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National Internal Revenue Code of 1997 5th Edition
With the current administration, we are finally seeing steady developments on tax reform. On Jan. 17, the first package of the program, covering a proposed reduction in personal income taxes and an increase in consumption taxes, was filed with the House of Representatives. This would be the closest we have got to finally seeing progress towards a simplified, fair and more efficient tax system. Is change finally coming? Will this change truly reduce poverty and promote inclusive growth in the Philippines? Let us hope so.
DECEMBER 31. For normal people, it is the day to turn a new leaf in their life and leave behind the good and bad memories of the previous year so they can look forward to a great year ahead. For the people preparing the Company’s financial statements whose fiscal year ends on December 31, it is the most dreadful day of their life. On the other side of the spectrum, for the ones who will be reviewing and auditing the Company’s financial statements, it marks the start of a busy season. In short, the accountants and the auditors become immortal starting December 31.
Many companies have attempted to improve their financial close process, but most are still burdened with the slow-paced record-to-report cycle even to this day. Some companies take several weeks, or worse, even months, to close their books. I even know of companies that produce a different version of truth every time they generate financial reports, thus, undermining the integrity and reliability of the reports.
It is usual in the Philippines that the same tax law provision has been interpreted and implemented differently by different Commissioners of Internal Revenue (CIR). This is the case of the value-added tax (VAT) claim processing. Section 112 of the Tax Code provides that a taxpayer claiming excess input VAT for refund or tax credit must file the claim with the Bureau of Internal Revenue (BIR) within two years of the close of the taxable quarter during which the sales were made. In case of full or partial denial of the claim or failure of the BIR to act on it within a period of 120 days from receipt of the claim, a taxpayer may elevate its claim to the Court of Tax Appeals (CTA) within 30 days from receipt of the decision or upon expiration of the 120-day period.
Much of the discussion about corporate governance focuses on issues relating to boards of directors, and for good reason. Boards have oversight and control functions that serve to guard the interests of the stakeholders. The significance of these roles necessarily means that companies are expected to check the list of best practices in filling up their boards.
For businesses, the start of the new year means setting new goals and targets. Likewise, the Bureau of Internal Revenue (BIR) also has its own new set of plans for 2017. This year, the BIR is tasked to collect P1.829 trillion which is equivalent to 79% of the National Government’s total projected tax revenue of P2.313 trillion. Although the target amount is lower than the last year’s collection goal which was P2.025 trillion, P1.829 trillion is still undeniably an uphill challenge.
Who would have thought that a 17-year-old girl would spark a generation of Filipino stars on Broadway and the West End? That was what Lea Salonga did when she got the role of Kim in Miss Saigon 27 years ago.
In line with the Jan. 20 deadline for the renewal of business registration with local government units (LGUs), it is necessary to know where to pay your local business taxes for 2017. At the LGU of the head office, the branch, sales office, warehouse or the factory?
