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 The National internal Revenue Code or the Tax Reform Act of 1997 superseded the 1977 Tax Code.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.
Be updated on our latest insights
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an elected official goes beyond the authority delegated to him, he acts without legitimacy, and such authority may be withdrawn.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.
For the past two years during this pandemic, many of us have been working from the comfort of our homes, enjoying the benefits of the work-from-home (WFH) arrangement and avoiding traffic and reducing transportation costs. However, such will come to an end for those working with Registered Business Enterprises (RBEs) of the Information Technology – Business Process Management (IT-BPM) sector, as they started their return to office mandate last April 1, 2022.
The Tax Code provides that a penalty equivalent to 25% of the tax due shall be imposed due to the taxpayer’s failure to file a tax return and pay the tax due on time. On top of that, an interest of 12% per annum is also imposed as a penalty.
Last month, the Philippines adopted the Ten-Point Policy Agenda on Economic Recovery to accelerate and sustain economic recovery from the COVID-19 pandemic through Executive Order (E.O.) No. 166. Among the principles laid down by E.O. No. 166 is the resumption of economic and social activities, removal of age-based restrictions on mobility, and the further expansion of public transport capacity.
Under its Charter, the Philippine Amusement and Gaming Corporation (PAGCOR) was given the mandate to regulate, operate, authorize, and license games, particularly casino gaming in the Philippines. Through this mandate, PAGCOR is expected to generate revenues for the Philippine Government’s socio-civic and national development programs, as well as help promote the Philippine tourism industry.
Considering today’s economic situation, the primordial importance of having happy and productive employees is gaining popularity. When employees are trusted and involved in the company, yields are higher. Conversely, when people feel unmotivated or undervalued, the company suffers. On top of that, studies show that employees highly engaged in their work commit less mistakes, do better, and are more sympathetic of changes and are eager to embrace such changes.