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National Internal Revenue Code of 1997 5th Edition
With age comes wisdom. This is scientifically supported by the maturity of the human brain's frontal lobe around the age of 25. The frontal lobe is the part of the brain responsible for complex decision-making and behavior regulation. It was around this age that I recognized the critical importance of financial responsibility.
One example is that multinational companies that are using CAS globally spend significant cost for the reconfiguration of their CAS in order to comply with the rules of the Philippines. Since these rules are not required by other tax authorities in other countries, the reconfiguration is done solely for the Philippines.
When the Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act, changed the method of recognizing value-added tax (VAT) from a cash basis to an accrual basis, taxpayers may have difficulty when it shoulders the output VAT on receivables that may not be collected.
We often hear of certain traits or values that define us as Filipinos. From being known for our hospitality and congeniality, to our grit and resilience when faced with hard times. As we navigate uncertain global political and economic landscapes, I’d like to highlight one of the Filipino values closest to my heart: Bayanihan.
On 13 June 2024, President Ferdinand R. Marcos, Jr. signed Republic Act No. 12001, or the Real Property Valuation and Assessment Reform Act (RPVARA), into law. This new piece of legislation aims to upgrade tax collection efficiency in the realm of real property taxation. The new law also aims to reorganize the Bureau of Local Government Finance (BLGF) as the sole agency responsible for streamlining and establishing real property zonal values and their respective tax rates.
As mid-market businesses in the Philippines gear up to compete on the global stage, a significant change must be made in the business landscape. To achieve parity with international competitors, mid-market businesses in the Philippines must focus on three critical areas: brand development, people investment, and sustainability.
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.
