Since Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law took effect on Jan. 1, the implementation of certain provisions of the law has become an endless topic in various fora especially amongst taxpayers who are greatly affected. To ensure that the TRAIN will smoothly reach its destination, the Bureau of Internal Revenue (BIR) has been very proactive in addressing the concerns of bewildered taxpayers through public consultations, seminars, and various issuances. In fact, five revenue regulations (RRs) and a number of revenue memorandum circulars (RMCs) have been issued since January to implement certain provisions of this new law. This notwithstanding, taxpayers still find themselves in the dark in the absence of formal implementing rules and regulations, especially on income tax and value-added tax (VAT).
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The Department of Labor and Employment (DOLE) recently issued Labor Advisory No. 03, Series of 2018, providing the rules for pay during the special non-working days on February 16 and 25, 2018, pursuant to Proclamation No. 269, which covers companies that are observing the “no work, no pay” policy or the equivalent of 250 to 252 factor days in a year.
On this day 30 years ago, Punongbayan & Araullo was born, and I have since been with the company for almost half of those years. It was only fitting that “the firm with a big heart” was established on Valentine’s Day.
The start of the year has been good for taxpayers who are under investigation, as new tax rules introduced some changes that will benefit them. Changes such as the lowering of the deficiency interest rate, the no simultaneous imposition of deficiency and delinquency interest, and allowing the deduction of an expense for which necessary withholding tax was belatedly paid are sure to be of great help.
Dear Anton, Thank you for your letter. I’m sorry if I cannot directly respond to everything you said.
Dear Heavenly Father, We praise You, we glorify You, and we thank You for the countless blessings and guidance that You continuously provide us.
THE Securities and Exchange Commission (SEC) issued Memorandum Circular No. 03 dated Jan. 22, setting the due dates for submitting the annual financial statements (AFS) and general information sheets (GIS).
IN THEATER, well-wishers usually say “break a leg” to actors before they perform on stage. The saying is an idiom that means “good luck.” Much to my dismay, it was not really good luck when I broke my leg eight months ago. As a result of the fracture, I spent a great deal amount of time on crutches, in a wheelchair, and in a cast. I am currently on an air cast, but I am already able to put partial weight on my leg. Through this painful experience and, as I am continuously adjusting to this reality, I have learned (and relearned) some of life’s most profound lessons the hard way: