ATTENTION: Chief Accountants, Treasurers, Administrative Officers, HRD, Business Owners/Employers​

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Available On-Site Seminar Schedules

09 September 2023 | Saturday | 1:00pm-4:30pm

Venue: Century Park Hotel - Manila

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DETAILED IMPLEMENTING RULES & REGULATIONS OF THE TRAIN LAW (RA 10963)

F E A T U R I N G
NEW GUIDELINES AND PROCEDURES ON VAT & PERCENTAGE TAX

NEW ENHANCED FORMS 2551Q AND OTHER FORMS

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I. CREATE LAW  ON REDUCTION OF PERCENTAGE TAX for  NON-VAT taxpayers from  3% to 1%  for a period of 3 years starting  July    1, 2020 to June 30, 2023 due to pandemic

II. CREATE LAW ON VETO PROVISIONS UNDR CREATE LAW  AFFECTING VAT AND PERCENTAGE TAXES

III. NEW ENHANCED FORMS OF VAT AND ITS APPLICABILITY

IV. SALES OF DRUGS AND MEDICINES PRESCRIBED FOR DIABETES, HIGH CHOLESTEROL, AND HYPERTENSION

V. Exemption from VAT of sale or importation of MEDICINES for CANCER, MENTAL ILLNESS, TUBERCULOSIS,  KIDNEY DISEASES, effective Jan 1,  2021 INSTEAD OF 2023

VI.         ADDITIONAL DEDUCTION OF 1⁄2 OF LABOR TRAINING EXPENSE (but not to exceed 10% of direct labor wage)

VII.       Exemption from import duties, taxes, and other fees of imported covid-19 VACCINES approved and licensed by the  DOH  and the  FDA 

VIII.      Exemption from VAT starting Jan 1 2021 to  Dec 31, 2023 FOR CAPITAL EQUIPMENT, ITS SPARE PARTS, AND     RAW MATERIALS, ALL DRUGS, VACCINES, AND MEDICAL DEVICES FOR COVID-19

IX.        Exemption from VAT OF SALE OR IMPORTATION OF DIGITAL OR ELECTRONIC READING MATERIALS

X.         CRUDE OIL that is intended to be refined at a local refinery, including the volumes that are lost and not converted to petroleum products when the crude oil actually undergoes the refining process, shall be EXEMPT from payment of applicable duties and taxes upon importation.

XI.        FISCAL INCENTIVES REFORMS

XII.       ENHANCED DEDUCTIONS

II.       ZERO-RATED SALES OF GOODS OR PROPERTIES

·     Export sales

·     An export-oriented enterprise whose export sales exceed seventy percent (70%) of total annual production

·     Considered export sales under Executive Order No. 226 constructively exported;

• Sales to bonded manufacturing warehouses of export-oriented manufacturers;​

• Sales to export processing zones;

• Sales to registered export traders operating bonded trading warehouses supplying raw materials in the manufacture of export products under guidelines to be set by the Board in consultation with the BIR and the BOC;

• Sales to diplomatic missions and other agencies and/or instrumentalities granted tax immunities, of locally manufactured, assembled or repacked products whether paid for in foreign currency or not

·  Establishment of the Enhanced VAT Refund System

III. ZERO-RATED AND EFFECTIVELY ZERO-RATED SALES OF GOODS, PROPERTIES OR SERVICES​

IV. SALES TO PERSONS OR ENTITIES WHO’S EXEMPTION UNDER SPECIAL LAWS OR INTERNATIONAL AGREEMENTS​

V. ZERO-RATED SALES OF SERVICES

·       Transactions Subject to Zero Percent (0%) VAT Rate

·       International shipping or air transport operations

·       Transport of passengers and cargo by domestic air or sea vessels from the Philippines to a foreign country

VI. VAT-EXEMPT TRANSACTIONS

·       Sale or lease of goods or properties or the performance of services of non-VAT registered persons, other than the transactions mentioned in (A) to (AA) of Sec. 109(1) of the Tax Code, the gross annual sales and/or receipts of which does not exceed P3M

·       Sales of real properties utilized for socialized housing as defined under RA 7279, and other related laws

·       Sale of residential lot P1.5M and below, or house & lot and other residential dwellings P2.5M

·       INCREASED AMOUNT on lease of residential units with a monthly rental per unit

VII. SERVICES OF BANKS, NON-BANK FINANCIAL INTERMEDIARIES PERFORMING QUASI-BANKING FUNCTIONS, AND OTHER NON-BANK FINANCIAL INTERMEDIARIES

VIII. SALE OR LEASE OF GOODS AND SERVICES TO SENIOR CITIZENS AND PERSONS WITH DISABILITIES

IX.   ASSOCIATION DUES, MEMBERSHIP FEES, AND OTHER ASSESSMENTS AND CHARGES COLLECTED ON A PURELY REIMBURSEMENT BASIS BY HOMEOWNERS' ASSOCIATIONS AND CONDOMINIUM CORPORATIONS

XI. SELF-EMPLOYED INDIVIDUALS AND PROFESSIONALS AVAILING OF THE 8% TAX ON GROSS SALES AND/OR RECEIPTS AND OTHER NON-OPERATING INCOME

XII. CLAIMS FOR INPUT TAX ON DEPRECIABLE GOODS (1M ABOVE)

XIII. AMORTIZATION OF THE INPUT VAT

XIV. PERIOD WITHIN WHICH REFUND/CREDIT OF INPUT TAXES

XV. WITHHOLDING VAT ON GOVERNMENT MONEY PAYMENTS & PAYMENTS TO NON-RESIDENTS

XVI. COMPLIANCE AND REGISTRATION REQUIREMENTS

XVII. INCOME PAYMENTS SUBJECT TO FINAL WITHHOLDING TAX

·     NEW rates to other income payments subject to final tax​

·     Detailed computation and sample cases

XVIII. INCOME PAYMENT TO A DOMESTIC CORPORATION SUBJECT TO FINAL TAX

XIX. OPEN FORUM

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ON-SITE SEMINAR FEE: Php. 4,000.00 (Early-Bird Rate) | Php. 4,500.00 (On-Site Rate)

(Payment made through bank deposit atleast 1 day [cut-off time: 4:00pm] before the seminar)

(Credit/Debit Card payments are accepted via PayPal)

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*Please make all check payments payable to "IPG Training Institute for Professional Advancement"