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Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
Occupational fraud happens more in private companies than their public counterparts. The Association of Certified Fraud Examiners’ 2020 Report to the Nations said that 44 percent of reported frauds occurred in private companies, 26 percent in public companies, 9 percent in nonprofits, and 21 percent in government or other entities. These numbers indicate that having a board of directors and management team that prioritize fighting fraud is crucial.
According to Japanese mythology, earthquakes are caused by the giant Namazu (otherwise known as Onamazu) catfish, a mischievous animal that hides beneath the earth’s surface. When the Namazu waggles its caudal fin, the ground shakes violently, endangering the unwitting inhabitants above ground.
The “Corporate Recovery and Tax Incentives for Enterprises Act” or CREATE Bill was drafted with the aim to improve the structure of Taxation in the Philippines as well as attract investors to procure economic growth, in an effort to recover from Covid-19 crisis. The bill is currently pending approval by the President, as approved by the Bicameral Conference Committee of the House of Representatives and the Senate on Wednesday, February 3, 2021.
Reduced CIT rate of 20 percent shall be applicable to domestic corporations with net taxable income not exceeding P5,000,000 and with total assets not exceeding P100 million (excluding land on which the business entity’s office, plant and equipment are situated)
Insider threats may have been looming even before the start of the Covid-19 pandemic, but the crisis further put a corporation’s security in distress.
Every year, the January to April period marks the busy season for auditors and accountants alike. This is due to mandatory compliance requirements such as business permit renewal, audit of financial statements, and filing of the annual income tax return (ITR).
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 17-2021 dated Jan. 26, 2021 to inform all concerned taxpayers that the deadline of filing and submission of the following returns and attachments are extended from Jan. 31, 2021 to Feb. 28, 2021:
On Nov. 26, 2020, the Senate approved on third and final reading Senate Bill 1357, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, which seeks to reduce the corporate income tax rate and rationalize the current fiscal incentives by making them time-bound, targeted and performance-based. This was done in an attempt to revitalize the slowing economy, as it is predicted that the measure will bring in more foreign investments like never before.
