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National Internal Revenue Code of 1997 5th Edition
And so, it came to pass. The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, though with vetoed provisions, was finally signed by the President on March 26 as Republic Act No. 11534. After years of waiting for the lowering of the corporate income tax and the rationalization of fiscal incentives, we now have the law just waiting to be published to be effective.
With the aim to deliver fast and reliable services to its members, the Social Security System (SSS) has maximized the My.SSS Member Account in processing simple corrections on members’ data.
A year earlier, at the onset of the coronavirus disease 2019 (Covid-19) pandemic, the overall picture for global financial markets looked grim. Economies were left reeling from the impacts of the pandemic, with various industries recording significant decline in revenues. Several disruptions in supply chain processes as well as the imperative to prioritize a new work setup only added salt to the wound already sustained by businesses which struggled to stay afloat during the new normal.
The sleepless nights of most accountants will end less than a month from now, as the last day of filing annual income tax returns (ITR) for corporations whose taxable year ended December 31, 2020 is on the 15th of April. However, most of these companies are hoping that this due date will still be extended because, starting this week, the National Capital Region, along with other nearby provinces, will be observing a strict form of community quarantine. On top of this, some taxpayers are still struggling to comply with new requirements on transfer pricing (TP) and the impact of the Corporate Recovery and Tax Incentives (CREATE) Bill which is expected to be signed or lapse into law soon.
THE RESTRICTIONS and protocols during the new normal have altered the way we live and have made us forego some of our usual practices. For instance, going to government offices to process documents is quite inconvenient nowadays. Thus, the move towards digital transformation in government offices is highly emphasized.
Effective Jan. 1, 2021, the five percent final withholding Value-Added Tax (VAT) from sales to the government or any of its political subdivisions, instrumentalities, or agencies, including all government-owned or -controlled corporations (GOCCs) shall be treated as creditable withholding tax.
As we adopt a bird’s eye view of the current business landscape, it is easy to be led by the belief that businesses and organizations still have a lot to accomplish in attempting to close the gender gap in corporate management. In a sense, there is truth to this statement. The cutthroat accounting industry, for instance, remains a relatively male-dominated sector. In my industry experience, I can attest that the number of female leaders is still considerably less than male ones.
The pandemic has highlighted the opportunity to pursue digitalization at all levels. From the point of view of employees working from home, digital transformation is not just relevant but also convenient. Electronic signing of contracts and letters, such as engagement letters, reports, and closure letters, to name a few, are some of the initiatives that P&A Grant Thornton has implemented as it adapts to the new normal in business practices.
