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National Internal Revenue Code of 1997 5th Edition
As the coronavirus disease 2019 (Covid-19) continues to spread across the globe, most of the regular aspects of our lives, including sports and physical activities, have been greatly affected. The various measures implemented to contain the spread of this disease, including physical distancing and community quarantines, have significantly altered the sports landscape. At the onset of the pandemic, notable sporting events, including the 2020 Tokyo Olympics, have been postponed while local and international professional leagues have suspended their seasons to safeguard the health of athletes, coaches, officials and other stakeholders.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 76-2020 to clarify various issues on the submission of BIR Form 1709 or the Related Party Transactions (RPT) Form and its attachments pursuant to Revenue Regulations 19-2020.
Last month, I wrote an article about the saga of transfer pricing in the Philippines. The tale begins in 1939 when the Commonwealth Act 466 or the “National Internal Revenue Code was passed. This is the source of the Commissioner of Internal Revenue’s (CIR) authority to review, allocate and distribute the income and deductions of related-party transactions (RPT), both cross-border and domestic, including intra-firm transactions between related parties, to determine the appropriate revenue and taxable income.
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.
