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National Internal Revenue Code of 1997 5th Edition
We have all changed this year. The emergence of the pandemic has tested us and profoundly affected our lives all around the globe. We have felt and seen its effect – death, isolation, economic cessation, school suspension, rise of unemployment rate, and travel and contact restrictions – to name a few. It seems that the world has essentially shutdown and it seems to me like it is not real.
THE Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) 25-2020 to inform all concerned on the longer period for claiming net operating losses carry over (Nolco) from taxable years 2020 and 2021.
The COVID-19 pandemic caused not only a global health crisis, but also economic slowdown and disrupted business operations. The adverse economic impact resulted in companies, if not going out of business, employing cost-reduction measures by reducing headcount using various means.
THE Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) 96-2020 to reiterate the alternative modes of issuance of receipts/invoices applicable during the period of modified enhanced community quarantine (MECQ).
In the early days of the enhanced community quarantine (ECQ) in March, my wife and I had to strategize on how to secure our groceries. We had to decide on who should go out, and where and when to. We spent hours falling in line while ensuring to observe all the safety protocols being enforced by the government. We knew back then that we had to find a new way of doing groceries and other activities because we were spending so much time potentially exposing ourselves to the coronavirus disease 2019 (Covid-19).
With the emergence of coronavirus disease 2019 (COVID-19), many businesses have collapsed, unemployment rates have increased, while many Micro, Small, and Medium Enterprises (MSMEs) are on the verge of bankruptcy. In cognizance of the adverse impact of the COVID-19 on the Philippine economy, government mechanisms are currently being put in place to contain the damage.
DUE process is the right to be heard. It is the obligation of the state to respect all legal rights owed to a person, and it balances the power of law of the land and protects the individual from it.
Earlier this year, one of Czech Republic’s hospitals, which is also a coronavirus disease 2019 (Covid-19) testing laboratory, became a victim of a cyberattack. The attack forced the hospital to shut down its information technology network, postpone surgeries and move some of its patients to other hospitals. With the pandemic still in full swing here in the Philippines, these cyberattacks on other countries’ hospitals pose as a warning for our healthcare industry to take cybersecurity seriously.
