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National Internal Revenue Code of 1997 5th Edition
The pandemic has dominated headlines for the past 10 months. Unfortunately, there are other challenges apart from this crisis. As I write this, super typhoon Goni (Philippine name: Rolly) is hammering southeastern Luzon with strong winds, high waves and floods. This is another blow to the already troubled economy.
Have you tried waking up in the morning feeling tired and questioning yourself about what to do despite the long list of pending tasks or assignments you have in work or school? When you know the first step is to get up but still have a hard time in doing so? Moreover, when you force yourself to take a bath wishing that the water will be like pixie dust that will magically boost your energy and productivity? Have you been feeling it all lately? Then how are you now?
One day, we will go back to our pre-coronavirus disease 2019 (Covid-19) lives, but it will take a while even after the discovery of a vaccine. As we try to bring back “normalcy” in our society, we sense that our way of living, working and learning will never be the same.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 115-2020 on Oct. 21, 2020 to inform concerned stakeholders that Certificate of Zonal Values of Real Properties (certification) shall only be issued by the concerned Revenue District Offices (RDOs) having jurisdiction over the property location. The certification shall be used by the applicant in their transactions with other government offices or private entities.
Transfer pricing is the latest tax-related compliance issue in the Philippines after the Bureau of Internal Revenue (BIR) required all taxpayers with related-party transactions to file the Information Return on Related-Party Transactions (BIR Form 1709) alongside supporting documents including the transfer pricing documentation (TPD) as an attachment to the annual income tax return.
The Securities and Exchange Commission (SEC) has recently issued Memorandum Circular (MC) 27 series of 2020 to operationalize Title XIII, Chapter III of Republic Act 11232, or the Revised Corporation Code of the Philippines (RCC), which allows the conversion from an Ordinary Stock Corporation (OSC) to a One Person Corporation (OPC), as well as the conversion from an OPC to an OSC.
When the Philippine government imposed a community lockdown in Metro Manila and the nearby provinces, we were anxious and excited at what this could possibly mean to the work that some of us do. I initially thought that the community quarantines would only last for a few weeks up to a month, but another quarter had passed, then another. We are now in our eighth month, and for people like me who had been mostly working from home, many adjustments had to be made. After working in an office for over a decade, I had to adjust to this new working environment.
It has been around 217 days or close to seven months, yet the COVID-19 pandemic is still with us in the form of quarantines and lockdowns of varying levels on most people except essential workers. Consequently, we have seen how operations have been disrupted for many businesses — a growing number of companies with office-based work, including our firm, have continued with and strengthened work-from-home (WFH) arrangements to keep things business as usual in these unusual times.
