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National Internal Revenue Code of 1997 5th Edition
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As often associated with the comic book superhero Spiderman is the statement: “With great power comes great responsibility.” In addition to my leadership role as a Partner for Advisory Services and the head of the Knowledge Management Group at P&A Grant Thornton, I am taking on new professional roles with the Philippine Institute of Certified Public Accountants (PICPA) – as chair of the Metro Manila Region (MMR) Council and as national vice president for public practice.
REPUBLIC Act (RA) 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, mandates all offices and agencies providing government services to regularly undergo evaluation and improvement of their transaction systems and procedures and re-engineer the same if deemed necessary in order to mitigate undue regulatory burden and costs to the agencies and the applicants or requesting parties.
Since the World Health Organization classified COVID-19 as a pandemic on March 11, “the new normal” became the go-to term for describing the new reality. Throughout history, we survived calamities because of our ability to adapt to changing times. With our mobility limited by social distancing protocols, we see a sudden business shift from physical stores to online platforms. Aspiring entrepreneurs taking advantage of new-normal opportunities might ask, “Can I start a new business during the pandemic?”
THE Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) 59-2020 on June 9, 2020, informing taxpayers on the receipting/invoicing requirements during the modified enhanced community quarantine (MECQ), general community quarantine (GCQ) and modified GCQ.
Businesses that can effectively anticipate threats and opportunities are likely to be more resilient. They outperform their rivals and especially so during times of extreme turbulence.
The longest busy season for income tax filing has finally come to a close. Amidst the sleepless nights and pandemic-induced stress, tax practitioners, tax authorities, and taxpayers alike can only remind themselves that the dictum “taxes are the lifeblood of the nation” rings ever more true.
There are days, months, or years when it seems things are not going our way. The past two weeks have not been the easiest for me. However, in writing this article today with much more perspective, I have realized that the last couple of weeks were not particularly difficult either. It was all in my head.
