Republic Act (RA) No. 10963 or the TRAIN Law introduced several major revisions to the National Internal Revenue Code (Tax Code) of 1997. While the law became effective on Jan. 1, 2018, some changes were implemented in a staggered manner.
TRANSITORY PROVISION FOR 2023
VAT-registered taxpayers were relieved at the end of 2022 because they no longer need to file and pay their VAT payable monthly….
REVISION OF BIR FORM NO. 2550Q
After the transitory provision under the RMC 5-2023, taxpayers who are required to file the VAT returns will no longer need to use BIR Form No….
MOVING FORWARD
The removal of the monthly filing and paying of VAT favorably affects taxpayers in two ways. First, they will be able to hold on to their cash for the first two months of each quarter….
Source: bworldonline.com
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