2024 - The Year in Review
We’ve gathered the most important government releases from 2024 into one convenient list. This comprehensive roundup ensures you stay informed on critical updates from various agencies, even if you missed them during the year. Explore these key developments and stay ahead with the latest regulatory changes.
Bureau of Internal Revenue (BIR) Updates
**RR No. 18-2024 - Implementing Section 32(B)(5) of the National Internal Revenue Code of 1997, as Amended by Republic Act 12066, or the CREATE MORE Act**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%2018-2024.pdf]
**RR No. 15-2024 - Prescribing Policies and Guidelines in the Mandatory Registration of Persons Engaged in Business and Administrative Sanctions and Criminal Liabilities for Non-Registration**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%2015-2024.pdf]
**RR No. 8-2024 - Implements Section 21(b) of the Tax Code of 1997, as Amended by RA No. 11976 (Ease of Paying Taxes Act), on the Classification of Taxpayers**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%208-%202024.pdf]
**RR No. 7-2024 - Implements Sections 113, 235, 236, 237, 238, 242, and 243 of the Tax Code of 1997, as Amended by RA No. 11976 (Ease of Paying Taxes Act), on the Registration Procedures and Invoicing Requirements**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%207-%202024.pdf]
**RR No. 5-2024 - Implements Sections 76(C), 112(C), 112(D), 204(C), 229, and 269(J) of the Tax Code of 1997, as Amended by RA No. 11976 (Ease of Paying Taxes Act), on Tax Refunds**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%205%20-2024.pdf]
**RR No. 4-2024 - Implements Sections 22, 34, 51(A)(2)(e), 51(B), 51(D), 56(A)(1), 58(A), 58(C), 58(E), 77, 81, 90, 91, 103, 114, 128, 200, and 248 of the Tax Code of 1997, as Amended by RA No. 11976 (Ease of Paying Taxes Act), on the Filing of Tax Returns and Payment of Taxes and Other Matters Affecting the Declaration of Taxable Income**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%204-%202024.pdf]
**RR No. 3-2024 - Implements the Amendments Introduced by RA No. 11976 (Ease of Paying Taxes Act), on the Relevant Provisions of Title IV - Value-Added Tax and Title V - Percentage Tax of the Tax Code of 1997, as Amended**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.3-%202024.pdf]
**RR No. 1-2024 - Further Amends Section 2, Sub-section 4.109-1(B)(p) of RR No. 4-2021, as Amended by RR No. 8-2021, to Implement the Adjustment of the Selling Price Threshold of the Sale of House and Lot, and Other Residential Dwellings for Value-Added Tax Exemption Purposes**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RR%20No.%201-2024.pdf]
**RMC No. 116-2024 - Clarifying the Provisions of Republic Act No. 11976, or Otherwise Known as the "Ease of Paying Taxes Act", Applicable to the Power Industry**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%20116-2024.pdf]
**RMC No. 65-2024 - Clarifies Certain Issues Relative to the Implementation of Section 19 of RA No. 11976, Otherwise Known as the "Ease of Paying Taxes Act", Which Added Section 110(D) of the National Internal Revenue Code of 1997, as Amended, Introducing the Output VAT Credit on Uncollected Receivables**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2065-2024.pdf]
**RMC No. 36-2024 - Clarification on the Manner of Computing the Minimum Corporate Income Tax (MCIT) for Taxable Year 2023**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2036-2024-full-text.pdf]
**RMC No. 21-2024 - Clarification on the Answer to Question No. 31 of Revenue Memorandum Circular No. 49-2022 in Relation to Revenue Regulations No. 4-2022, Implementing Section 295(F) of the National Internal Revenue Code (Tax Code) of 1997, as Amended by Republic Act No. 11534, Otherwise Known as the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE Act**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2021-2024%20(1).pdf]
**RMC No. 19-2024 - Clarifying the Tax Treatment of Interest Expense Paid or Incurred on Indebtedness in Connection with the Taxpayer's Profession, Trade, or Business and Other Related Matters**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2019-2024%20(1).pdf]
**RMC No. 12-2024 - Clarifies the Treatment of Foreign Currency Transactions for Financial Reporting and Internal Revenue Tax Purposes**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2012-2024.pdf]
**RMC No. 11-2024 - Clarifying the Tax Treatment of Lease Accounting by Lessees Under Philippine Financial Reporting Standard 16 in Relation to Sections 34(A), 34(K), 106, 108, 179, 194 of the Tax Code, as Amended, Revenue Regulations (RR) No. 19-86, as Amended, and RR No. 02-98, as Amended**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2011-2024.pdf]
**RMC No. 8-2024 - Clarifying the Provisions of Revenue Regulations No. 16-2023 Imposing Withholding Tax on Gross Remittances Made by Electronic Marketplace Operators and Digital Financial Services Providers to Sellers/Merchants**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%208-2024%20(1).pdf]
**RMC No. 7-2024 - Reversion of the Value-Added Tax Exemption of Transactions Specified Under Section 109 (BB) of the National Internal Revenue Code (Tax Code) of 1997, as Amended**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%207-2024%20(1).pdf]
**RMC No. 5-2024 - Further Clarifying the Proper Tax Treatment of Cross-Border Services in Light of the Supreme Court En Banc Decision in Aces Philippines Cellular Satellite Corp. v. Commissioner of Internal Revenue, GR. No. 22668, Dated August 30, 2022**
[https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%205-2024.pdf]
Department of Labor and Employment (DOLE)
**Labor Advisory No. 12-24 - Application of Republic Act No. 12021, or the Magna Carta of Filipino Seafarers, on Cases Filed with the National Labor Relations Commission (NLRC) and with Voluntary Arbitrators**
Fiscal Incentives Review Board (FIRB)
**FIRB Advisory No. 007-2024: Interim Implementing Rules and Regulations (IRR) on the Availment of Incentives and Transfer of Registration as Provided Under Republic Act No. 12066**
[https://firb.gov.ph/download/firb-advisory-no-007-2024/]
**FIRB Advisory No. 003-2024: Investment Capital Threshold Increase**
[https://firb.gov.ph/download/firb-advisory-003-2024/]
**FIRB Resolution No. 004-24 – Approving the Policy on the Duration on Non-Income Tax-Based Incentive**
**FIRB Resolution No. 003-24 — Increasing the Investment Capital Threshold for Projects Delegated to the IPAs under the CREATE Act**
[https://firb.gov.ph/download/firb-resolution-no-003-24/]
Board of Investments (BOI)
**Advisory: Transfer of Existing Projects Registered Prior to the Effectivity of Republic Act (RA) No. 11534 to the CREATE Act, and Existing Projects Registered During the Effectivity of the CREATE Act to RA No. 12066**
**BOI MC 2024-002: Guidelines on the Transfer of Registration of Existing Projects Qualified Under the Strategic Investment Priority Plan (SIPP) Pursuant to Republic Act (RA) No. 11534, Otherwise Known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act**
**Implementing Rules and Regulations of Republic Act No. 11999: Bulacan Special Economic Zone and Freeport in the Province of Bulacan**
Bangko Sentral / Central Bank
**Lifting of Moratorium on the Establishment of Digital Banks**
[https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=5080]
**Advisory on Full Implementation of Circular No. 1197 dated 12 July 2024 on Amendments to Foreign Exchange (FX) Regulations Covering Reporting Guidelines and Penalty Provisions**
[https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=5075]
**Updated Manual of Regulations for Banks and Non-Bank Financial Institutions as of 31 December 2021**
[https://www.bsp.gov.ph/SitePages/Regulations/RegulationDisp.aspx?ItemId=4978]
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End of 2024 curated updates.