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National Internal Revenue Code of 1997 5th Edition
The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 116-2024 on August 21, 2024, implementing Republic Act (RA) No. 11976 or the Ease of Paying Taxes (EOPT) Act, affecting generation, transmission, and distribution utility (DU) companies, electric cooperatives (EC) and retail electricity suppliers (RES).
The Philippine tax landscape faces a similar turning point, where significant tax amendments are being introduced to allow our tax system to flourish.
As the Philippine business landscape continues to evolve, it is imperative that businesses looking to invest in the country stay updated on the latest regulatory changes.
In recent weeks, there appears to be a welling up of commentaries, particularly on social media, about corruption in our government. There seems to be a growing perception that this disastrous practice is getting worse in terms of both its widening spread and the increasing scale of the amounts involved.
In the current business landscape, characterized by rapid evolution, the integration of sustainability into corporate operations has become a critical priority.
In October 2024, the Philippines joined the growing list of countries like Indonesia, Malaysia, Thailand, Singapore, and Japan, imposing a consumption tax on digital services with the enactment of Republic Act (RA) No. 12023.
Due to the improper use of loose Documentary Stamp Tax (DST) as well as the observed sale of loose documentary stamps through online platforms or physical stores, the Bureau of Internal Revenue (BIR) has issued guidelines on the proper sale and affixture of loose documentary stamps to taxable documents.
To clarify the taxability of the medical allowance granted to qualified government civilian personnel, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 107-2024.
