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National Internal Revenue Code of 1997 5th Edition
As part of its efforts to digitalize government processes in line with the Ease of Doing Business and Efficient Government Service Delivery Act, the Securities and Exchange Commission (SEC) is consolidating all of its digital services into a single platform called the Electronic SEC Universal Registration Environment (eSECURE).
Foreign investors choose the Philippines to invest their excess money for various reasons, which include the country’s strategic location providing the investors proximity to its major markets, consistent fast economic growth in the region, a large demographic of young, English-speaking, and highly skilled workers, and generous fiscal and non-fiscal incentives from the government, among other things.
It is said that global shifts, movements, and issues know no borders; what happens in one part of the world can impact us all.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 77-2024, clarifying the taxpayer’s issues regarding invoicing requirements under the Ease of Paying Taxes (EOPT) Act and Revenue Regulations (RR) No. 7-2024, as amended by RR No. 11-2024.
Generally, VAT-registered persons subject their sales to VAT. The next question is, when should the sales be subject to VAT? Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act, adopted the accrual basis for VAT recognition for both the sale of goods and services.
Comparatively, businesses evolved from mere trading of valuable goods by traveling miles to find the perfect equivalent to the current day and age where two business parties can interact while being oceans apart.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 67-2024 on June 18, 2024, to align the DST filing and payment process with the existing rules and regulations under Section 5 of Revenue Regulation (RR) 6-2001 and the recently enacted Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act.
A popular proverb says that “a journey of a thousand miles begins with a single step." In this sense, we have taken many steps towards moving away from our plastic-filled legacy, from banning single-use plastics such as straws in certain cities to encouraging the use of recyclable materials from the private sector.
