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They say wishes do come true if you only believe in three (3). In April 2021, I wrote an article under this section entitled “Wish list for reforms on tax filing, payment, and administrative compliance.” In that article, I listed three wishes, some of which are already embodied under the then proposed bill on the Ease of Paying Taxes (EOPT) Act.

It has been more than a month since Republic Act (RA) No. 11976, otherwise known as the “Ease of Paying Taxes (EOPT) Act” was signed into law and took effect on 22 January 2024. This law was enacted as a significant milestone in the development of a modernized and easier tax system in the Philippines.

In last week’s article, my colleague discussed the new rules on the treatment of foreign currency transactions for internal revenue tax purposes. That article provided clarifications and guidelines on the use of appropriate forex rates in recording and reporting foreign currency transactions for tax purposes.

It is common for taxpayers dealing with foreign entities, whether for purchases or sales, to have transactions in foreign currency. Therefore, it is important for taxpayers to be guided by the rules governing the use of forex rates in business transactions.

For years, taxpayers have been wishfully thinking of simple and practical yet comprehensive tax laws and regulations for better compliance. With this, our legislators heeded the call, embraced the convenience brought about by digitalization, and introduced changes adapting to the current taxpayer’s situation.

Is there a flow of wealth when there is a reimbursement at cost? Is there an income to speak of when repaying a cost allocated by a related party?

The evolving narratives of personal growth and determination at the start of the new year bear a striking parallel to the transformative changes unfolding in the digital commerce landscape. Just as people face a crucial checkpoint in the fourth week of 2024, electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) are also navigating a pivotal moment.

It is a well-settled rule that decisions of the Supreme Court (SC) form part of the law of the land. Only the SC decisions applying and interpreting the Constitution and the laws establish jurisprudence and form part of the Philippine legal system.