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National Internal Revenue Code of 1997 5th Edition
On Dec. 22, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 34-2020 to inform all concerned on the streamlined guidelines and procedures in the submission of BIR Form 1709 (Information Return on Related Party Transactions) and its required attachments including transfer pricing documentation (TPD).
Last week, like millions of devout Catholic Filipinos, I was able to complete a nine-day series of Masses also known as “Simbang Gabi” albeit via live streaming due to the COVID-19 pandemic. Historically, it was said that the beloved Christmas tradition started when priests said dawn masses instead of traditional evening mass to accommodate churchgoers who had to go to work. It is thought that those who complete all dawn Masses will be granted a wish. I can still remember when I fervently wished to pass the qualifying examination for the accountancy program of my alma mater. Lo and behold, my wish was granted and I am now happily living my dream.
There is no doubt that the COVID-19 pandemic is one of the most disruptive world events of the last century. Its impact is surprisingly greater than that of SARS in 2003, or Ebola in 2014. The effects of our response have been unprecedented. We have seen cultural organizations receive zero visitors, religious institutions shut off mass gatherings, the entertainment industry canceled big events, and educational institutions made hard decisions to carry out online classes.
THE BIR issues Revenue Memorandum Circular 130-2020 wherein it prescribes the policies and guidelines in the conduct of online meetings/ conferences with taxpayers.
As a young professional working and living away from my family, I look forward to December. Booking a flight, buying gifts, and planning a vacation give me a rush. December is also usually when I re-evaluate the goals I have set for myself, look back on the decisions I made, and assess whether I still get fulfillment from the things I do. However, this year was different. I have to remind myself that surviving difficult times is a success in itself, that taking a break does not necessarily mean abandoning your dreams. That it is fine to rest, keep the faith, and just strike later.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 127-2020 to inform all concerned on the suspension of all field audit and other field operations of the BIR with respect to the conduct of examinations and verifications of taxpayers’ books of accounts, records and other transactions for the period Dec. 15, 2020 to Jan. 7, 2021.
For Filipinos, Christmas is the most anticipated event of the year. Preparation for the festivities starts as early as September with Christmas celebrations lasting until January of the following year. While this year’s festivities will inevitably be different due to restrictions on gatherings, Filipinos can undoubtedly make the most of the situation and make the Christmas spirit come alive.
THE sound of rustling leaves and humming cicadas filled the night atmosphere last November 30, 2020, a day before the last month of 2020 kicks in. I put on my sleeping socks to lessen the chills brought by the cool amihan and turned the lights off. The full moon’s light peeked through the little gaps of the cottage’s bamboo wall. It was my first night at home, undergoing the necessary isolation period, after being away for almost a year. An overwhelming feeling of peace engulfed me – the kind of peace I was yearning for a long time. I could not help but look back and contemplate on how the past eleven months went by.
