REVENUE MEMORANDUM CIRCULAR NO. 43-2019 issued on April 11, 2019 circularizes the Consolidated Price of Sugar at Millsite for the month of February 2019 contained in Operations Memorandum (OM) Nos. 2019-02-05, 2019-02-06, 2019-02-07and 2019-03-01. WhileRMC No. 43-2019
REVENUE MEMORANDUM CIRCULAR NO. 42-2019 issued on April 10, 2019 mandates the re-application for registration of Cash Register Machines (CRMs), Point-of-Sale (POS) machines, Special Purpose Machines (SPMs), and other sales machines or software with PermitsRMC No. 42-2019
REVENUE MEMORANDUM CIRCULAR NO. 41-2019 issued on April 2, 2019 prescribes the enhanced BIR Form No. 1702-MX, which shall be used by non-individuals with mixed income subject to multiple Income Tax rates or with incomeRMC No. 41-2019
REVENUE MEMORANDUM CIRCULAR NO. 40-2019 issued on April 1, 2019 publishes the full text of Professional Regulation Commission Resolution No. 2019-1146, amending relevant provisions of Resolution No. 1032 s. 2017 (Implementing Rules and Regulations ofRMC No. 40-2019
REVENUE MEMORANDUM CIRCULAR NO. 39-2019 issued on March 27, 2019 circularizes the Implementing Rules and Regulations of Republic Act (RA) No. 10932, entitled “An Act Strengthening the Anti-Hospital Deposit Law by Increasing the Penalties forRMC No. 39-2019
REVENUE MEMORANDUM CIRCULAR NO. 38-2019 issued on March 27, 2019 amends the deadline prescribed in Revenue Memorandum Circular (RMC) No. 102-2018, for the processing of pending VAT Refund/Credit Claims filed prior to the effectivity ofRMC No. 38-2019
REVENUE MEMORANDUM CIRCULAR NO. 37-2019 issued on March 18, 2019 prescribes the revised BIR Form No. 1701 [Annual Income Tax Return for Individuals (including Mixed Income Earner), Estates and Trusts] January 2018 (ENCS). The revisedRMC No. 37-2019
REVENUE MEMORANDUM CIRCULAR NO. 36-2019 issued on March 18, 2019 circularizes the Additional Lists of Withholding Agents under the jurisdiction of the Revenue Regions who are required to deduct either the one percent (1%) orRMC No. 36-2019
REVENUE MEMORANDUM CIRCULAR NO. 35-2019 issued on March 14, 2019 reiterates the definition of Accounts Receivable/ Delinquent Accounts (AR/DAs) for purposes of issuance of Delinquency Verification Certificates (DVC) and Tax Clearance for certain/specific purpose. AsRMC No. 35-2019
REVENUE MEMORANDUM CIRCULAR NO. 34-2019 issued on March 13, 2019 clarifies the treatment and reporting requirements of Input Tax pertaining to drugs and medicines prescribed for diabetes, high-cholesterol and hypertension purchased on or before December 31, 2018 by manufacturers, distributors, wholesalers and retailers which remained unsold as of December 31, 2018.
An Inventory List of drugs and medicines as of December 31, 2018, which became VAT-exempt beginning January 1, 2019 pursuant to Section 34 of Republic Act No. 10963 (TRAIN Law), shall be required from all manufacturers, wholesalers, distributors and retailers regardless of whether or not there is an existing excess Input Tax.
The Inventory List, which shall include all drugs and medicines on hand, imported and locally-manufactured shall be filed (using the format prescribed in Annex A of the Circular) with the Large Taxpayer Service/Revenue District Office where the taxpayer is registered on or before April 25, 2019, as an attachment to the Quarterly VAT Declaration Form (BIR Form 2550Q) for the first quarter of 2019. When filing BIR Form 2550M/2550Q, the Input Tax corresponding to the sale shall be deducted from the taxpayer’s allowable Input Tax.
As the sale of VAT-exempt drugs and medicines are made, the Input Tax corresponding to the sale shall be closed to cost or expense.
