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National Internal Revenue Code of 1997 5th Edition
The way we live, work and learn is changing – and higher education institutions are no exception. This means daunting challenges lie ahead for any established, traditional HEIs that are resistant to change. Yet new ways to connect with students and employers around the globe will also present opportunities.
Good governance plays a key role in supporting the execution of the strategy of any organization. It is, thus, the principal role of the leader to set the tone from the top by embedding good governance policies, procedure and processes throughout the organization and by letting the message across.
Issuance of rulings on the tax exemption of benefits paid to employees separated because of retrenchment or closure of the business are now devolved to the Revenue District Offices (RDOs) of the Bureau of Internal Revenue (BIR).
Included in the first set are the restructuring of the income tax brackets and adjustment of tax rates for individuals; widening of the tax base through the removal of tax exemptions for certain types of incomes; deletion of the personal and additional exemptions for dependents otherwise granted to individual taxpayers; and the reduction of the optional standard deduction, in lieu of the itemized deductions, from 40 percent to 20 percent for individuals and scrapping of such privilege for corporations.
The Department of Trade and Industry (DTI) and Go Negosyo, the advocacy arm of the Philippine Center for Entrepreneurship (PCE), in partnership with local chambers of commerce, have launched a laudable project to empower Micro and Small Enterprises (MSEs) by encouraging entrepreneurship in the country. Called the “Mentor Me Program,” it aims to help MSEs improve their entrepreneurship fundamentals to scale up and sustain their businesses by providing them with the needed skill sets by way of conceptual discussions and mentoring sessions.
The Philippine Chamber of Commerce and Industry (PCCI) in cooperation with the USAID is currently conducting roadshows to inform taxpayers and solicit comments and suggestions that may be considered in the proposed tax reforms. These events are co-hosted by the Department of Finance (DOF) from whom the proposed tax reform packages originated.
It is only 19 days to go before Christmas. But before the merriment of Christmas engulfs us, we should also prepare for the upcoming rush of renewing local government unit (LGU) registrations for businesses.
THE SENIOR CITIZEN discount privilege has been in focus again recently because of the proposed removal of its 12% vat exemption component as part of the tax reform proposals of the new government.
