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National Internal Revenue Code of 1997 5th Edition
The passage of the Ease of Paying Taxes (EOPT) Act, or Republic Act No. 11976, sparked hope among taxpayers, envisioning a smoother journey in navigating tax-related complexities.
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.
It is a well-settled doctrine that tax refunds are in the nature of tax exemptions and, hence, are construed strictissimi juris against the taxpayer.
The Bureau of Internal Revenue released Memorandum Circular No. 51-2024 on April 8, 2024, which aimed to provide procedures for the orderly submission and payment of Annual Income Tax Returns (AITR) and attachments thereto for the calendar year 2023.
In the bustling world of work, where superstars snag headlines and underperformers hog attention, there is a silent majority, the mid-level performers.
According to estimates, the Philippines is losing ₱500 billion to tax evasion annually. Thus, even in the early stages of his term as the Commissioner of the Bureau of Internal Revenue (BIR), Commissioner Romeo Lumagui has implemented several reforms and programs against tax evaders.
In line with the Memorandum of Agreement executed by Authorized Agent Banks (AABs), the Bureau of Internal Revenue (BIR), and the Bureau of the Treasury (BTr), the BIR has issued Bank Bulletins No. 2024-1 and No. 2024-02 to notify the public and to remind all AABs of the following:
Imagine you are a ball facing a ladder. Your goal is to climb up the ladder to reach the other balls resting on the branches of the tree. You manage to climb the first few steps, however, as you go higher, one of the steps has a broken rung, making it impossible for you to climb up, leaving you with no room for better opportunities. This analogous obstacle is a common occurrence in businesses and is often called as “The Broken Rung.”
