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National Internal Revenue Code of 1997 5th Edition
With the guidance of their accountants and auditors, businesses were able to successfully complete the filing and payment of their taxes with the Bureau of Internal Revenue (BIR) on April 15.
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 Act (EOPT). This edition of Tax Notes discusses matters relating to the classification of taxpayers and the imposition of reduced interest and penalty rates for micro and small taxpayers covered under RR No. 8-2024 and RR No. 6-2024, respectively.
In the ever-evolving landscape of business, accountants have often been confined to the stereotype of being solely data-driven professionals obsessed with numbers. However, as the demands of the profession shift, so does the accountant's role.
In our earlier article, “Removal of the 5-Year Validity of Receipts and Invoices,” I explained that the Philippine tax system is mostly driven by supporting documents and that the deductibility of allowable expenses and claiming of input value-added tax (VAT) rely heavily on valid invoices.
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 risk-based approach in verifying VAT refund claims, refund of utilized excess income tax credit in case of dissolution or cessation of business and refund of erroneously collected taxes and penalties, covered under RR No. 5-2024.
When do you know you’ve won a client? Is it when the contract is signed? Or when the first invoice is paid?
One famous motto says, “Prevention is better than cure.” This saying is applicable to one’s everyday life. It is always better to avoid further damage than to be sorry about it in the future.
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 Act (EOPT). This edition of Tax Notes discusses the matters on relating to the declaration of taxable income, highlighting the removal of withholding requirement and the definition of “payable” for withholding tax purposes covered under RR No. 4-2024, as posted by the BIR on April 12, 2024.
