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National Internal Revenue Code of 1997 5th Edition
One afternoon, I was sitting across a table from my two daughters. My two-year-old was eating her snack: a chocolate wafer. After putting it in her mouth, she got hold of her green plastic cup and reached for something in it. When she opened her hand, there was a small piece of ice. She then slowly brought her palm toward her mouth. I saw excitement in her eyes as her palm came closer. But as she was about to eat the ice, her palm slightly tilted, causing the ice to slip and fall to the floor.
THE Bureau of Internal Revenue (BIR) recently issued Revenue Regulation No. 21-2020 to inform all concerned of the voluntary assessment and payment program (VAPP) of the BIR which can be availed by taxpayers for taxable year 2018 under certain conditions.
The world we are living in right now is very different from the one we were used to. Whenever I hear news about the rising number of COVID-19 cases, employees losing their jobs, and businesses shutting down their operations, which were all brought about by the COVID-19 pandemic, I find myself helpless.
Last weekend, I learned how to make self-watering pots out of recycled soda bottles. I was worried that my kangkong (water spinach) cuttings would wither if I put them in pots. Since kangkong is a semiaquatic plant, its soil must be always moist. As I tend to forget my plants when I have deadlines, I had to research on how to keep their water supply constant.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum 92-2020 on Sept. 1, 2020 to all those concerned regarding the further extension of deadline for registering online business and paying taxes on past transactions without penalty.
For foreign and domestic investors, selling shares in Philippine companies have always been fraught with difficulty and uncertainty. In the past, the most complex issue has been the determination of the fair market value of the shares to be sold. The rules created various complications and requirements that sellers and buyers had to be aware of before even considering the transaction. Hence, any move to simplify the process is certainly a welcome development. One of these new developments is Revenue Regulations 20-2020 (RR 20-20) published on Aug. 19. The revenue regulations make the determination of fair market value relatively easier for shareholders selling shares.
In cases where restrictions imposed by Covid-19 affect the applicability of Philippine tax laws and tax treaties on taxpayer’s tax position, the following rules shall be considered.
The year 2020 is like no other. With a pandemic still raging, a volcanic eruption, explosions, wildfires, plane crashes, social unrest, tragic deaths, and many other unexpected events — each one of us is affected one way or another. The year is not yet over but it has dished out something out of the ordinary to each and every one of us.
