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Clearly, working from home (WFH) is here to stay. No other sector is more affected than the Information Technology and Business Process Management (IT-BPM) sector. Hence, when the government announced that their employees must go back to their registered offices, the whole industry was in tumult.
Under the rules, Philippine Economic Zone Authority (PEZA) registered companies are required to operate within the economic zones to be entitled to tax incentives. However, due to the pandemic, the Fiscal Incentives Review Board (FIRB) temporarily allowed PEZA companies to adopt a work-from-home (WFH) arrangement for up to a certain percentage of the workforce, while still enjoying tax incentives.
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.
