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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular 72-2021 to announce the availability of the BIR Customer Assistance Division Single Hotline No. (02) 8538-3200 and the use of a chatbot, named REVIE, to assist taxpayers with their general inquiries on tax-related matters.
The Philippines is celebrating its 123rd year of independence. We have been enjoying our freedom for over a century and much has changed since then. For the business sector, changes have been directed towards intensifying the use of technology. Can we now say that we are moving towards freedom from the old way of doing business?
THE SUN is up high, shining so brightly, and is barely hidden behind cotton candy clouds. There is stillness in the air and you feel a blanket of warmth shroud your entire body. Sweat starts to trickle down your cheek along with the realization that rainy days are over. Summer has come and once again it demands to be felt.
AS president, I will devote my whole six-year term to providing a much more effective, efficient, decisive and widely focused national leadership with the primary objective of transforming the Filipino nation into a fair, just, equitable and economically well-developed society and, thus, take a big leap forward from what it is today.
At this point, most companies are now aware of how the pandemic changed the world of work from 2020 and beyond. One of the main adjustments companies made is implementing work-from-home arrangements and business leaders scrambled to adapt to the needs of their workforce.
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum 68-2021 to address concerns from the Electronic Filing and Payment System (eFPS) of taxpayers/filers with fiscal year accounting period, citing that they could not proceed with the filing of BIR Form 1702Q (Quarterly Income Tax Return for Corporations, Partnerships, and Other Non-Individual Taxpayers).
The transfer pricing compliance requirements introduced by the Bureau of Internal Revenue (BIR) in July 2020 are believed to be game-changers for taxpayers to ensure that their transactions with their related parties are planned, executed, and carried out in the same manner as dealing with independent third parties — what is called the “arm’s-length principle” or ALP.
The Bureau of Internal Revenue (BIR) has addressed the questions and concerns of taxpayers and stakeholders on corporate income taxation in its Revenue Memorandum Circular (RMC) 62-2021 issued on May 17, 2021. The RMC clarifies BIR Revenue Regulations (RR) 5-2021.
