M.J. Abao Accounting and Auditing Services

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M.J. Abao Accounting and Auditing Services "๐‘ป๐’“๐’–๐’”๐’•๐’†๐’… ๐‘ท๐’“๐’๐’‡๐’†๐’”๐’”๐’Š๐’๐’๐’‚๐’ ๐‘บ๐’–๐’‘๐’‘๐’๐’“๐’•"
โœ… ๐˜ฝ๐™„๐™, ๐˜ฝ๐™Š๐˜ผ, ๐™–๐™ฃ๐™™ ๐˜พ๐˜ฟ๐˜ผ ๐˜ผ๐™˜๐™˜๐™ง๐™š๐™™๐™ž๐™ฉ๐™š๐™™

Helping your business grow with integrity and expertise. ๐ŸŒฑ๐Ÿ“ˆ

๐Ÿ“ขBureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 72-2026, clarifying the Tax Treat...
11/07/2026

๐Ÿ“ขBureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 72-2026, clarifying the Tax Treatment of Transfers of Proprietary Club Shares held under Nominee or Trust Agreements, Dispensing with Prior Confirmatory Ruling Subject to Post-Audit Verification.

Source: BIR website

๐Ÿ“ขAttention: All Certified Public Accountants in Public Practice for the Revised Quality Assurance Review Fees.Source: Qu...
02/07/2026

๐Ÿ“ขAttention: All Certified Public Accountants in Public Practice for the Revised Quality Assurance Review Fees.

Source: Quality Assurance Review "QAR" Office

๐Ÿ“ข Bureau of Internal Revenue Philippines issued a Revenue Regulations (RR) No. 04-2026, providing a one-time opportunity...
25/06/2026

๐Ÿ“ข Bureau of Internal Revenue Philippines issued a Revenue Regulations (RR) No. 04-2026, providing a one-time opportunity to settle delinquent accounts, tax assessments, and penalties.

Who is Eligible?
โ€ข Micro taxpayers whose gross sales for the year are less than โ‚ฑ3,000,000.
โ€ข Any natural or juridical person, including micro taxpayers who have already ceased their business operations.

What is Covered?
โ€ข Delinquent accounts, assessments (preliminary or final), and open stop-filer cases existing as of December 31, 2025.
โ€ข Cases where the delinquent or assessed basic tax or penalties do not exceed โ‚ฑ80,000 for a taxable year.

How to Apply:
โ€ข Manually file an application for abatement, on a per taxable year basis, at the Revenue District Office (RDO) that has jurisdiction over you.
โ€ข You must specify the tax types and the basic amount due in your application.
โ€ข Pay an abatement fee of P5,000.00 using BIR Form No. 0605 within five working days from filing the application.
โ€ข Submit your proof of payment to the RDO within five working days from the payment date to receive your Certificate of Availment.

Deadline:
โ€ข Qualified taxpayers can avail of this program until December 31, 2026.

Note: Any previous payments made prior to this regulation are not refundable, and the โ‚ฑ5,000 application fee is also non-refundable even if your application is denied or withdrawn.

Source: BIR website

๐Ÿ“ข Bureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 71-2026, clarifying on the Exten...
24/06/2026

๐Ÿ“ข Bureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 71-2026, clarifying on the Extension of the Validity of Certificates of Compliance (COC) for Purposes of the Evaluation and Processing of Applications for Certificate of Tax Exemption (CTE) for Cooperatives Pursuant to the Cooperative Development Authority Memorandum Circular No. 2026-07, Series of 2026.

Source: BIR website

๐†๐Ž๐Ž๐ƒ ๐๐„๐–๐’ ๐…๐Ž๐‘ ๐๐‘๐‚ ๐‹๐ˆ๐‚๐„๐๐’๐„ ๐‡๐Ž๐‹๐ƒ๐„๐‘๐’!The Professional Regulation Commission has approved PRC Resolution No. 2200 (s. 2026) ...
23/06/2026

๐†๐Ž๐Ž๐ƒ ๐๐„๐–๐’ ๐…๐Ž๐‘ ๐๐‘๐‚ ๐‹๐ˆ๐‚๐„๐๐’๐„ ๐‡๐Ž๐‹๐ƒ๐„๐‘๐’!

The Professional Regulation Commission has approved PRC Resolution No. 2200 (s. 2026) extending the acceptance of CPD Undertakings for the renewal of Professional Identification Cards (PICs) until 31 December 2026.

This means professionals who have not yet completed the required CPD units may still renew their PRC ID by submitting a CPD Undertaking, subject to existing PRC guidelines.

