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National Internal Revenue Code of 1997 5th Edition
Transfer pricing is the latest tax-related compliance issue in the Philippines after the Bureau of Internal Revenue (BIR) required all taxpayers with related-party transactions to file the Information Return on Related-Party Transactions (BIR Form 1709) alongside supporting documents including the transfer pricing documentation (TPD) as an attachment to the annual income tax return.
The Securities and Exchange Commission (SEC) has recently issued Memorandum Circular (MC) 27 series of 2020 to operationalize Title XIII, Chapter III of Republic Act 11232, or the Revised Corporation Code of the Philippines (RCC), which allows the conversion from an Ordinary Stock Corporation (OSC) to a One Person Corporation (OPC), as well as the conversion from an OPC to an OSC.
When the Philippine government imposed a community lockdown in Metro Manila and the nearby provinces, we were anxious and excited at what this could possibly mean to the work that some of us do. I initially thought that the community quarantines would only last for a few weeks up to a month, but another quarter had passed, then another. We are now in our eighth month, and for people like me who had been mostly working from home, many adjustments had to be made. After working in an office for over a decade, I had to adjust to this new working environment.
It has been around 217 days or close to seven months, yet the COVID-19 pandemic is still with us in the form of quarantines and lockdowns of varying levels on most people except essential workers. Consequently, we have seen how operations have been disrupted for many businesses — a growing number of companies with office-based work, including our firm, have continued with and strengthened work-from-home (WFH) arrangements to keep things business as usual in these unusual times.
We have all changed this year. The emergence of the pandemic has tested us and profoundly affected our lives all around the globe. We have felt and seen its effect – death, isolation, economic cessation, school suspension, rise of unemployment rate, and travel and contact restrictions – to name a few. It seems that the world has essentially shutdown and it seems to me like it is not real.
THE Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) 25-2020 to inform all concerned on the longer period for claiming net operating losses carry over (Nolco) from taxable years 2020 and 2021.
The COVID-19 pandemic caused not only a global health crisis, but also economic slowdown and disrupted business operations. The adverse economic impact resulted in companies, if not going out of business, employing cost-reduction measures by reducing headcount using various means.
THE Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) 96-2020 to reiterate the alternative modes of issuance of receipts/invoices applicable during the period of modified enhanced community quarantine (MECQ).
