Taxes have been around for thousands of years even in biblical times; and will continue to coexist in our civilization. Indeed, paying taxes is a burden we must accommodate and learn to live with. After all, taxes are collected for the welfare of the people.
In tax assessment cases, many taxpayers may be unaware of their basic rights. As part of due process, this article will briefly discuss one of the substantive requirements in assessment cases — The Notice of Informal Conference (NIC) or Notice of Discrepancy (NOD).
During tax assessments and even in applications for tax refunds or tax credits, taxpayers are normally being required to present the related documents to substantiate claims for expenses, exemptions, input taxes, and income tax credits. If the taxpayer fails to submit proper documents supporting its claim, the BIR will impose deficiency taxes, or even subject the taxpayer’s claim to disallowance due to discrepancies.
Recognizing the need to enhance the assistance granted to solo parents, our legislators did a double take on the old “Solo Parents’ Welfare Act of 2000 and approved R.A. No. 11861 last year. The new law expanded the benefits to include a 10% discount and exemption from the value-added tax (VAT) on certain essential purchases.
On May 1, 1903, the first Labor Day celebration was held in the Philippines. Thousands of Filipino workers marched from the streets of Tondo, Manila to the Malacañang Palace to voice their demands and concerns for better working conditions and fair treatment from the then American-ruled administration.
On 21 March 2022, RA No. 11659, otherwise known as an Act Amending CA No. 146 or the Public Service Act, was signed into law, thereby amending the decades-old Public Service Act. With the end view of attracting foreign investments to the country to boost market competitiveness, foster innovation, and create high-quality jobs, other public service business as airport operation, railway, and even expressways may now be owned 100% by foreign entities subject to the grant of administrative franchise by the concerned administrative agencies tasked to oversee or regulate these undertakings.
Generally, taxpayers have six (6) days left before the last day for the filing of the Annual Income Tax Returns (AITR) for the calendar year 2022 which falls on April 17 2023. With the filing of the AITR, the power of the Bureau of Internal Revenue (BIR) to assess and examine if correct taxes were paid begins. However, the said power of the BIR to assess deficiency taxes is not limitless.
This year, the deadline for the submission of the AITR for calendar year ended December 31, 2022 is on April 17, 2023, while the submission of AFS with the Securities and Exchange Commission (SEC) is from May 29 to June 30, 2023, depending on the last numerical digit of the company’s SEC registration or license number. The month of April is always considered a “crunch time” period. However, the submission does not end with the BIR. After these documents have been received by the BIR, companies also have to submit them to the SEC. In addition, the General Information Sheet (GIS) shall be filed on or before April 30, 2023.
