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National Internal Revenue Code of 1997 5th Edition
THE Commissioner of Internal Revenue has issued Revenue Memorandum Circular (RMC) 143-2019 on Dec. 27, 2019, clarifying the inclusion of taxpayers as Top Withholding Agents (TWAs) who are obliged to remit the one percent and two percent Creditable Withholding Taxes (CWTs) under the criteria of Revenue Regulations (RR) 7-2019.
On Sunday afternoon, I was surprised to read news of Taal Volcano erupting, spewing ash and causing the shutdown of our international airport. I was caught unaware. A search of my newsfeed showed no prior articles about Taal Volcano, so I was surprised to see graphic images from friends and family of the volcanic eruption suddenly flooding my social media. Perhaps I was more focused on the Iran-US situation or the Duke and Duchess of Sussex’s announcement that they are stepping back from their royal roles to have missed updates on Taal, if there were any.
AFTER several discussions with and petitions from different labor unions in Central Visayas, the Department of Labor and Employment–Regional Tripartite Wages and Productivity Board VII has issued Wage Order ROVII-22 on Nov. 26, 2019 to raise the minimum wage rate across the region.
During the few times I was given the privilege to walk the streets of London, one thing that stuck me the most was the motorists’ discipline when approaching a zebra lane. A Londoner friend of mine explained to me that, by law, a motorist is bound to give way as soon as a pedestrian steps onto the zebra lane to cross. As someone who has been driving a lot here in the Philippines, giving way to pedestrians is not one of the things I think about when driving. Even as a pedestrian, I still think that I have to be extra careful and smart when crossing the street, because motorists do not often give way.
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 134-2019, announcing the availability of the revised BIR Form 1702-EX (Annual Income Tax Return for Corporation, Partnership and Other Non-Individual Taxpayer EXEMPT under the Tax Code, as Amended, [Sec. 30 and those exempted in Sec 27(C) and Other Special Laws, with NO Other Taxable Income]) January 2018 (ENCS) version 2.
Many things can happen in a year. We realize our dreams, reach our goals, make mistakes, and meet new people; the most important thing is that we learn from experience. The same thing can be said from a business perspective, where we, as stakeholders, learn that each new year brings numerous challenges in complying with government requirements as part of continuing operations in the coming year. Listed below are some of the requirements — so mark your calendars to plan your activities this January.
IN RESPONSE to the numerous requests from withholding agents, the Bureau of Internal Revenue (BIR) has released Revenue Memorandum Circular (RMC) 121-2019 as a reminder that the following computer/system-generated BIR certificates are allowed:
THE Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) No. 124-2019, extending the deadline for submitting the Annual Information Returns of Income Taxes Withheld on Compensation (BIR Form No. 1604-C) and Final Withholding Taxes (BIR Form No. 1604-F) from Jan. 31, 2020 to Feb. 28, 2020.
