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National Internal Revenue Code of 1997 5th Edition
The disruptions caused by the COVID-19 pandemic on daily business operations are undeniable. Due to the guidelines placed by the government to quell the spread of the virus, businesses implemented work-from-home arrangements and virtual meetings were favored over face-to-face collaborations with colleagues and clients.
Being in the public practice for almost seven years now, I can say that this years’ tax filing season has been one of the busiest and most dreadful. Due to the pandemic, government-imposed community quarantines, and the signing of the CREATE Law, it has indeed been a rollercoaster ride.
Much has been said and done now that the government’s earnest effort to pass Package 2 of its Tax Reform program has come to fruition. Finally, RA No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) was passed into law last March 26, 2021 and took effect last April 11, 2021. Other than its amendatory provisions to the Tax Code, the CREATE Law notably introduced a set of provisions which seek to create a more equitable, responsive, and globally competitive tax incentive system.
In its Revenue Memorandum Circular (RMC) 54-2021 released on April 27, 2021, the Bureau of Internal Revenue (BIR) clarified the rules on the submission of BIR Form 1709 or the Related Party Transactions (RPT) Form pursuant to the provisions of RR 19-2020, as amended by RR 34-2020.
This year has been one of the most challenging filing seasons ever, particularly for accountants. On top of implementing recovery measures to mitigate the impact of the COVID-19 pandemic and addressing employee health concerns, companies also have to deal with demanding tax deadlines. This year, no extension was granted for the filing of Annual lncome Tax Returns (AITR). Also, a new required attachment to the AITR has been introduced. While the BIR allowed taxpayers to file provisional AITRs and amend these on or before May 15 without interest, surcharges, and penalties, beating the April 15 deadline was still a challenge.
On March 31, 2021, the Bureau of Internal Revenue (BIR) issued RMC No. 43-2021 which prescribes the revised guidelines on the use of the eAFS System for the submission of duly filed Income Tax Returns (ITR) and required attachments, including BIR Form 1709.
AS the coronavirus disease 2019 (Covid-19) pandemic continues to push both the public and private sectors to embrace digital transformation, public institutions as well as companies are stepping up their game in innovative ways. These include investing in efficient network systems, cybersecurity programs, remote devices and automated health systems all of which aim to improve people experience.
It’s been more than a year since the onset of the COVID-19 pandemic. This global health crisis, which has claimed millions of lives and continues to change the ways businesses operate, has spanned two tax seasons in the Philippines.
