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Four hundred and twenty-five days after the effectivity of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act or Republic Act (RA) No. 11534 on April 11, 2021, one question still lingers among the registered business enterprises (RBEs) from the country’s nineteen Investment Promotion Agencies (IPAs): How can RBEs maximize their fiscal and non-fiscal incentives under the new tax rules and evolving market environment?

According to recent news reports, the inflation rate for May 2022 is at 5.4%, the highest recorded inflation rate since December 2018. To boot, last month, there were also talks about the possibility of postponing the individual income tax cuts supposedly scheduled starting 2023 as provided under the Tax Reform for Acceleration and Inclusion (TRAIN) Act. These scenarios would certainly trigger taxpayers into thinking about these events’ consequent impact to them. Definitely, these taxpayers include the millions of employees in the Philippines who may be worried about their take home pay vis-à-vis the rising prices of goods and services.

Cambridge Dictionary defines a “task force” as a group of people brought together to do a particular job. The term may be familiar relative to the Covid-19 pandemic when the government created the Inter-Agency Task Force (IATF) composed of members from various executive departments, supposedly for a collaborative approach to combating Covid-19.

Have you been audited by the BIR and your claimed expense was disallowed for improper or inadequate substantiation? Have you applied for a tax refund, and were denied due to an erroneous invoice or receipt? This is not unusual given the state of our tax documentation and compliance. With the advent of the government requirement to use electronic receipts and invoices, we can only hope that these long-running challenges become a thing of the past.

On May 10, 2022, the SC released its decision promulgated on 01 December 2021 on the petition for certiorari of the Department of Finance (DOF) and Bureau of Internal Revenue (BIR) seeking for annulment of an order of the Regional Trial Court (RTC) Branch 57 in Makati City that declared Revenue Regulations No. 4-2011 null and void.

In previous years, we have seen an evolution of the Philippine tax landscape under different administrations. The National internal Revenue Code or the Tax Reform Act of 1997 superseded the 1977 Tax Code. Electronic filings have also been introduced, including the Electronic Filing and Payment System (eFPS), eBIRForms System, and electronic certificate authorizing registration (eCAR), among others. We currently have this thrust on streamlining the processes and requirements of the BIR’s registration processes and other taxpayer transactions with the BIR. There are also significant tax reform laws which have been passed -- the Tax Reform for Acceleration and Inclusion (TRAIN) Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, among others.

Yesterday’s elections was a defining moment for all Filipinos as the electorate cast their votes to elect the next leaders of the country. Sovereignty operated once more as people voted for and elected the government officials and representatives that embody their aspirations and dreams. As representatives of the people, the power and authority of elected officials emanate from the people. Thus, whenever an elected official goes beyond the authority delegated to him, he acts without legitimacy, and such authority may be withdrawn.

Today, digital transformation continues to generate a big fuss among policymakers, government agencies, and sectoral leaders due to its societal impact. As digitalization disrupts society ever more profoundly, concern is growing on how it affects issues such as jobs, wages, inequality, health, resource efficiency and security. Nevertheless, we are all aware that it has a positive effect, especially in this time of pandemic.