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Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
Quoting a famous movie line walang personalan, trabaho lang, the new work-from-home reality proved these two concepts as inseparable — that we can cook, play with our kids, or book a Grab meal while working. This shift has strengthened our resiliency as a people and our culture of being a communal society. In our household, we assign tasks among household members: one takes care of marketing within the budget and chores are rotated among family members. In my case, I have never missed our 8:00 dinner — the same time at which our barangay siren sounds to indicate the start of curfew.
THE Bureau of Internal Revenue issued Revenue Memorandum Circular 61-2020 on June 15, 2020, further extending the deadline for availing of tax amnesty on delinquencies under the provisions of Revenue Regulations (RR) 4-2019. RR 4-2019, which implements Title IV of Republic Act 11213 (Tax Amnesty Act) on the tax amnesty on delinquencies, was amended by RR 5-2020 and further amended by RR 11-2020 in light of the global Covid-19 pandemic.
Well settled is the rule that tax exemptions are construed strictissimi juris against the taxpayer and liberally in favor of the government. As a result, exemptions must be shown to exist clearly and categorically, and supported by clear legal provisions. In other words, one who seeks an exemption must justify it by words “too plain to be mistaken and categorical to be misinterpreted.” Thus, the burden of proving that one is tax-exempt rests on the taxpayer.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 60-2020 on June 10, 2020 to ensure that all persons doing business and earning income in any manner or form, specifically those who are into digital transactions, are registered based on the provisions of Section 236 of the Tax Code and compliant with current tax laws.
As we approach the start of the school year on August 24, most schools and higher education institutions (HEIs) and teachers, students and parents are still confused about what education will look like in the new normal.
Businesses today are confronted with numerous and wide ranging concerns as a result of the COVID-19 pandemic. There are pressing issues on production or client servicing, supply chains, human resources, cash flow, market demand, financing, or survival at the extreme. Tax obligations, likewise, have to be dealt with regardless of the company’s financial position.
LONG queues to stamp Annual Income Tax Returns (ITRs) and Financial Statements have been common at most Bureau of Internal Revenue (BIR) Revenue District Offices (RDOs), especially on the date of a deadline. Fortunately, this time-consuming practice is expected to finally end as taxpayers are provided with other options for submission.
The economic and market environment today is characterized by the unprecedented levels of uncertainty brought by the coronavirus disease 2019 (Covid-19) pandemic. Stock markets around the world are experiencing dramatic declines and extreme volatility as investors sell off their equity investments and flee to assets considered safe havens (e.g., gold and government debt). The full extent of the economic and business disruptions, duration of the crisis, time to recover, shape of recovery and possibility of a second wave of Covid-19 infections are still unknown. All these factors have made valuations challenging.
