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National Internal Revenue Code of 1997 5th Edition
The Passive Income and Financial Intermediary Taxation Act (PIFITA) or House Bill No. 304 hurdled the scrutiny of the House Ways and Means Committee a few days ago. If passed into law, PIFITA will amend certain provisions of the National Internal Revenue Code of 1997 (Tax Code) on the taxation of passive income and income of financial intermediaries. PIFITA will be the fourth package of the government’s comprehensive tax reform program.
IN ACCORDANCE with Social Security Commission Resolution 549-s 2019, the Social Security System (SSS) issued SSS Circular 2019-12 on Aug. 6, 2019, prescribing the deadlines for remitting contributions applicable for July 2019 onward, shown as follows:
Contestants for Little Miss Philippines on a noontime variety show were often asked the question: “Ano gusto mong maging paglaki mo? (What do you want to be when you grow up?)” The question brims with hope for the future. Today, however, kids have access to much more information; and so, the same question brings with it more than just hope. In a way, it also makes kids worried.
THE Local Government Code of 1991 decentralized local government units (LGUs) and, for this purpose, LGUs were given an annual allocation (allotment) of 40% of national tax collections (Internal Revenue Allotment or IRA). The IRA is in addition to the local taxes that the LGUs already impose and may impose in their respective jurisdictions. Now, after a long 28 years, this decentralization does not seem to have provided the improvements in the lives of our citizens that its proponents had argued as reason for its adoption.
Authorized or not? This question is very relevant to taxpayers who are subject to a tax audit. One should at least know if the Revenue Officer (RO) conducting the audit investigation is duly armed with a valid Letter of Authority (LoA). The Tax Code, as amended, requires the Commissioner of Internal Revenue (CIR) or their duly authorized representative to issue an LoA if it will delegate the examination of a taxpayer.
In less than two months, I will tie the knot with my girlfriend of eleven years. Looking back, I went through failure, heartache, and disappointment but, at the same time experienced milestones and achievements that made me who I am today. Being with someone I cherish made me a better version of myself. As American author Helen Keller put it, “the best and most beautiful things in the world cannot be seen or even touched — they must be felt with the heart.” It is better to have someone to rely on.
PURSUANT to the implementation of the Tax Reform for Acceleration and Inclusion (Train) Law, the Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular 73 and 74-2019, prescribing the availability of the revised and enhanced version of the following BIR forms:
The movie trailer for Top Gun: Maverick has just been released. It is a surprising, yet very much welcome sequel to the 1986 classic Top Gun, starring Tom Cruise as Lt. Pete “Maverick” Mitchell. Although the sequel will not be released until 2020, I got so excited about the sequel that I rewatched the 1986 film over the long weekend.
