing and Payment System (eFPS)

Revenue Memorandum Circular No. 79-2023
Issued on August 8, 2023

This Circular is issued to announce the availability of the following BIR Forms in the Electronic Filing and Payment System (eFPS):

  • 1600-PT – Monthly Remittance Return of Other Percentage Taxes Withheld;
  • 1600-VT – Monthly Remittance Return of VAT Withheld;
  • 1602Q – Quarterly Remittance Return of Final Income Taxes Withheld on Interest Paid on Deposits and Yield on Deposit Substitutes/Trusts/Etc.;
  • 1603Q – Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other than Rank and File;
  • 2551Q – Quarterly Percentage Tax Return;
  • 2552 – Percentage Tax Return for Transactions Involving Shares of Stock Listed and Traded Through the Local Stock Exchange or through Initial and/or Secondary Public Offering


Appointment System for e-FAST Verification

Dated July 4, 2023

Effective July 10, 2023, Appointment System shall be implemented in SEC Robinson Galleria for verification of enrolled accounts in Electronic Filing and Submission Tool (e-FAST). To book an appointment, kindly visit the SEC website and click “SEC Appointment System” under Online Services or you may scan the following QR Code:


Registration of Financing and Lending Companies to the Credit Information Corporation and Submission of Related Documents

Dated July 6, 2023

Financing and Lending Companies (FCs and LCs) that are operating Online Lending Platforms (OLPs) and Online Lending Applications (OLAs) are ordered to register with the Credit Information Corporation (CIC) within 30 days from receipt of this Order or its publication, whichever is earlier, and submit their respective basic credit data as required in CIC Circular No. 2, series of 2021.

To register, CIC Circular No. 2, series of 2021 requires the submission of the following documents and/or requirements, as may be applicable:

  1. Certificate of Registration which may be issued either by the SEC and the CDA;
  2. SEC Articles of Incorporation or CDA Articles of Cooperation, whichever is applicable;
  3. Secretary’s Certificate; and
  4. Submitting Entity Information Sheet.

The above shall be submitted to the Data Submission Team at [email protected].

Non-compliance shall be penalized in accordance with existing laws, SEC Memorandum Circulars, and other relevant regulations. Such penalties shall include, but is not limited to, suspension and/or revocation of the Certificate of Authority to Operate as a Financing or Lending Company.

For those who have already registered but have no access to the Covered Entity Portal, there is no need to re-submit the above documents. The entity will receive a link from the Data Submission System for updating of the Submitting Entity Information Sheet.

Proof of Anti-money Laundering Council (AMLC) Registration For All SEC Supervised/Regulated Covered Persons who have not yet registered with AMLC Online Registration System

Dated July 28, 2023

This Notice is given to all covered persons (CPs) listed below, as supervised by the SEC, who have not yet submitted their proof of AMLC Registration to the SEC.

  • Securities dealers, brokers, salesmen, investment houses and other similar persons managing securities or rendering services as investment agent, advisor, or consultant;
  • Mutual funds, close-end investment companies, common trust funds, and other similar persons;
  • REIT fund managers;
  • All financing companies and lending companies; and
  • Other entities administering or otherwise dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the SEC.

All CPs of the SEC are required to register with the AMLC portal and submit a proof of registration to the SEC. The procedure in submitting the AMLC Registration proof can be accessed using the following link:


Further, Compliance Officers are required to update their CP’s user account information in the AMLC Online Registration System every 2 years. The proof of the updated AMLC registration shall likewise be submitted to the SEC.

Failure to register or update the AMLC registration is subject to applicable penalties as provided for under the 2018 AML/CFT Guidelines for SEC Covered Persons and/or the 2018 Implementing Rules and Regulations of the AMLA, as amended.

SEC Fees and Charges for Certain IT Related Services

SEC MC No. 10-2023
Issued on August 1, 2023

This Circular provides for the implementation of applicable fees for IT related services and increase in fees to secure official documents from the SEC:

  1. SEC API Marketplace. This is a software interface that enables the SEC to provide company profile information, financial information, and other data to clients and stakeholders through application-to­application communication. APls are based on a programming pattern or best practice that defines the rules by which application-to-application, and not application-to-user, communications may be conducted over remote network connections such as the Internet. This system, allows direct transfer of data streams without the need for user intervention, allowing real time data transfer in a secure way.



    Package A ₱10,000

    (100 API calls – ₱100/call)

    Package B ₱50,000

    (1,000 API calls – ₱50/call)

  2. CIFFS e-SEARCH. The Electronic SEC Education, Analytics, and Research Computing Hub (eSEARCH) is the main eCommerce service channel of the SEC for the transacting public’s purchase and download of submitted documents to the SEC. It is mainly a research tool and discovery as well as channel for authenticated documents so as to move away from the issuing of paper-based documents. Through this system, SEC documents such as the General Information Sheet (GIS) and Annual Financial Statement (AFS) are accessible to the transacting public.

