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National Internal Revenue Code of 1997 5th Edition
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum 92-2020 on Sept. 1, 2020 to all those concerned regarding the further extension of deadline for registering online business and paying taxes on past transactions without penalty.
For foreign and domestic investors, selling shares in Philippine companies have always been fraught with difficulty and uncertainty. In the past, the most complex issue has been the determination of the fair market value of the shares to be sold. The rules created various complications and requirements that sellers and buyers had to be aware of before even considering the transaction. Hence, any move to simplify the process is certainly a welcome development. One of these new developments is Revenue Regulations 20-2020 (RR 20-20) published on Aug. 19. The revenue regulations make the determination of fair market value relatively easier for shareholders selling shares.
In cases where restrictions imposed by Covid-19 affect the applicability of Philippine tax laws and tax treaties on taxpayer’s tax position, the following rules shall be considered.
The year 2020 is like no other. With a pandemic still raging, a volcanic eruption, explosions, wildfires, plane crashes, social unrest, tragic deaths, and many other unexpected events — each one of us is affected one way or another. The year is not yet over but it has dished out something out of the ordinary to each and every one of us.
Retail businesses have been expanding their stores not only in their home markets but across the ASEAN region. Significant cross border franchising and online retailing have entered the industry and now account for a growing share of market. Much of this expansion is being driven by the increasing number of middle class consumers, higher spending power from fast-growing income and growth in e-commerce sales. However, constant change in the retail and consumer goods industry continues to affect how the industry operates, forcing the industry to innovate faster to keep ahead of consumer needs.
THE Bureau of Internal Revenue has issued Revenue Regulation 20-2020 on Aug. 18, 2020 to all those concerned regarding the transactions for sale, barter or exchange of shares not traded though the local stock exchange
Earlier this month, my second daughter approached me. She was crying as she recounted how her younger sister bit her arm. Less than a minute later, the younger one came running to me, as well. Since she is not yet able to talk well, I can only guess she was also complaining about her older sister and probably explaining why she bit her older sister. This was happening while I was trying to listen to the meeting I was attending from home.
The global pandemic COVID-19 has proven to have an arduous effect on our society and economy. Recently, the Philippine government presented a range of different measures to combat against the danger of the COVID-19 virus. Among these are the imposition of quarantine measures such as the Enhanced Community Quarantine (ECQ), Modified Enhanced Community Quarantine (MCQ) and General Community Quarantine (GCQ) and travel restrictions.
