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National Internal Revenue Code of 1997 5th Edition
IN CONNECTION with section 4C of Bureau of Internal Revenue (BIR) Revenue Regulations (RR) 8-2018, which provides that, “All concerned employees of regional or area headquarters and regional operating headquarters of multinational companies, offshore banking units and petroleum service contractor and subcontractor shall be subject to the regular tax rate,” the BIR issued Revenue Memorandum Circular (RMC) 116-2019 on Oct. 18, 2019.
Last week, we discussed the definition of financial instrument and how it was categorized both for accounting and tax perspectives.
THERE is a widow with two teenagers. Several months have passed since her husband died after years of battling an incurable disease, which drained the family’s financial resources.
EFFECTIVE Jan. 1, 2019, entities reporting under Philippine Financial Reporting Standards (PFRS) shall follow the new PFRS 16, replacing the previous Philippine Accounting Standard (PAS) 17. PFRS 16 introduces short-term leases and low-value assets, as well as the right of use asset (ROUA) in the recognition of leases.
Most companies will have financial instruments in their portfolios. Their purpose is solely for capital appreciation and income.
Taxes are the lifeblood of our government and, by paying the right taxes, we contribute what is due to society. There are instances, however, that another tax could be imposed by the government of another country on the same income; thus, the establishment of a tax resident status by a taxpayer might be necessary.
The Revenue Audit Memorandum Order (Ramo) 1-2019 was issued as supplement for Ramo 1-2000 (Updated Handbook on Audit Procedures and Techniques Volume 1) and Ramo 1-2008 (Computer Assisted Audit Tools and Techniques) and to provide standardized audit procedures and techniques in auditing taxpayers with related party and/or intra-firm transactions to ensure quality audit.
My wife will be traveling once again. Upon seeing her possible return flight schedules, an interesting, but uninspiring dilemma surfaced: would she take an earlier flight, but will be forced to face Friday night traffic from the airport to our house; or leave a day later to avoid the Friday congestion, but will not be able to spend Saturday with our kids? Such a dilemma, or some other more critical version of it, faces us constantly.
