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For the last few months, proprietary educational institutions (PEIs) have been in the ropes due to the controversial Revenue Regulation (RR) issued by the Bureau of Internal Revenue (BIR) last April 8, 2021 – RR No. 5-2021. This tax regulation gives a stricter definition of being a non-profit of PEIs. To avail of the new income tax rate of 1% under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, PEIs must ensure that no net income or asset accrues to or benefits any member or specific person, with all net income or assets devoted to the institution’s purposes and all its activities conducted not for profit. This definition makes it difficult for PEIs to qualify for the lower income tax rate, considering that most of these private educational institutions are stock corporations owned by private individuals who receive their share of profit.

SINCE the beginning, banks have been cryptocurrencies' number one critic. With the support of their big brothers, the central banks, they have launched copious warnings to the investing public about concerns and risks associated with these types of digital assets. Concerns about cryptocurrency range from money laundering, terrorism financing, and fraud to privacy of user information. Furthermore, banks have pointed out that cryptocurrencies have no intrinsic value; hence, cryptocurrency investors should be prepared to lose their investments anytime.

“Until death do us part.” This is a standard vow in many traditional wedding ceremonies. This means that only death can end a marriage. It is considered a lifelong commitment, one where only the death of one party can break the bond. Sadly, this is not the case for tax authorities and taxpayers. There is tax even after death.

WE need the right leader to make the many programs articulated in this commentary series happen.

The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular No. 97-2021 to clarify the tax obligations of all social media influencers, individuals or corporations, with the end goal of raising revenues from their undeclared income and at the same time, reminding them of the possible consequences of their failure to pay taxes. This comes on the heels of reports that the BIR has been receiving stating that certain social media influencers are not paying their income taxes despite earning huge income from different social media platforms.

THE first dozen parts of this commentary series dwelt essentially on the exercise of powers of the presidency to make the necessary reforms and take appropriate actions to propel the Philippine nation to greater political and economic development and in so doing, break the cycle of poverty that is at present, extremely prevalent in our society and which creates suffering and humiliation among a great number of our people.

THE disruptions brought by the Covid-19 pandemic have stirred business and global market uncertainties. In the Philippines, the current business outlook is far from rosy. Micro, small and medium enterprises (MSMEs) continue to bear the brunt of the effects of the health crisis, grappling to stay afloat amid travel restrictions and new government-imposed lockdowns. Considering the surge of Covid-19 cases nationwide, we can say that the struggle of small businesses to sustain growth is far from over.

Last July 26, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 17-2021 amending sections 9, 12 and 13 of RR 6-2019 on the extension of the availment of Estate Tax Amnesty under Republic Act 11213, as amended by RA 11560.