    CIFFS ESEARCH CHARGES (digital copy)

    GIS, AFS, and Company Snapshot Package ₱1,000
    Authenticated GIS, AFS, and Company Snapshot Package ₱1,500
    GIS, Authenticated AFS, and Company Snapshot Package ₱1,500
    Authenticated GIS, Authenticated AFS, and Company Snapshot Package ₱2,000
    GIS, AFS, and Company Snapshot Package (Discounted Price) ₱900
    Authenticated GIS, AFS, and Company Snapshot Package (Discounted Price) ₱1,400
    GIS, Authenticated AFS, and Company Snapshot Package (Discounted Price) ₱1,400
    Authenticated GIS, Authenticated AFS, and Company Snapshot Package (Discounted Price) ₱1,900
    GIS or AFS Document ₱750
    GIS or AFS Document (Discounted Price) ₱500
    Note: Additional ₱500.00 for authenticated copy for each type of document
  3. Plain and Authenticated Copy of SEC Documents. As listed under SEC MC No. 3, s.2017, the following are the new fees and charges in securing official documents from the SEC:
    Plain Copy of SEC Documents (hardcopy)

    Type of Document

    Estimated No. of Pages

    Fees and Charges

    Articles of Incorporation (AOI) and By-Laws 16-27 ₱1,500
    AOI/Amended AOI 10-15 ₱1,500
    By-Laws/Amended By-Laws 10-15 ₱1,500
    General Information Sheet 6-10 ₱1,500
    Increase in Capital Stock 8-15 ₱1,500
    Resolution 2-4 ₱1,500
    Secretary’s Certificate 2-4 ₱1,500
    Board Resolution 1-3 ₱1,500
    Registration Data Sheet 2-3 ₱1,500
    Deed of Assignment 1-3 ₱1,500
    Other Documents aside from the above ₱50/page

    Authenticated Copy of SEC Documents

    Type Of Document

    Estimated No. of Pages

    Fees And Charges

    AOI and By-Laws 16-27 ₱2,000
    AOI/Amended AOI 10-15 ₱2,000
    By-Laws/Amended By-Laws 10-15 ₱2,000
    General Information Sheet 6-10 ₱2,000
    Increase in Capital Stock 8-15 ₱2,000
    Resolution 2-4 ₱2,000
    Secretary’s Certificate 2-4 ₱2,000
    Board Resolution 1-3 ₱2,000
    Registration Data Sheet 2-3 ₱2,000
    Deed of Assignment 1-3 ₱2,000
    Other Documents aside from the above ₱100/page


Payment of fees a mandatory requirement for all PEZA applications

Memorandum Circular 2023-038
Issued on July 24, 2023

Effective August 1, 2023, the Official Receipt (OR) or Acknowledgement Receipt (AR) confirming the payment of applicable fees shall be included as a mandatory documentary requirement in the filing of any application or request for all PEZA services, except for permits under the National Building Code of the Philippines (NBCP) issued by the Office of the Building Official (OBOs) in the Head Office and economic zones. Without the OR or AR, the application shall be considered incomplete and PEZA cannot give due course to such applications.

The mandatory implementation of the electronic payment and collection system (EPCS) in the PEZA Head Office, Special Economic Zones, Cavite Economic Zone, Mactan Economic Zone and Baguio City Economic Zone shall likewise take effect on August 1, 2023.


Duty Exemption/VAT and Customs Duty Exemption on Importation of Capital Equipment, Raw Materials and Spare Parts or Accessories

Memorandum Circular No. 2023-004
Issued on June 30, 2023

These guidelines cover how to avail of VAT and customs duty exemption on importation of capital equipment, raw materials, spare parts or accessories by all BOI Registered Business Enterprises (RBEs). For Export Enterprises, this will involve their VAT and customs duty exemptions 17 years from date of registration, while for Domestic Market Enterprises, this will involve their customs duty exemptions 12 years from date of registration.

The conditions for customs duty and VAT exemptions are the following:

  • Direct and exclusive use in registered project or activity of RBEs;
  • In case of duty exemption, capital equipment, raw materials, spare parts or accessories are:
    • Direct and reasonably needed by the RBE;
    • Used exclusively in and as part of the direct costs of the registered project or activity of the RBE; and
    • Not produced or manufactured domestically in sufficient quantity or of comparable quality at reasonable prices as certified by the BOI through the issuance of Certificate of Non-Local Availability (CNLA)
  • In case of duty exemption, approval from the BOI prior to importation by securing BOI-issued Certificate of Authority to Import (CAI), containing the list of capital equipment, raw materials, space parts or accessories to be imported
  • Unless otherwise lifted, posting of performance bond, valid for 1 year, from the Government Service Insurance System (GSIS), equivalent to the VAT and/or duties waived, or in lieu of the bond, providing a guarantee from the principal stockholder/s or other form of guarantee to ensure performance

Regarding the sale, transfer and disposition of the items granted customs duty exemption, the guidelines provide that:

  • Within the first 5 years from date of importation, it will need BOI approval prior to the sale/transfer/disposition and it will only be allowed under circumstances enumerated in Section 5 of the guidelines
  • After five years from date of importation, the RBE will only need to notify BOI prior to the sale/transfer/disposition

If the sale/transfer/disposition is made without BOI approval, the RBE and the vendee/transferee/assignee are solidarily liable for twice the amount of duty exemption that should have been paid during the importation, without prejudice to penalties.

If imported items are to be used in a non-registered project or activity by the RBE within the first 5 years from date of importation, the RBE should secure prior approval of BOI and pay the amount corresponding to other exempt customs duty on importation.

If it is a part-time utilization in a non-registered project or activity, payment shall be in proportion to the specific items’ utilization in the non-registered project or activity.

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