โœ… Extended until: 31 December 2026

Source: Professional Regulation Commission

The   (SC) has clarified when the processing periods begin for value-added tax (VAT) refund claims. In a Decision writte...
19/06/2026

The (SC) has clarified when the processing periods begin for value-added tax (VAT) refund claims.

In a Decision written by Associate Justice Maria Filomena D. Singh, the SCโ€™s Third Division updated the summary of rules on the reckoning of the processing periods will start for VAT refund claims under Section 112(A) of the ๐˜›๐˜ข๐˜น ๐˜Š๐˜ฐ๐˜ฅ๐˜ฆ, which was previously explained in the case of ๐˜Š๐˜ฐ๐˜ฎ๐˜ฎ๐˜ช๐˜ด๐˜ด๐˜ช๐˜ฐ๐˜ฏ๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง ๐˜๐˜ฏ๐˜ต๐˜ฆ๐˜ณ๐˜ฏ๐˜ข๐˜ญ ๐˜™๐˜ฆ๐˜ท๐˜ฆ๐˜ฏ๐˜ถ๐˜ฆ (๐˜Š๐˜๐˜™) ๐˜ท. ๐˜‹๐˜ฐ๐˜ฉ๐˜ญ๐˜ฆ ๐˜š๐˜ฉ๐˜ช๐˜ฑ๐˜ฎ๐˜ข๐˜ฏ๐˜ข๐˜จ๐˜ฆ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜—๐˜ฉ๐˜ช๐˜ญ๐˜ช๐˜ฑ๐˜ฑ๐˜ช๐˜ฏ๐˜ฆ๐˜ด ๐˜Š๐˜ฐ๐˜ณ๐˜ฑ๐˜ฐ๐˜ณ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ, based on changing policies.

- For administrative claims for VAT refund or credit filed ๐—ฝ๐—ฟ๐—ถ๐—ผ๐—ฟ ๐˜๐—ผ ๐—๐˜‚๐—ป๐—ฒ ๐Ÿญ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿญ๐Ÿฐ, the 120-day period starts from the date of the filing of the administrative claim once the taxpayer submits complete documents with the claim or manifests that they will no longer submit additional supporting documents. If the Bureau of Internal Revenue (BIR) does not notify the taxpayer that their documents are incomplete, the 120-day period begins from the taxpayerโ€™s submission. If the BIR notifies the taxpayer that additional documents are needed, the 120-day period begins from the submission or the end of the 30-day period given to submit additional documents.๏ฟฝ

- For administrative claims for VAT refund or credit filed ๐—ณ๐—ฟ๐—ผ๐—บ ๐—๐˜‚๐—ป๐—ฒ ๐Ÿญ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿญ๐Ÿฐ ๐˜๐—ผ ๐——๐—ฒ๐—ฐ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟ ๐Ÿฏ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿญ๐Ÿณ, the 120-day period begins from the date of filing of the administrative claim for refund with complete supporting documents. The taxpayer is not allowed to submit additional documents after the filing of the claim.

- For administrative claims for VAT refund or credit filed ๐—ฏ๐—ฒ๐—ด๐—ถ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—๐—ฎ๐—ป๐˜‚๐—ฎ๐—ฟ๐˜† ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿญ๐Ÿด ๐˜๐—ผ ๐—๐—ฎ๐—ป๐˜‚๐—ฎ๐—ฟ๐˜† ๐Ÿญ๐Ÿด, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿญ, the ๐˜›๐˜ข๐˜น ๐˜™๐˜ฆ๐˜ง๐˜ฐ๐˜ณ๐˜ฎ ๐˜ง๐˜ฐ๐˜ณ ๐˜ˆ๐˜ค๐˜ค๐˜ฆ๐˜ญ๐˜ฆ๐˜ณ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ ๐˜ข๐˜ฏ๐˜ฅ ๐˜๐˜ฏ๐˜ค๐˜ญ๐˜ถ๐˜ด๐˜ช๐˜ฐ๐˜ฏ ๐˜“๐˜ข๐˜ธ (๐˜›๐˜™๐˜ˆ๐˜๐˜• ๐˜“๐˜ข๐˜ธ) shortened the 120-day period for the CIR to process administrative claims for VAT refund to 90 days. The 90-day period begins from the submission of the official receipts or invoices and other supporting documents for the application for VAT refund. If the documents are incomplete, the application will not be accepted. Any unsupported claim shall be outrightly disallowed, resulting in full or partial denial of the claim.

