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Under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, certain health products, such as drugs for noncommunicable diseases, were exempted from Value Added Tax (VAT). Last December 3, 2024, an update to the list of VAT-exempt medicines was issued by the Bureau of Internal Revenue (BIR), in coordination with the Food and Drug Administration (FDA).

With the new year fast approaching, it is time that we reflect on the lessons, realizations, and hurdles we have faced. 2024 has been a year marked by resilience, sustainable growth, and transitions brought by changes and disruption.

For taxpayers and business owners, the year-end celebrations also signal the beginning of the challenging business permit renewal season.

On November 15, 2024, the BIR issued Revenue Memorandum Circular No. 123-2024 to clarify the validity of the issuance of the Certificate of Tax Exemption (CTE) to certain tax-exempt corporations.

The Christmas season is a time of joy and generosity that can also be a prime period for cybercriminals to exploit unsuspecting individuals. With the surge in digital transactions and the influx of holiday bonuses, scammers view this season as an ideal opportunity to carry out their schemes.

As the holiday season draws near, it provides an ideal moment to examine the tax exemptions and privileges available to businesses in the real estate sector under the Philippine Tax Code.

This article delves into how good governance can be the catalyst for sustainable development in the Philippines, addressing the multifaceted issues that hinder progress.

With the implementation of the Ease of Paying Taxes (EOPT) Act, TRAIN Law, and CREATE, it is imperative for businesses to be aware of the changes in Philippine Taxation.