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National Internal Revenue Code of 1997 5th Edition
INVESTMENTS and in the case of the Philippines, foreign investments, is a big factor in driving economic growth. Unfortunately, for the past many years, the country has been behind most of our neighbor countries in attracting foreign investments. This low performance is a major reason why the Philippines has lagged behind most of the Association of Southeast Asian Nations members in historical economic growth. We simply have not been competitive.
SINCE about five decades ago, the Philippine economy has gone on what appears to be an irreversible downward spiral in comparison with our now nine Association of Southeast Asian Nations (Asean) neighbors. As shown in a World Bank report, in 2020, the Philippines ranked No. 6 in per capita income (gross domestic product) at almost $3,000. Vietnam appears to be catching up on us soon, making us No. 7 and just ahead of Laos, Myanmar and Cambodia. We used to be No. 1.
THE onset of catastrophic events has always kept the world at a standstill at one point or another. This was particularly the case when the dreadful coronavirus disease 2019 (Covid-19) pandemic hit. Economic growth slowed while companies grappled with the underlying financial impacts of this event. When the health crisis wreaked havoc, it left businesses rethinking their operational and leadership strategies. Amid all the repercussions of the pandemic and other catastrophic worldwide events, a new concept is gradually becoming the new business reality - sustainability.
Pursuant to the provisions on Value-Added Tax (VAT) exemptions under the Corporate Recovery and Tax Incentives for Enterprises (Create) Act, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 81-2021 to inform the public regarding the updated and consolidated list of VAT-exempt products.
The imposition of 12% Value-Added Tax (VAT) on local purchases of PEZA-registered enterprises continues to attract debate and draw concerns. The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 9-2021 stating that certain sales which were previously considered zero-rated for VAT are now subject to 12% VAT. This RR implements the provisions of Republic Act (RA) No. 10963 or the Tax Reform and Acceleration and Inclusion (TRAIN) Act.
IMPROVING Philippine agriculture, which includes fishery and forestry products, has been a persistent major issue since much of the 20th century. Unfortunately, we continue to struggle to come to grips with it.
THE submission of a Certificate of Residence for Tax Treaty Relief (CORTT) Form for dividends, interest and royalties has been officially discontinued. In place is a set of streamlined guidelines on how to avail of the tax treaty benefit, pursuant to Revenue Memorandum Order 14-2021 and Revenue Memorandum Circular 77-2021.
Back in the day, the image of the future was filled with caricatures of flying cars and robots. Pop culture in the 70s and 80s promoted future society to be one that is advanced in all aspects – from transportation and entertainment to the world of work. Surely, these were not accurate predictions, as we are still eons away from using flying cars. What absolutely changed was the way we do things.
