AS the dust settles on the much-anticipated release of the implementing rules and regulations (IRR) of Republic Act 11976, also known as the Ease of Paying Taxes (EOPT) Act of 2024, businesses must now navigate the impact of the law, reassess their strategies and adapt to the evolving tax landscape.
To facilitate enforcement, the Bureau of Internal Revenue (BIR) issued six batches of revenue regulations (RR) that collectively took effect on April 27, 2024. Significant revisions pertaining to the value-added tax (VAT) and percentage tax were introduced in Revenue Regulations (RR) 3-2024 and 7-2024.
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