THE Bureau of Internal Revenue (BIR) has amended regulations related to the imposition of Minimum Corporate Income Tax (MCIT) on domestic and resident foreign corporations.
The amendments are intended to alight the payment of MCIT with the quarterly filing and payment of corporate normal income tax pursuant to sections 75 and 77 of the 1997 Tax Code, as well as to clarify further the definition of gross income for purposes of computing the tax base of the two percent MCIT.
In this regard, the BIR Revenue District 81-Cebu City North will conduct seminars on the issue for accountants and bookkeepers from 9:30 a.m. to noon and 1:30 p.m. to 5 p.m. on Nov. 19 at the BIR Conference Hall, Archbishop Reyes Ave., Cebu City. (PR)
