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National Internal Revenue Code of 1997 5th Edition
The global coronavirus disease 2019 (Covid-19) pandemic, which resulted to self-isolation and economic uncertainty, is possibly changing the way people avail of products and services. Businesses face the risk of becoming irrelevant to their customers if the former fails to understand changing consumer behavior and priorities brought about by the Covid-19 pandemic. It is very critical to understand the customers’ side. Mid-market businesses need to assess whether they are still on the right track to understand and meet customers’ changing needs.
THE Securities and Exchange Commission (SEC) issued SEC Memorandum Circular (MC) 31-2020 to forego the imposition of fines and other monetary penalties for non-filing, late filing, and failure to comply with compulsory notification and other reportorial requirements, to align with the Bayanihan Act 2.
Last week seemed like a bad case of déjà vu with parts of Metro Manila being under water again, some 11 years ago after the last serious flood. TV stations broadcast images of people trapped on their roofs waiting for rescue, pets being rescued by their humans, and government resources stretched to the limit in responding to the needs of those devastated by the typhoon.
On the first page of my 2020 planner, when I wrote “lifestyle change”, I did not know it would have a new meaning: being stuck at my small bedroom/home office every day for the next seven-or-so months. An unexpected adventure for everybody.
Eight months. That is how long it has been already since I started working at home because of the pandemic. Days had gone by rather quickly. It has been eight months as well since being with my family every day. Three months ago, I wrote about how we can be better at working from home when our family is also there. One of the things I mentioned was to give as much respect, patience and understanding to those who are living with us since they are essentially our current “officemates.”
IN LINE with the Securities and Exchange Commission’s (SEC) development and implementation of an electronic filing and monitoring system, the SEC has released Memorandum Circular (MC) 28-2020 that requires companies to provide their official electronic mail (e-mail) address and mobile phone numbers which will be used for communication, submission and other transactions with the SEC.
Twenty years ago, RA 8792 (the Electronic Commerce Act) was signed into law. The government was preparing for the digital age as the world moved on to information and technology-based means of communication. It is safe to say that the progress towards using information technology for business did not escalate the way it was predicted. The cost involved in ensuring integrity of electronic documents has been one of the challenges of the business sector and the government in transforming to fully IT-based operation. Before the pandemic, the business sector relied on face-to-face interaction, including inquiries, follow-up and manual submission of reporting requirements to the government. The latter still uses traditional means of communication when sending notices to taxpayers as well. For signatures on reports submitted to the government, wet-ink signatures on documents have been consistently and strictly required.
THE implementation of Republic Act 11494 or “Bayanihan II” has brought about several welcome exemptions for taxpayers as the country battles the ongoing pandemic. In particular, the Bureau of Internal Revenue (BIR) published on Oct. 17, 2020, Revenue Regulations (RR) 29-2020 implementing the provisions of Bayanihan II relative to tax exemption on certain income payments provided to certain employees and health workers.
