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National Internal Revenue Code of 1997 5th Edition
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.
Now, this article introduces the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) in February 2024 that marks a significant milestone in the country’s journey towards a sustainable future.
The Philippines has implemented significant various tax reforms in recent years with the goals of modernizing the tax system, attracting investments, supporting small businesses, and boosting economic growth.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 115-2024 to clarify issues regarding risk-based approach verification and processing of VAT refund claims, pursuant to Section 112(A) of the Tax Code, as amended and as implemented by Revenue Regulations (RR) No. 05-2024, and Revenue Memorandum Order (RMO) No. 23-2024, as amended by RMO No. 42-2024.
