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National Internal Revenue Code of 1997 5th Edition
ON NOVEMBER 27, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 125-2020 to inform the public on the availability of the new BIR Form 1601-C (Monthly Return of Income Taxes Withheld on Compensation) January 2018 (ENCS) in the Electronic and Payment System (eFPS).
Despite the Covid-19 pandemic and the general community quarantine, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) recently announced that mall-wide Christmas sales would be allowed this year in an effort to boost consumer spending and help our limping economy recover. Even with the huge 11.11 and 12.12 sales of top e-commerce platforms Lazada and Shopee, retailers must prepare for the expected surge in spending at both brick-and-mortar stores and shopping websites as Christmas approaches. Filipinos will be scrambling to buy gifts for their friends and loved ones, as well as food, outfits and other needs for their festivities.
International businesses are often faced with issues of being taxed twice on the same income. This occurs when the same income is taxed in two different countries. Under the tax rules, domestic corporations and individual resident citizens are subject to Philippine income tax on their worldwide income. For such taxpayers, being taxed twice can happen when their foreign-sourced income is taxed in the country where it is earned, and then taxed again in the Philippines.
On Oct. 6, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 110-2020, which provides detailed guidelines on the proper modes of service of an electronic Letter of Authority (eLA).
During this unprecedented time, a credible board that balances providing support to management while challenging it to make the best decisions is a necessity. As there is no sufficient historical experience that management can readily draw upon that can help it navigate current conditions, the board’s capabilities would especially shine through during this challenging time.
With Christmas just a few weeks away, most of us are preparing decorations and buying presents despite the quarantine. This year’s holiday season will be much different from the past celebrations. Most businesses, particularly the micro, small and medium enterprises, which used to get their fair share of consumer spending, were forced to temporarily close and retrench employees due to the pandemic.
The implementation of Republic Act No. 11494 or “Bayanihan II” has brought about several welcome exemptions for taxpayers as the country embattles the ongoing pandemic. This particular law was enacted to declare a state of national emergency over the country in an effort to control the spread of the disease and implement Covid-19 response and recovery interventions. The key features that taxpayers may avail of this law are the following below:
In recent weeks, the Philippines, mainly Luzon, was ravaged by a series of typhoons that left the Bicol Region in ruins and submerged the Cagayan Valley in floods. Homes and livelihoods were lost because of these calamities.
