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National Internal Revenue Code of 1997 5th Edition
On March 31, 2021, the Bureau of Internal Revenue (BIR) issued RMC No. 43-2021 which prescribes the revised guidelines on the use of the eAFS System for the submission of duly filed Income Tax Returns (ITR) and required attachments, including BIR Form 1709.
AS the coronavirus disease 2019 (Covid-19) pandemic continues to push both the public and private sectors to embrace digital transformation, public institutions as well as companies are stepping up their game in innovative ways. These include investing in efficient network systems, cybersecurity programs, remote devices and automated health systems all of which aim to improve people experience.
It’s been more than a year since the onset of the COVID-19 pandemic. This global health crisis, which has claimed millions of lives and continues to change the ways businesses operate, has spanned two tax seasons in the Philippines.
The long wait is over. The signing into law of the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Bill came a day earlier. On March 26, 2021, the President signed the legislative measure into law, although with nine vetoed line-items.
On April 5, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 50-2021 which outlines the procedures for filing annual income tax returns considering the enactment of Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (Create) Law. The RMC also announced the availability of the BIR’s Offline eBIRForms Package v7.9 which shall be utilized by users of the Electronic Filing and Payment System (EFPS) and non-EFPS filers.
THE world is no stranger to disease outbreaks. Governments have borne the brunt of stemming the spread of communicable diseases throughout the years. Some of the most disastrous outbreaks that have obliterated huge portions of the world’s population include the Bubonic Plague, the Asian Flu and the Spanish Flu, the last one claiming hundreds of thousands of lives. As the Philippine government continues to wage war against an invisible enemy and to quell the spread of the Covid-19 virus through lockdowns and travel restrictions, the economic impact of the pandemic has left many businesses on the brink of shutting down operations.
Physical exhaustion, sleepless nights, and anxiety are among the words that some might use to describe the experience of taxpayers and their accountants in this tax season just concluded, an ordeal heightened by the effects of the pandemic and lockdowns.
On March 29, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 41-2021 and Bank Bulletin (BB) 2021-06, both outlining the provision of tax reliefs in relation to the current surge of Covid-19 cases.
