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National Internal Revenue Code of 1997 5th Edition
Since the COVID-19 pandemic started, life became different. The enforcement of lockdowns and citywide quarantines here and abroad greatly affected the lives of so many, one of them being my cousin, whose livelihood became the bread and butter of her family.
Human society is composed not only of the privileged, the wise, and the good, but also of the vulnerable.
I can still recall the day the government announced that the National Capital Region and the entire Luzon would be put under enhanced community quarantine starting on March 17, 2020. It was the biggest curveball thrown at us. The uncertainties marking those first few days of the lockdown were just too much to process. But in a way, I was excited for the opportunity to work from home. I surely would not miss being stuck in the horrendous Manila traffic four hours a day. Besides, I thought then, the quarantine could probably be over in a few weeks.
IN RELATION to the provisions of Revenue Memorandum Circular (RMC) 49-2020 on the use of electronic Audit Financial Statements (eAFS) System in the submission of attachments to the 2019 Filed Income Tax Returns (ITRs), the Bureau of Internal Revenue (BIR) issued RMC 82-2020 on Aug. 11, 2020. The Circular was issued to inform all concerned taxpayers on the expanded coverage of the eAFS System.
Businesses around Asia Pacific, especially in Southeast Asia, are among the sectors greatly impacted by the COVID-19 pandemic. Mid-sized entities, in particular, must navigate the financial and operational challenges of the coronavirus while addressing the needs of their people, customers, and suppliers. Among these challenges are working with agility, connecting with changing customer habits, leveraging technology, and building on opportunity and resilience. Many organizations also face difficulties in managing their cash flow and seeking financing. In response to the call of the private sector for relief and support, governments around the region have begun to provide measures to bolster industry sectors, businesses, and even individuals.
As the coronavirus disease 2019 (Covid-19) continues to spread across the globe, most of the regular aspects of our lives, including sports and physical activities, have been greatly affected. The various measures implemented to contain the spread of this disease, including physical distancing and community quarantines, have significantly altered the sports landscape. At the onset of the pandemic, notable sporting events, including the 2020 Tokyo Olympics, have been postponed while local and international professional leagues have suspended their seasons to safeguard the health of athletes, coaches, officials and other stakeholders.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 76-2020 to clarify various issues on the submission of BIR Form 1709 or the Related Party Transactions (RPT) Form and its attachments pursuant to Revenue Regulations 19-2020.
Last month, I wrote an article about the saga of transfer pricing in the Philippines. The tale begins in 1939 when the Commonwealth Act 466 or the “National Internal Revenue Code was passed. This is the source of the Commissioner of Internal Revenue’s (CIR) authority to review, allocate and distribute the income and deductions of related-party transactions (RPT), both cross-border and domestic, including intra-firm transactions between related parties, to determine the appropriate revenue and taxable income.
