BIR sets interim rules for pandemic-era tax loss claims

MANILA, Philippines — The Bureau of Internal Revenue (BIR) issued temporary filing procedures allowing businesses to claim pandemic-era tax losses after its electronic systems failed to accommodate the extended carry-over period. In Revenue Memorandum Circular No. 081-2026, the BIR said the Offline eBIRForms Package and Electronic Filing and Payment System (eFPS) still only allow Net Operating Loss Carry-Over (NOLCO) claims from the previous three taxable years, despite the five-year extension granted under Republic Act No. 11494, or the Bayanihan to Recover as One Act. READ: BIR topped revenue target anew in May Under the law, businesses that incurred NOLCO in taxable […]...

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