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National Internal Revenue Code of 1997 5th Edition
THE Philippine Health Insurance Corp. (PhilHealth) has suspended the increase in members’ monthly premiums for the year 2021 in response to the directive of managing the impact of the Covid-19 pandemic. The deferment is an interim arrangement until Senate Bill 1966, seeking suspension of such increase, is passed into a law.
The Covid-19 pandemic has caused a drastic increase in fraud in different organizations. According to the “ACFE Benchmarking Report: Fraud in the wake of Covid-19,” 79 percent of its respondents say they have seen an increase in fraud as of last November, and that this is expected to rise further in 2021.
Digital transformation has been a buzzword in the business community for years now, and its importance was emphasized when the COVID-19 pandemic hit. As COVID-19 affects businesses globally, business entities must find ways to continue their operations despite the government restrictions that were enforced to ensure public health and safety. Accordingly, for some companies COVID-19 became the main driver behind their digital transformation journey.
The Bureau of Internal Revenue recently issued Revenue Regulation 32 and 33 to inform all concerned on the extended period to avail of the Tax Amnesty on Delinquencies (TAD) and Voluntary Assessment and Payment Program (VAPP), and clarifications on the availment of the VAPP.
The new year always bring new hope and a new perspective. It is as if we are all bright and eager to start the year with a clean slate. For some, the new year also inspires them start a business.
New years are a good time to reflect, which is a useful exercise for evaluating how we responded to past situations, and which experiences will serve us well moving forward. This helps us gain a better understanding of ourselves and draw up more realistic life goals.
In its latest Philippine Economic Update, the World Bank said the country’s economy could contract by as much as 8.1 percent this year. Although the figure was an unfortunate downward revision from its earlier projection in October, it was still better than the government’s forecast of a 8.5-percent to 9.5-percent GDP contraction. The latest forecast came on the back of expectations that the Covid-19 pandemic’s impact would worsen, lockdown measures, and the country’s first recession since 1991.
Transfer Pricing has long stayed in the consciousness of Philippine companies as the BIR stepped up the enforcement of transfer pricing rules and augmented the pace of incorporating transfer pricing examinations in the regular BIR audits.
