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National Internal Revenue Code of 1997 5th Edition
In less than a year’s time, my eldest child will turn 10. She is presumably part of the post-millennial generation called Generation Z.
The World Bank’s Doing Business 2018 report reveals that the Philippines has slipped when it comes to the ease of doing business to 113th place from 99th place last year.
THE Bureau of Internal Revenue (BIR) issued a tax advisory amending the provisions on filing the excise tax on cosmetic procedures. Effective May 18, excise taxpayers must use BIR Form No. 0605 – Payment Form, indicating alphanumeric tax code (ATC) “XC010” and Tax Type “XC.” BIR Form No. 1620-XC Final Withholding Tax of Excise Tax on Cosmetic Procedures as prescribed under Revenue Memorandum Order (RMO) No. 9-2018 will be replaced by BIR Form 2200-C.
(Second of two parts) Under federalism, taxes imposed on production or sale of goods and provision of services (VAT, excise taxes, percentage taxes) are much more difficult to deal with.
As a parent and as a partner at P&A Grant Thornton, quitting is a topic that I always find slippery.
IN line with implementing Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 23-2018 on May 21 prescribing the policies, guidelines and procedures for availing of eight percent income tax rate option for individuals earning from self-employment, business, and/or practice of profession. The RMO takes effect immediately.
(First of two parts) MY OWN understanding of the basic financial underpinning of Philippine federalism as I hear it from the proponents is quite simple: under the proposed federalism, each state will raise and spend its own money, except for a portion to be allocated by the states for the use of the central (federal) government to perform its assigned functions.
Tax filing season has just ended for taxpayers who use the calendar year as their accounting period. Taxpayers whose total income tax due exceeded the total tax credits/payments for the year remitted their net tax payable to the Bureau of Internal Revenue (BIR). Taxpayers whose total income tax due did not exceed the total tax credits/payments for the year, on the other hand, either filed an application for a refund or sought the issuance of a tax credit certificate (TCC) or carried over their excess credits to the quarterly income tax returns of the succeeding taxable year.
