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We are nearing the end of 2018; so many of our tax laws affected by the Tax Reform for Acceleration and Inclusion (TRAIN) Law have changed. The reforms, however, are not yet over. We are seeing steady developments in the proposed amendment to the Corporation Code of the Philippines. Both the Senate and the House of Representatives have passed on the third and final reading their own versions of bills amending the Corporation Code. As of the date of this publication, the bicameral conference committee session is to reconcile the House and Senate versions.

Tabula rasa is a Latin phrase popularly translated as “clean slate” or starting fresh. Sometimes our liabilities have become so burdensome such that, whenever an opportunity is presented to settle those liabilities, the tendency is to grab the opportunity to move forward and start anew.

The end of the year is fast approaching. Before we get to celebrate and revel in merrymaking this coming holiday season, you and your finance team will need to face one last fight: the year-end closing of books and complying with other reportorial requirements.

From a brief purchase of sticky notes and pens to a food catering service contract spanning two years, the core issue of the regular supplier test is the monitoring mechanism that must be adopted, especially by companies with voluminous and diverse transactions.

The topic of death is usually best avoided, except on All Saints’ and All Souls’ Day when we remember our loved ones who have departed from this world. We must accept that however, even during times of death, we still need to pay taxes. The estate tax is often paid late, and sometimes not at all, for various reasons — the emotional unpreparedness of those left behind, insufficient liquid assets, and ignorance of the requirements, among others. As a result, collections from the estate tax are among the government’s weakest sources of revenue.

It has been said that “happy are those conscious of their spiritual need, since the Kingdom of the heavens belongs to them.”

So, you received that dreaded letter from the Bureau of Internal Revenue (BIR) notifying you of a tax audit.

About a month ago, House Bill No. 8083 or Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) was passed on to the Senate.