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National Internal Revenue Code of 1997 5th Edition
THE global economy has had its fair share of a rollercoaster ride last year. The onset of the coronavirus disease 2019 (Covid-19) pandemic was swift and in a short span of time, economic projections took a turn for the worse. The effects of the Covid-19 pandemic left companies spinning in a downward spiral in an instant, all looking at a fast solution to keep operations up and running amid the imposition of health protocols and the necessity of employing remote transactions. The unforeseen impacts of the outbreak tested the resiliency of firms and their ability to adapt to changing situations.
On March 31, 2021, the Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes.
Without a doubt, globalization of businesses has been thriving. Multinational and domestic firms alike are often engaged in multiple transactions with and on behalf of each other in a bid to achieve cost efficiency due to readily available resources and administrative convenience or practical exigencies. These types of transactions are usually made without any intention to make profits.
DESPITE the onslaught of the coronavirus disease 2019 (Covid-19) pandemic, which affected global economies, Southeast Asia remains home to some of the growing economies expected to recover the fastest. The region is still considered to be a hotbed for foreign investments. Home to countries including Brunei, Cambodia, Indonesia, Laos, Malaysia and the Philippines, economic experts and analysts see great potential for the region to become an economic powerhouse in Asia despite the setbacks brought by the health crisis.
Over the years, the determination of expenses to be allowed as deduction to gross income has been a lingering issue with enterprises registered with the Philippine Economic Zone Authority (Peza). The controversy stems from the conflicting interpretations of the courts and the Bureau of Internal Revenue (BIR) on the provisions of Revenue Regulation (RR) 11-2005 as to whether the list of allowable deductions is exclusive or not.
And so, it came to pass. The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, though with vetoed provisions, was finally signed by the President on March 26 as Republic Act No. 11534. After years of waiting for the lowering of the corporate income tax and the rationalization of fiscal incentives, we now have the law just waiting to be published to be effective.
With the aim to deliver fast and reliable services to its members, the Social Security System (SSS) has maximized the My.SSS Member Account in processing simple corrections on members’ data.
A year earlier, at the onset of the coronavirus disease 2019 (Covid-19) pandemic, the overall picture for global financial markets looked grim. Economies were left reeling from the impacts of the pandemic, with various industries recording significant decline in revenues. Several disruptions in supply chain processes as well as the imperative to prioritize a new work setup only added salt to the wound already sustained by businesses which struggled to stay afloat during the new normal.
