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National Internal Revenue Code of 1997 5th Edition
In Filipino slang, the letter “G” holds many meanings: from "Game!" (showing willingness), to "Ganda" (beautiful). This singular letter, similar to a lot of Filipino expressions, differs in meaning depending on the tone you use.
Philippine taxation has undergone significant changes with the enactment of several tax reforms in 2024. These reforms include the Ease of Paying Taxes Act (R.A. No. 11976), the Real Property Valuation Act (R.A. No. 12001), VAT on Digital Services (R.A. 12023), and the most recent CREATE MORE Act (R.A. No. 12066), which generally aims to modernize the current tax system, making it simpler, fairer, and more efficient.
The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) No. 5-2025 on 27 February 2025, which amends RR No. 2-98 by revising the withholding tax rates and adjusting the basis of certain income payments subject to creditable withholding tax to align with Republic Act No. 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Entering the workforce can be a daunting experience, especially for women who often face unique challenges. I vividly recall an early interview in my career where the recruiter questioned my commitment due to my recent marriage, implying that maternity leave would hinder my professional journey.
In any social or professional collaboration, there may arise instances wherein there is a misinterpretation of certain facts, and in such cases, reconvening and circling back can prove to be one of the most efficient solutions.
The Fiscal Incentives Review Board (FIRB) issued FIRB Advisory No. 007-2024 on December 17, 2024, circularizing the interim Implementing Rules and Regulations (IRR) of Republic Act No. 12066, also known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Accountancy remains a cornerstone of financial stability and organizational success. As the business environment evolves, it is imperative for accountants to stay abreast of the latest developments.
Opportunities to correct past mistakes can be invaluable, whether in personal or business matters. In taxation, this right is particularly crucial as errors in documentation can lead to significant financial consequences for businesses.
