Sense & Taxability
Sense & Taxability is the official knowledge publication of UHY M.L. Aguirre & Co., CPAs, dedicated to making Philippine taxation, accounting, auditing, and regulatory compliance more understandable and practical for businesses, professionals, and taxpayers.
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Latest Commentaries & Articles
Import VAT: BOC vs. BIR Standpoint
Businesses engaged in the importation of goods into the Philippines are often familiar with the Value-Added Tax (VAT) paid to the Bureau of Customs (BOC) upon importation. However, many taxpayers are unaware that import VAT is viewed differently by the BOC and the Bureau of Internal Revenue (BIR). While the
Powering Relief – The New Line Item: Staying Invoice-Ready under RR No. 6-2026
A New Line on the Invoice: BIR Expands Mandatory Invoicing Information The Bureau of Internal Revenue (“BIR”) has issued Revenue Regulations (“RR”) No. 6-2026, further strengthening the invoicing requirements introduced under the Ease of Paying Taxes (“EOPT”) Act and implemented through RR No. 7-2024, as amended by RR 11-2024. RR
Powering Relief: Examining the Proposed Removal of VAT on Electricity System Loss Charges
To help ease the burden of rising electricity costs, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 97-2026, clarifying the removal of Value-Added Tax (VAT) on electricity system loss charges. It is important to note that the update does not remove the system loss charge itself
