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The start of the year has been good for taxpayers who are under investigation, as new tax rules introduced some changes that will benefit them. Changes such as the lowering of the deficiency interest rate, the no simultaneous imposition of deficiency and delinquency interest, and allowing the deduction of an expense for which necessary withholding tax was belatedly paid are sure to be of great help.

Dear Anton, Thank you for your letter. I’m sorry if I cannot directly respond to everything you said.

Dear Heavenly Father, We praise You, we glorify You, and we thank You for the countless blessings and guidance that You continuously provide us.

THE Securities and Exchange Commission (SEC) issued Memorandum Circular No. 03 dated Jan. 22, setting the due dates for submitting the annual financial statements (AFS) and general information sheets (GIS).

THE Bureau of Internal Revenue has issued Revenue Regulations (RR) No. 6-2018 revoking RR No. 12-2013, relative to the deductibility of certain expenses.

Everyone has a wish list. The Merriam-Webster Dictionary defines “wish list” as “a list of desired but often realistically unobtainable items.”

We are happy when we have choices. Choices give us the feeling that we are in control. It also gives us a sense of freedom and flexibility, whether it is deciding on the route to take using the options provided by Waze, or the food to pick at a buffet restaurant.

AMONG the changes brought about by the implementation of Republic Act No. 10963 or the TRAIN Law are the revised tax rates for final tax and percentage tax. However, the tax returns/forms for these taxes have not yet been updated and reflected in the electronic Filing and Payment System (eFPS) and electronic BIR (eBIR) forms. Pending the revision or enhancement of the returns/forms, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 2-2018 on Jan. 8.