Filter insights by:
Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
“To be or not to be” is one of Shakespeare’s most famous lines — the opening of a Hamlet soliloquy in Act 3, Scene 1. Prince Hamlet is speaking it aloud, but none of the characters seem to hear him. Is it possible that the characters have chosen not to listen because the topic is death?
Two hundred and seventy-four days since the pandemic took over and changed the lives of many in drastic ways. The health contagion’s aftermath has led to a revision of plans due to the continuous postponement of licensure exams, arduous struggles of applying for jobs, and waves of panic and anxiety. At this pace, we can’t help but be skeptical if there’s still an opportunity that awaits us even if we are now walking through a thin line of certainty.
The Social Security System (SSS) has released Circular 2021-004 in support of the digitalization of SSS benefit processes and in compliance with the zero-contact policy under Republic Act (R.A.) 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
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.
