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National Internal Revenue Code of 1997 5th Edition
After a bruising 2025, many executives are entering 2026 with a familiar mix of caution and hope. Last year tested leadership teams on multiple fronts: domestic disruptions, corruption-related confidence concerns, weaker investment momentum, and renewed external pressure from global trade frictions, including the lingering threat of US tariffs.
The Bureau of Internal Revenue (BIR) suspended audit operations on 24 November 2025 through Revenue Memorandum Circular (RMC) No. 107-2025, to recalibrate its audit processes, strengthen internal controls, and address longstanding issues such as fake letters of authority (LOAs), unauthorised audits, and inconsistent audit practices. The suspension created the opportunity for the BIR to rebuild its audit framework and restore taxpayer confidence. After the internal reforms were completed, the BIR lifted the audit suspension through RMC No. 82026, allowing audit activities to resume under stricter safeguards and enhanced verification protocols.
From my early days as an audit junior all the way to becoming an audit partner, the moments I treasure most are when I see how our work gives organisations clarity, strengthens their decisions, or helps them operate with integrity. Whether mundane or dramatic, every time I see that our work makes a tangible impact, that’s when I feel that what I do is truly meaningful. And yet, despite the importance and purpose behind external audit, our work is still too often reduced to stereotypes of routine, pressure, and long hours.
Earlier this year, the Bureau of Internal Revenue (BIR) launched D.A.R.E.S., its five-point reform and legacy agenda. DARES stands for Digital and Data Transformation, Audit Reform and Accountability, Revenue Collection and Base Protection, Employee Empowerment and Welfare Promotion and Service Excellence and Stakeholder Engagement.
The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) No. 28-2025 last 22 December 2026, to implement the enhanced version of the Electronic Documentary Stamp Tax (eDST) System.
The Philippine banking landscape is undergoing a fundamental shift, driven by the growing role of mergers, consolidations, and acquisitions (MCA). For rural and thrift banks, MCA are no longer viewed as exceptional events undertaken only in times of distress.
The temporary suspension of audit and field operations under Revenue Memorandum Circular (RMC) No. 107 2025, issued on 24 November 2025, marked a deliberate pause in the Bureau of Internal Revenue’s (BIR) audit operations. This suspension was intended not merely as a reprieve for taxpayers but as a strategic opportunity for the BIR to recalibrate its audit framework, enhancing efficiency, strengthening safeguards, and restoring confidence in the integrity of the tax audit system.
