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Manila Bulletin devider Business devider BIR issues seven draft regulations for ease of paying taxes law

BIR issues seven draft regulations for ease of paying taxes law

Published Feb 23, 2024 02:18 am

The Bureau of Internal Revenue (BIR) has released seven draft regulations related to the Ease of Paying Taxes law ahead of the two-day public consultation set for next week.

In a recent BIR advisory, the bureau is inviting taxpayers to participate in a public consultation on the proposed regulations for implementing the Ease of Paying Taxes (EOPT) Act, also known as Republic Act No. 11976, scheduled for Feb. 26 and 27, 2024.

Among the draft regulations up for discussion is the implementation of Section 21 (b) of the National Internal Revenue Code (NIRC) of 1997, as amended by RA No. 11976, concerning the classification of taxpayers.

Additionally, there will be deliberation on amendments introduced by the EOPT law regarding the filing of tax returns, payment of taxes, and matters related to the declaration of taxable income.

The consultation will also cover new registration procedures, invoicing requirements, and the implementation of value-added tax (VAT) and percentage tax provisions under the EOPT law. 

Furthermore, policies and guidelines for the publication of Revenue Issuances and other Information Materials of the tax bureau will be discussed.

Another key topic will be the reduced interest and penalty rates for micro and small taxpayers. 

Finally, the BIR will also seek public input on the implementation of various reforms related to tax refunds under the EOPT Act.

Last January, President Marcos signed the EOPT law, aiming to amend certain provisions of the NIRC to simplify and modernize the tax collection procedures.

According to the Department of Finance, the law simplifies processes and reducing the tax compliance burden, ultimately enhancing the country's revenue collection.

The EOPT law also intends to categorize taxpayers according to their gross sales as micro, small, medium, and large businesses. 

It also aims to classify value-added tax refund claims into low, medium, and high-risk categories.

Related Tags

Ease of Paying Taxes (EOPT) Act Bureau of Internal Revenue (BIR) BIR Revenue Regulation EOPT law
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