- For administrative claims for VAT refund or credit filed ๐—ฏ๐—ฒ๐—ด๐—ถ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—๐—ฎ๐—ป๐˜‚๐—ฎ๐—ฟ๐˜† ๐Ÿญ๐Ÿต, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿญ ๐˜๐—ผ ๐—๐˜‚๐—ป๐—ฒ ๐Ÿฏ๐Ÿฌ, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฏ, the 90-day period begins from the submission of the official receipts or invoices and other supporting documents for the application for VAT refund. A ๐˜Š๐˜ฉ๐˜ฆ๐˜ค๐˜ฌ๐˜ญ๐˜ช๐˜ด๐˜ต ๐˜ฐ๐˜ง ๐˜™๐˜ฆ๐˜ฒ๐˜ถ๐˜ช๐˜ณ๐˜ฆ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต๐˜ด (๐˜Š๐˜ฉ๐˜ฆ๐˜ค๐˜ฌ๐˜ญ๐˜ช๐˜ด๐˜ต) was released by the BIR as basis for the completeness of the submitted documents.

- For administrative claims for VAT refund or credit filed ๐—ฏ๐—ฒ๐—ด๐—ถ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—๐˜‚๐—น๐˜† ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฏ ๐˜๐—ผ ๐—ข๐—ฐ๐˜๐—ผ๐—ฏ๐—ฒ๐—ฟ ๐Ÿญ๐Ÿณ, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฐ, the 90-day period begins from the submission of the official receipts or invoices and other supporting documents for the application for VAT refund, as provided in the ๐˜Š๐˜ฉ๐˜ฆ๐˜ค๐˜ฌ๐˜ญ๐˜ช๐˜ด๐˜ต.

- For administrative claims for VAT refund or credit filed ๐—ฏ๐—ฒ๐—ด๐—ถ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—ข๐—ฐ๐˜๐—ผ๐—ฏ๐—ฒ๐—ฟ ๐Ÿญ๐Ÿด, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฐ ๐˜๐—ผ ๐— ๐—ฎ๐—ฟ๐—ฐ๐—ต ๐Ÿฏ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฑ, the 90-day period begins from the acceptance by the processing office of the claim or application for VAT refund with complete documents, as provided in the ๐˜Š๐˜ฉ๐˜ฆ๐˜ค๐˜ฌ๐˜ญ๐˜ช๐˜ด๐˜ต. Applications with incomplete documents will not be accepted.

- For administrative claims for VAT refund or credit filed ๐—ฏ๐—ฒ๐—ด๐—ถ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—”๐—ฝ๐—ฟ๐—ถ๐—น ๐Ÿญ, ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฑ ๐—ผ๐—ป๐˜„๐—ฎ๐—ฟ๐—ฑ๐˜€, the 90-day period begins from the submission of the certified true copies of the invoices or official receipts and other supporting documents for the application for VAT refund, as provided in the ๐˜Š๐˜ฉ๐˜ฆ๐˜ค๐˜ฌ๐˜ญ๐˜ช๐˜ด๐˜ต. If documents are incomplete, the application will not be received and processed by the processing office.

Read the full text of the Press Release at https://sc.judiciary.gov.ph/?p=167773.

Read the full text of the Decision at https://sc.judiciary.gov.ph/?p=164115.

Copying of this content is subject to the SC PIOโ€™s Credit Attribution Policy: https://sc.judiciary.gov.ph/credit-attribution-policy/.

Bureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 63-2026, publishing the full text ...
12/06/2026

Bureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 63-2026, publishing the full text of NCSC Public Advisory No. 1, Series of 2026 dated May 18, 2026 signed by the Chairperson and Chief Executive Officer of National Commission of Senior Citizens Re: Acceptance of the Digital National Senior Citizen ID as Valid Proof of Identity in all Transactions".

Source: BIR website

Congratulations, Kyle Vincent Nuevo, CPA! ๐ŸŽ‰We are proud to share that our intern, Kyle Vincent Nuevo, successfully passe...
03/06/2026

Congratulations, Kyle Vincent Nuevo, CPA! ๐ŸŽ‰

We are proud to share that our intern, Kyle Vincent Nuevo, successfully passed the May 2026 CPA Licensure Examination.

Your hard work and dedication have paid off. Welcome to the CPA profession, and we wish you continued success in your career!

๐Ÿ“ขBureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 57-2026, clarifying the inclusion...
29/05/2026

๐Ÿ“ขBureau of Internal Revenue Philippines issued a Revenue Memorandum Circular (RMC) No. 57-2026, clarifying the inclusion of jackpot prizes from casino and other gambling activities within the statutory definition of "winnings" subject to final tax pursuant to Sections 24(B)(1), 25(A)(1) and 25(B) of the National Internal Revenue Code of 1997, as Amended.

Source: BIR website

Address

2nd Floor Cadeliรฑa Building, Rizal Street
Ormoc City
6541

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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