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Businesses today are confronted with numerous and wide ranging concerns as a result of the COVID-19 pandemic. There are pressing issues on production or client servicing, supply chains, human resources, cash flow, market demand, financing, or survival at the extreme. Tax obligations, likewise, have to be dealt with regardless of the company’s financial position.
The COVID-19 crisis has been sweeping the globe, affecting Filipinos everywhere. To finance public initiatives and to control the pandemic, the government is increasing its efforts to raise revenue despite the difficulties brought about by quarantine restrictions.
The government’s plan to improve our corporate tax system and to develop a more efficient and competitive tax incentives regime has been ongoing for quite some time. In February, the proposed measure, known as the Corporate Income Tax and Incentives Reform Act (CITIRA) Bill, reached the Senate. Many hopes were raised that the CITIRA Bill would soon be enacted into law.
Are we prepared for when we begin our “new normal”? Who else misses going out, joining social gatherings, playing outdoor sports, and attending Sunday mass? We spent the summer of 2020 in the comfort of our own homes, thanks to the coronavirus or the COVID-19 pandemic.
May 15 marks the last day of the extended enhanced community quarantine (ECQ) for most parts of the country, including the National Capital Region. In spite of the continuing increase in the number of new COVID-19 cases being reported each day, the government has decided to relax restrictions in certain parts of the country in hopes of gradually getting the economy going again after a two-month lockdown.
The COVID-19 pandemic is disrupting economies and societies worldwide. We are going through another global recession as business operations stood still for months in most parts of the world. Stock markets are down. Tourism and travel are almost nil. Schools are empty, while hospitals are overcrowded. Medical professionals struggle in saving lives, including their own. Employees are not allowed to go to work and are forced to rely on government subsidies to feed their families.
Establishments have been looking forward to the lifting of the enhanced community quarantine (ECQ), especially as most economic activity ground to a halt after March 16. For more than six weeks, the COVID-19 pandemic and the resulting ECQ have crippled some businesses and the economy. The most vulnerable have been reduced to relying on emergency relief goods after being denied the opportunity to work. The government’s revenue-collecting agencies have missed their targets for the first quarter of this year, mainly due to the lockdown, which runs until May 15.
The government has extended the enhanced community quarantine (ECQ) in certain high-risk COVID-19 areas to May 15. In addition, for moderate- and low-risk areas, a modified form of general community quarantine (GCQ) will be implemented beginning May 1. During these extraordinary times, social distancing is the new normal and staying at home is a civic duty. More importantly, more and more people are lending a hand to communities.
