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National Internal Revenue Code of 1997 5th Edition
The new year always bring new hope and a new perspective. It is as if we are all bright and eager to start the year with a clean slate. For some, the new year also inspires them start a business.
New years are a good time to reflect, which is a useful exercise for evaluating how we responded to past situations, and which experiences will serve us well moving forward. This helps us gain a better understanding of ourselves and draw up more realistic life goals.
In its latest Philippine Economic Update, the World Bank said the country’s economy could contract by as much as 8.1 percent this year. Although the figure was an unfortunate downward revision from its earlier projection in October, it was still better than the government’s forecast of a 8.5-percent to 9.5-percent GDP contraction. The latest forecast came on the back of expectations that the Covid-19 pandemic’s impact would worsen, lockdown measures, and the country’s first recession since 1991.
Transfer Pricing has long stayed in the consciousness of Philippine companies as the BIR stepped up the enforcement of transfer pricing rules and augmented the pace of incorporating transfer pricing examinations in the regular BIR audits.
On Dec. 22, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 34-2020 to inform all concerned on the streamlined guidelines and procedures in the submission of BIR Form 1709 (Information Return on Related Party Transactions) and its required attachments including transfer pricing documentation (TPD).
Last week, like millions of devout Catholic Filipinos, I was able to complete a nine-day series of Masses also known as “Simbang Gabi” albeit via live streaming due to the COVID-19 pandemic. Historically, it was said that the beloved Christmas tradition started when priests said dawn masses instead of traditional evening mass to accommodate churchgoers who had to go to work. It is thought that those who complete all dawn Masses will be granted a wish. I can still remember when I fervently wished to pass the qualifying examination for the accountancy program of my alma mater. Lo and behold, my wish was granted and I am now happily living my dream.
There is no doubt that the COVID-19 pandemic is one of the most disruptive world events of the last century. Its impact is surprisingly greater than that of SARS in 2003, or Ebola in 2014. The effects of our response have been unprecedented. We have seen cultural organizations receive zero visitors, religious institutions shut off mass gatherings, the entertainment industry canceled big events, and educational institutions made hard decisions to carry out online classes.
THE BIR issues Revenue Memorandum Circular 130-2020 wherein it prescribes the policies and guidelines in the conduct of online meetings/ conferences with taxpayers.
