Stay ahead and check tax and other reportorial deadlines with our comprehensive digital calendar! Gain quick access to key filing dates and deadlines in one convenient platform—helping you stay organised, compliant, and confident throughout the year.
National Internal Revenue Code of 1997 5th Edition
Hope for the best, prepare for the worst. Preparing for an upcoming customs audit is one way to minimize, if not to avoid, the risk of having deficiency assessments. The recent issuance of the Customs Administrative Order (CAO) No. 1-2019 marks the beginning of the audit season for importers.
With the advent of Republic Act (RA) No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, taxpayers and tax practitioners have lauded the amendment made under Section 100 of the National Internal Revenue Code (NIRC). Section 100 imposes donor’s tax on the transfer of property for less than adequate or full consideration in money or money’s worth. The amendment provides an exception to the general rule. In this case, a transaction that is bona fide, at arm’s length, and free from any donative intent will be considered made for an adequate and full consideration, even if the selling price is lower than the established fair market value (FMV).
DEMOCRACY can be defined in a variety of ways, from definitions with varying complexities to a rather simple one. Let us pick a basic and simple definition: a form of political association among the people of a state within a defined geographical area where sovereignty resides in the people who express such sovereignty by voting to select the leaders of the government of the state.
Over a decade ago, my wife and I agreed on how we wanted to pursue our respective career paths. We laid out where we currently were and where we wanted to go, what were the opportunities, and how we are going to pursue them. The plan we hatched involved being away from each other for most of the year. At that point in our lives, we felt this was our final chance to run as fast as we can with regard to our careers, that we needed to pursue exponential career growth while it is still just the two of us in our family. As soon as we finalized our plans, God blessed us with an unexpected news–we were having a baby. I could not remember exactly what words were said when we learned about my wife’s pregnancy, but I can still recall how non-jubilant we were with the news. The mood was somber at best. It was not in our plans. We had other plans.
TO MAKE doing business in the Philippines easier, the Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) 28-2019, allowing the use of BIR-printed receipts/invoices (BPRs/BPIs).
A month after President Duterte line-vetoed the general tax amnesty provision of the Tax Amnesty Act of 2019, taxpayers who have long anticipated a clean slate with the Bureau of Internal Revenue (BIR) are once again confronted with the question of whether to expect rigorous tax audits by the BIR.
