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National Internal Revenue Code of 1997 5th Edition
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 60-2020 on June 10, 2020 to ensure that all persons doing business and earning income in any manner or form, specifically those who are into digital transactions, are registered based on the provisions of Section 236 of the Tax Code and compliant with current tax laws.
As we approach the start of the school year on August 24, most schools and higher education institutions (HEIs) and teachers, students and parents are still confused about what education will look like in the new normal.
Businesses today are confronted with numerous and wide ranging concerns as a result of the COVID-19 pandemic. There are pressing issues on production or client servicing, supply chains, human resources, cash flow, market demand, financing, or survival at the extreme. Tax obligations, likewise, have to be dealt with regardless of the company’s financial position.
LONG queues to stamp Annual Income Tax Returns (ITRs) and Financial Statements have been common at most Bureau of Internal Revenue (BIR) Revenue District Offices (RDOs), especially on the date of a deadline. Fortunately, this time-consuming practice is expected to finally end as taxpayers are provided with other options for submission.
The economic and market environment today is characterized by the unprecedented levels of uncertainty brought by the coronavirus disease 2019 (Covid-19) pandemic. Stock markets around the world are experiencing dramatic declines and extreme volatility as investors sell off their equity investments and flee to assets considered safe havens (e.g., gold and government debt). The full extent of the economic and business disruptions, duration of the crisis, time to recover, shape of recovery and possibility of a second wave of Covid-19 infections are still unknown. All these factors have made valuations challenging.
Across communities around the globe, the coronavirus (COVID-19) has a significant humanitarian impact. In the Philippines, the support of the private business sector in the fight against the COVID-19 pandemic is essential during this critical period. In the spirit of solidarity, local tax authorities have recently taken into consideration the community efforts of donor organizations and individuals and have enacted changes to give incentives to generous donors.
The COVID-19 crisis has been sweeping the globe, affecting Filipinos everywhere. To finance public initiatives and to control the pandemic, the government is increasing its efforts to raise revenue despite the difficulties brought about by quarantine restrictions.
The Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) No. 18, Series of 2020, to guide corporations in filing their annual audited financial statements (AFS) and general information sheet (GIS).
