Be updated on our latest insights

News of the approval of the Tax Amnesty Act as Republic Act No. 11213 came out early morning on Sunday, February 17. It was signed on Feb. 14. The reports also indicated that the President vetoed the provisions on the general tax amnesty.

The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 22-2018 to further supplement RR No. 11-2018 on the changes to the withholding tax rates of the following transactions:

(Last part) It started without warning when the malware hit Prix Healthcare Inc.’s servers. The new strain infected the company’s systems like silent wildfire, burning through the cyber kill chain unabated. The hacker advanced easily from each step on the kill chain; he harvested enough email addresses during his reconnaissance to know all about Mark’s secret affair with a staff member, that he enjoyed a high-speed virtual private network connection to the office’s network, and that Mark maintains several personal email addresses. He weaponized his exploit of choice into an unassuming PDF (portable document format) file, and delivered the payload as an email masquerading as a legitimate corporate travel agent. A typical customized whale-phishing email attack will do the trick, the hacker’s eyes gleamed, easy peasy. The code executed after exploiting a known vulnerability, and then the malware installed on the server—the asset, lighting up his target. He knew no one in Prix had the foresight, skill, and time to hunt for abnormal outbound network activities or packets that the now-infected system will be sending to call home—and engage the next step in the chain, command and control.

A tax amnesty is an opportunity to start over with a clean slate. Taxpayers with ongoing audits would consider this an opportunity to settle deficiency taxes more efficiently. An audit, even for taxpayers who are compliant, is costly and stressful. To quantify the degree of relief on offer, some tax accountants and managers have computed the savings that can be realized and even prepared position papers to argue the benefits of availing of a tax amnesty, noting that they outweigh the costs.

IN IMPLEMENTING the changes to income taxation for individuals under the Tax Reform for Acceleration and Inclusion (Train) Law, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular 17-2019, requiring individual taxpayers to use the latest version of BIR Form 1701A, or the annual income tax return for individuals earning purely from business or profession, in filing their annual income tax return and paying their income tax dues for calendar year 2018 on or before April 15, 2019.

First of 2 parts Everything was still at the newly renovated penthouse office of Prix Healthcare Inc. The 25 workstations clustered in the center of the entire floor for everyone at the office was left empty. Several desk drawers and file cabinets sat half-open. Rows of lifeless black monitors jutted out from low glass panels meant as desk dividers to make the space look big. A handful of laptop displays went on screensaver mode showing the Prix logo. This time, the corporate video was not playing on the 98-inch curved 8k TV at the lobby. An uninterrupted beeping sound from a headset left unhooked from its cradle filled the room.

The comprehensive tax reform program (CTRP) was envisioned to redesign the Philippine tax system to be simpler, fairer and more efficient. Aligned with the said objectives, the first package of the CTRP or the Tax Reform for Acceleration and Inclusion (TRAIN) Law brought many changes on the overall tax compliance procedures. Some of these changes are the streamlined filing of tax returns, adjustments to tax payment deadlines, and revision of tax rates, the implementation of which requires the Bureau of Internal Revenue (BIR) to update its system and issue revised tax returns.

Picture for a moment a Philippines without SM, Metrobank, the Aboitiz Group, and DMCI. Creating such a picture will probably take a lot more time and effort, because it is simply unimaginable to think of a Philippines without these powerful brands. You might even be thinking how crazy I am to conceive such an absurd idea. This thought springs from the passing of the people behind these brands in recent years.