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THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulation (RR) 19-2020, requiring the submission of Information Return on Related Party Transactions (BIR Form 1709) and its supporting documents, as attachment to the Annual Income Tax Return (ITR), effective July 25, 2020.

“Tale as old as time” — this now-famous beginning lyric from “Beauty and the Beast” can also applied to the authority of the commissioner of the Bureau of Internal Revenue (BIR) to review, allocate and distribute the income and deductions of related-party transactions, both cross-border and domestic. This include intra-firm transactions between related parties to determine the appropriate revenue and taxable income. Few people would know that this authority is now 81 years old; it was introduced on June 15, 1939 under Section 44 (now Section 50) of Commonwealth Act 466 or the “National Internal Revenue Code.” Let us recount the notable events and facts on this authority’s implementation and evolution.

According to Greek philosopher Heraclitus, “The only constant in life is change.” In Japanese, business people believe that constant, increasing improvement adds to substantial change over time. “Kaizen” is a Japanese productivity philosophy that means continuing development in personal, family, social, and professional life. The word “kaizen” comes from the two words: “kai,” which means “change,” and “zen,” which means “for the better.”

Responding to COVID-19 has knocked global compliance issues down the agenda exposing multinationals to further risk. By reviewing the management of compliance obligations and the role of outsourcing, you can reduce risk and retain focus on core operations.

Before the COVID-19 pandemic, my daily routine would usually start at 7:00 in the morning, with my wife persistently waking me up. From then on, everything was intense and rushed. Living far from office, I would take one to two hours to travel to work, depending on the traffic. Work, meetings, and evening law classes took up most of my day. The day would end around 10:00 in the evening upon my arrival at home.

THE Bureau of Internal Revenue recently issued Revenue Regulation 16-2020 on the further extension of due dates for filing of VAT refund claims covering taxable quarters affected by the implementation of the enhanced community quarantine (ECQ) and suspension of the 90-day processing period due to the spread of the pandemic.

According to a recent Grant Thornton United Kingdom (UK) report on e-learning, around a quarter of all corporate training in the UK was conducted online. While this has been increasing steadily every year, a large proportion of training has remained face-to-face.

Humanity has a natural desire to know about its ancestry and to keep the family name alive. Over and above the inclination of man to keep records of births and relationships, genealogy has been critical to chronology, particularly in the early years of human history.