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National Internal Revenue Code of 1997 5th Edition
In tax assessment, the Bureau of Internal Revenue (BIR) and the taxpayers will likewise protect and defend their duties and rights based on laws, rules and regulations, and jurisprudence.
The Securities and Exchange Commission (SEC) issued Memorandum Circular No. 02-2024 last February 06, 2024, aimed at providing measures for the orderly filing of the Annual Financial Statements and General Information Sheet of corporations.
Today, there is a persisting notion of keeping your work life and personal life separate. The idea that private matters should stay at home while professional matters remain confined to the office has long dominated our understanding of “work-life balance.” Personally, I believe in work-life integration instead.
The Philippine government has been proving this adage to be true, especially with the significant regulatory updates to Philippine taxation, with the most recent iteration being the Ease of Paying Taxes Law (EOPT Law).
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 38-2024 last March 15, 2024, aimed at clarifying taxpayers’ concerns relative to RMC No. 5-2024 on the proper tax treatment of cross-border services in light of the Supreme Court En Banc Decision in Aces Philippines Cellular Satellite Corp. v. CIR, GR No. 226680, dated August 30, 2022.
Over my 23-year tenure in Human Resources, I have witnessed a transformative shift in how diversity intersects with our field. Initially, HR and diversity seemed to run on parallel tracks with just the occasional points of convergence. Today, the landscape is dramatically different.
In our previous article titled “Taxation of cross-border services,” we featured Revenue Memorandum Circular (RMC) No. 5-2024, where the Bureau of Internal Revenue (BIR) clarified the proper tax treatment of cross-border services in light of the SC En Banc Decision in Aces Philippines Cellular Satellite Corporation vs. The Commissioner of Internal Revenue (CIR) and provided a new framework for assessing the final withholding tax and the final withholding Value-Added Tax (VAT) on services provided by non-resident foreign corporations (NRFC) to Philippine businesses.
In Republic Act No. 11534, also known as the “Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act,” the Minimum Corporate Income Tax (MCIT) rate was reduced from 2% to 1% for the period July 1, 2020, to June 30, 2023. Accordingly, the MCIT rate shall revert to the old rate of 2% based on the gross income of the corporation effective July 1, 2023.
