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National Internal Revenue Code of 1997 5th Edition
The sleepless nights of most accountants will end less than a month from now, as the last day of filing annual income tax returns (ITR) for corporations whose taxable year ended December 31, 2020 is on the 15th of April. However, most of these companies are hoping that this due date will still be extended because, starting this week, the National Capital Region, along with other nearby provinces, will be observing a strict form of community quarantine. On top of this, some taxpayers are still struggling to comply with new requirements on transfer pricing (TP) and the impact of the Corporate Recovery and Tax Incentives (CREATE) Bill which is expected to be signed or lapse into law soon.
THE RESTRICTIONS and protocols during the new normal have altered the way we live and have made us forego some of our usual practices. For instance, going to government offices to process documents is quite inconvenient nowadays. Thus, the move towards digital transformation in government offices is highly emphasized.
Effective Jan. 1, 2021, the five percent final withholding Value-Added Tax (VAT) from sales to the government or any of its political subdivisions, instrumentalities, or agencies, including all government-owned or -controlled corporations (GOCCs) shall be treated as creditable withholding tax.
As we adopt a bird’s eye view of the current business landscape, it is easy to be led by the belief that businesses and organizations still have a lot to accomplish in attempting to close the gender gap in corporate management. In a sense, there is truth to this statement. The cutthroat accounting industry, for instance, remains a relatively male-dominated sector. In my industry experience, I can attest that the number of female leaders is still considerably less than male ones.
The pandemic has highlighted the opportunity to pursue digitalization at all levels. From the point of view of employees working from home, digital transformation is not just relevant but also convenient. Electronic signing of contracts and letters, such as engagement letters, reports, and closure letters, to name a few, are some of the initiatives that P&A Grant Thornton has implemented as it adapts to the new normal in business practices.
The Securities and Exchange Commission has recently issued a notice to inform the public that the submission of the Beneficial Ownership Transparency Declaration Form (BOTD Form) for newly registered corporations and existing corporations can now be made online. This is pursuant to: Section 6 of Memorandum Circular 1, Series of 2021, which mandates the disclosure of the person on whose behalf the corporation is registered and the nominators/principals of nominee incorporators/ first directors/ trustees and shareholders of corporations applying for registration, within 30 days from the issuance of the company’s Certificate of Registration; and Section 7 of the same memorandum circular that mandates the disclosure of nominators/principals/ persons on whose behalf one acts as director/ trustee/ shareholder of existing corporations.
The COVID-19 vaccine is just around the corner but the challenges of the first quarter must still hold our attention. The news is full of headlines on the Philippines’ budget deficit growing to a record P1.37 trillion and the debt-to-GDP ratio rising to 54.5% at the end of 2020. The increased need to address the burgeoning deficit and debt leaves the government scrambling to raise revenue.
For 17 years, Grant Thornton has been tracking the global progress of women in senior management. In the last 12 months, unprecedented events have had an unforeseen and unparalleled impact on that progress.
