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2024 is almost on our doorsteps, but many things are still happening around us. Most are planning for their annual family reunion or Christmas parties; almost all the employees are looking forward to the upcoming Christmas break; while some are still thinking about the “big celebrity break-up” that was announced days ago.
“An ounce of prevention is worth more than a pound of a cure.” At any stage of the tax assessment process, complications will surely arise when the notices and requests from the Bureau of Internal Revenue (BIR) remain unheeded.
The Ease of Paying Taxes (EOPT) bill, with the main objective of tax modernization and high but easy tax compliance, was recently approved by a bicameral committee. According to Senator Win Gatchalian, EOPT is expected to drive foreign direct investments (FDIs) and enhance the country's competitiveness as an investment destination.
The Philippine tax system operates on the territoriality principle. This means that the power of the Philippine government to tax is limited within the territorial bounds of the Philippines. This rule emphasizes the importance of establishing a situs within the Philippines before income can be taxed. So, what happens when part of the source of income is located in outer space? Does the Philippines have any right to tax such income generating activities? Turns out that the answer is yes.
With the ever-evolving world of commerce, employees have become more involved in everyday operations. For instance, employees would find themselves in inevitable circumstances where they would be the one to cover for business-related expenses out of their own pockets, such as transportation expenses or office supplies, then would later on reimburse such from their employers.
Taxation is the lifeblood of government. As the age-old adage goes, the only certainties in life are death and taxes. The pivotal role of taxes cannot be emphasised enough as the nation focuses on recovering from the impacts of the COVID-19 pandemic.
As many taxpayers have recently received a Letter of Authority (LOA) from the Bureau of Internal Revenue (BIR), anxieties loom since normally, significant findings are initially identified and alleged in a BIR audit.
The CREATE Act has radically changed the Value-Added Tax (VAT) landscape for Registered Export Enterprises (“REEs”) when the phrase “Directly and Exclusively Used” was first introduced.
