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National Internal Revenue Code of 1997 5th Edition
THE Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) 48-2018, dated Oct. 24, allowing the use of a tax verification notice (TVN) instead of a letter of authority (LA) to check tax refund claims the BIR considers simple cases that will not require an in-depth audit or investigation.
We are nearing the end of 2018; so many of our tax laws affected by the Tax Reform for Acceleration and Inclusion (TRAIN) Law have changed. The reforms, however, are not yet over. We are seeing steady developments in the proposed amendment to the Corporation Code of the Philippines. Both the Senate and the House of Representatives have passed on the third and final reading their own versions of bills amending the Corporation Code. As of the date of this publication, the bicameral conference committee session is to reconcile the House and Senate versions.
While some dynamic businesses are reaping the benefits from the introduction of enterprise management software applications, robotics, and advanced business intelligence tools, for others there is a significant risk of being left behind and even making costly strategic errors.
Last November 7, 2018, I talked on the Fourth Industrial Revolution (or Industry 4.0) and its impact on the accounting and assurance professions, as a guest speaker to the 13th Washington SyCip Lecture of the University of Sto. Tomas Alfredo M. Velayo College of Accountancy.
Asia Pacific (APAC) is a region in flux. In 2018, businesses must contend with numerous challenges, not limited to environmental risks and an ageing population. But with disruption comes great opportunity.
Tabula rasa is a Latin phrase popularly translated as “clean slate” or starting fresh. Sometimes our liabilities have become so burdensome such that, whenever an opportunity is presented to settle those liabilities, the tendency is to grab the opportunity to move forward and start anew.
It may not be obvious to many; but elections in the Philippines are manifestly not competitive. A clear symbol of that condition is the apparent permanent existence of political dynasties, composing of 100 or so families in the Philippine political setting. It may be difficult to discern whether this permanence of political dynasties is the effect or the cause of improper election practices but, just the same, it may be worthwhile to highlight what I think are the two most significant election campaign practices that make our elections not competitive.
Christmas has officially arrived. Invitations to Christmas parties have started coming in. Christmas decorations at our offices and in the building are all up. In the grandiosity of the holiday season, marked by spectacle after spectacle of dazzling light displays, sumptuous feasts, and lavish gatherings in every corner, it is easy for everyone to lose sight of why we celebrate this momentous occasion in the first place. It is easy to forget that, before anything else, Christmas is a solemn celebration of our Savior’s birth; that, unlike our luxurious preparations and meticulous Christmas day activities, once upon a time, a poor boy was born in a manger to save humanity from sin.
