With Republic Act No. 8792 (the E-Commerce Act) and Republic Act No. 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018) in mind, the Bureau of Internal Revenue (BIR) has released certain issuances to help taxpayers transition into the digital age.
Previously, in our article “2022 Tax Trends and Ends”, I presented sets of updates in taxation to help ensure that taxpayers have the necessary tools to begin the year right. Exactly two months from now, taxpayers are once more expected to embrace new sets of tax rules that are bound to be implemented as we welcome the year 2023.
For those who are considering increasing their holiday funds by availing themselves of the benefits under equity-based compensation, specifically those who are occupying supervisorial and managerial positions, they may have to look at the newly released BIR regulation, RR 13-2022, although it might not be the most heartwarming news this yuletide season.
As it continues to promote the digitalization of tax agencies, the legislative department is currently making efforts “to modernize the labyrinthine tax administration procedures by simplifying tax compliance, removing redundant and obsolete tax requirements, and lifting restrictions that prevent taxpayers from complying with tax laws remotely”.
At the onset of the Covid 19-pandemic, working from home (WFH) was a temporary solution for businesses to survive. This setup was not widely popular in the Philippine business setting prior to the pandemic; thus, many business entities grappled with how to continue their operations while the whole world is on lock-down. The Philippine government allowed companies who are granted with tax incentives for operating within economic zones to adopt this setup while being allowed to operate outside the zones.
Over the past couple of years, enormous attention is being given to the concept of sustainability and it’s far from waning. Sustainability is defined by the United Nations Brundtland Commission as “meeting the needs of the present without compromising the ability of future generations to meet their own needs”. Even though sustainability is often associated by most people with environmental conservation, it actually encompasses many dimensions especially if we talk about sustainable development.
The Philippines’ tax system is mostly driven by supporting documents. The deductibility of allowable expenses and claiming of input value-added tax (VAT) rely heavily on valid official receipts and sales invoices. Hence, it is paramount for every business to ensure that the documents they issue are free from errors.
Non-profit organizations play a vital role in building healthy communities by providing critical services that contribute to economic stability and mobility. They serve as additional help aside from the programs and funds from the government. They may be considered the heart of the community. They work across multiple sectors to meet the vital needs and enhance the quality of life of the community. They have the unique ability to serve as a bridge in the community by leveraging resources and expertise to build collaborations between private and public entities, professionals, and volunteers to work together towards the common good.
