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National Internal Revenue Code of 1997 5th Edition
The BIR has been blazing ahead with its agenda of digital transformation. To recall, the BIR laid out its digital transformation plan in Revenue Memorandum Order (RMO) No. 42-2022, outlining its blueprint for the Digital Transformation (DX) Program.
In the Philippines, transferring property ownership, such as real properties and shares of stocks not traded through the local stock exchange, involves several steps to ensure a lawful transfer of title from one party to another and avoid any disputes or complications in the future.
The Ease of Paying Taxes (EOPT) Act has brought significant regulatory updates to Philippine taxation. In the previous article, it discussed the new taxpayer’s classifications, such as Micro, Small, Medium, and Large taxpayers, based on their gross annual sales from business.
Last week, the Senate, in a unanimous vote, approved on third and final reading the Senate Bill (SB) No. 2528 that seeks to impose a 12% value-added tax (VAT) on digital services delivered by either resident or nonresident digital service providers with no physical presence in the Philippines.
The Bureau of Internal Revenue (BIR) has released a series of Revenue Regulations (RR) for the implementation of Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act. This edition of Tax Notes discusses matters relating to the preservation of the Book of Accounts and changes in taxpayer registration, covered under Sections 4 and 5 of RR No. 7-2024.
Months after the release of the results of the Program for International Student Assessment (PISA) in 2022, the very low performance of Philippine students in this international assessment is still often discussed among various concerned groups.
The Philippines has recognized the importance of building our human capital as a pathway for economic opportunity. In 2015, the Philippines, together with 192 other UN member states, committed to attaining the Sustainable Development Goals (SDGs) by 2030. The SDGs, also referred to as the Global Goals, consist of a set of goals including Quality Education based on underlying principles, including “education is a public good, of which the state is the duty bearer.”
“Taxes are the lifeblood of any government.” Hence, taxpayers are mandated to remit the taxes due them and not be allowed to evade and escape giving their fair share to the government.
