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There have been various changes in the VAT refund process these past few years with the conscious effort from the Bureau of Internal Revenue (BIR) to continuously simplify the requirements and procedure on VAT refund applications.
The Bureau of Internal Revenue (BIR) under Commissioner Romeo Lumagui’s administration has set four (4) strategic pillars in their 2024 CY Priority Programs and Projects according to Revenue Memorandum Circular (RMC) 42-2024: Provide Excellent Service to Taxpayers; Develop Highly Digital Processes; Intensify Audit and Enforce Process; and Strengthen Integrity and Professionalism of the Employees and the Institution.
The Covid-19 pandemic is now slowly becoming part of our forgotten history. Also slowly, real estate companies such as developers, dealers and lessors, are now gaining their momentum to have a steadier recovery and growth.
In recent years, advancements in technology and shifting workforce expectations have put work-from-home (WFH) arrangements into the mainstream. The COVID-19 pandemic further accelerated this trend, compelling various companies and industries to adapt to remote work setups.
Under Philippine succession laws, the transfer of properties, rights, and obligations to heirs is facilitated either through a will or by operation of law.
The Bureau of Internal Revenue (BIR) has increasingly underscored the importance of ensuring that all persons conducting business, particularly through digital platforms, are properly registered and tax compliant.
One of the major propellers of modern-day Philippine tax reforms is Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law, signed by then President Duterte in December 2017 and taking effect on January 1, 2018. TRAIN Law’s promises and objectives were multifaceted.
A few days ago, I received a frantic call from a relative asking for tax advice. She has decided to start her medical practice, something she has always dreamed of and has now excitedly embarked on. She consulted an accountant and is in the process of signing the retainer.
