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If you receive an email resembling a familiar email format and address and saying the Covid-19 pandemic assistance fund would be released today, and it asks you to log on through a link to know more about the fund’s computation, what would you do?

THE Bureau of Internal Revenue recently issued Revenue Memorandum Circular (RMC) 75-2020, extending the deadline for registering business activity and/or updates with no penalty from July 31, 2020 to Aug. 31, 2020. Furthermore, the declaration of past transactions subject to pertinent taxes due when declared and paid on or before the date shall not be subject to the corresponding penalty for late filing and payment.

It has been almost five months since the implementation of the community quarantine due to the COVID-19 pandemic. Most of us had no choice but to stay indoors. Thus, we were forced to entertain, educate, and make ourselves useful within our homes. With the help of the internet and other electronic platforms, we got to binge-watch our favorite shows, shop, buy groceries, start on our fitness goals, finish online courses, play online games, etc. Netflix, Google, Amazon, and even YouTube have somehow helped us to hold on to our sanity during these challenging times.

THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 69-2020, updating the procedures in accordance with the requirements of Republic Act 11032, otherwise known as the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018” in connection with the procedures for cancelling Permit to Use (PTU) Cash Register Machines (CRM), Point-of-Sale (POS) machines, and other similar machines.

Nearly a month ago, many taxpayers finally put an end to the longest tax season when they finally submitted their annual income tax returns (ITRs). Others, however, have to brace for the submission of a new set of attachments to the ITR. These refer to the Bureau of Internal Revenue (BIR) Form No. 1709 or the Information Return on Related Party Transactions (Domestic and/or Foreign) and its related attachments, as prescribed by Revenue Regulations (RR) No. 19-2020. RR No. 19-2020 requires not only the proper disclosure of related-party transactions, but also the documents that would support that these transactions have been conducted at arm’s length.

THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulation (RR) 19-2020, requiring the submission of Information Return on Related Party Transactions (BIR Form 1709) and its supporting documents, as attachment to the Annual Income Tax Return (ITR), effective July 25, 2020.

“Tale as old as time” — this now-famous beginning lyric from “Beauty and the Beast” can also applied to the authority of the commissioner of the Bureau of Internal Revenue (BIR) to review, allocate and distribute the income and deductions of related-party transactions, both cross-border and domestic. This include intra-firm transactions between related parties to determine the appropriate revenue and taxable income. Few people would know that this authority is now 81 years old; it was introduced on June 15, 1939 under Section 44 (now Section 50) of Commonwealth Act 466 or the “National Internal Revenue Code.” Let us recount the notable events and facts on this authority’s implementation and evolution.

According to Greek philosopher Heraclitus, “The only constant in life is change.” In Japanese, business people believe that constant, increasing improvement adds to substantial change over time. “Kaizen” is a Japanese productivity philosophy that means continuing development in personal, family, social, and professional life. The word “kaizen” comes from the two words: “kai,” which means “change,” and “zen,” which means “for the better.”