Hear ye, hear ye, hear ye!
Guys and gals, lend me your ears…
So, what about the BIR RR 15 of 2010?
Well, this is the new regulation by the BIR providing for additional requirements in financial statements attached to returns such as the amount of input value-added tax (VAT) claimed, including details on purchases and payments; landed cost of imports and amount of customs duties and tariffs paid; as well as tax cases under preliminary investigation, litigation or prosecution and the amounts involved.
Anyhow, I heard the BUREAU of Internal Revenue (BIR) will hold dialogues with corporations and accountancy firms to “clarify” provisions of Revenue Regulations (RR) 15-2010 that require additional information for financial statements that are attached to income tax returns.
Here is the link to the Schedule of Public Hearings/Consultations
Let us wait and see what will happen next.