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National Internal Revenue Code of 1997 5th Edition
When it comes to corruption perception, the Philippines has remained on the lower end of the spectrum as compared to other countries. Unfortunately, some taxpayers use this perception as an excuse or even a justification for having a mindset that there is no need to pay the correct taxes.
In accordance with the Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 7-2024, as recently amended by RR No. 11-2024, the BIR released Revenue Memorandum Circular (RMC) No. 66-2024 to clarify the mode of submission of inventory reports in relation to the conversions.
The Bureau of Internal Revenue (BIR) has released Revenue Regulations (RR) No. 11-2024, which amended certain transitory provisions of RR No. 7-2024 and extended the deadlines for compliance with the new invoicing requirements under Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act.
Picture this scenario: A real estate developer wins a bid to convert a large swath of forested land into a housing project. On the surface, this seems like a win-win. The housing shortage gets addressed, jobs are created, and the economy gets a boost. But beneath this apparent victory lies a cost: the chirping birds, the rustling leaves, and the communities intertwined with this land’s history are at risk of vanishing. These environmental and social costs often go unnoticed. As accountants, we can put a spotlight on these hidden costs through the practice of green accounting.
On June 13, the BIR released Revenue Regulations (RR) No. 11-2024, amending the transitory provisions of RR No. 7-2024 and extending the statutory deadlines for compliance with the new Invoicing requirements under the Ease of Paying Taxes (EoPT) Act. RR No. 7-2024 became a key regulation in implementing EoPT, serving as a framework to guide taxpayers in navigating the new Invoicing requirements. While the implementation of EoPT may be challenging, the BIR remains dauntless and patient in addressing taxpayer concerns by releasing timely regulations.
Transactions involving dealings in property often take a period of time to complete. This length of time may stir complications over what date to use in documents or may be used to an advantage. As such, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 64-2024 last May 28, 2024, to provide policies and clarifications on antedating of deeds of sale involving real properties.
One could say that the power of taxation is the lifeblood of a nation; not only does it have the power to create, but it also has the power to destroy. Being its primary source of revenue, it funds governments, making them self-sufficient as much as possible and diminishing their reliance on external funding to achieve their goals.
With the passage of the Ease of Paying Taxes Act, taxpayers can now enjoy the “file and pay anywhere” scheme, wherein the filing and payment of internal revenue taxes can now be made to any revenue district offices, authorized agent banks, or authorized tax software provider. However, the same raises certain concerns regarding the processing of electronic Certificate Authorizing Registration (eCAR) relative to One-Time Transaction (ONETT).
