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National Internal Revenue Code of 1997 5th Edition
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.
The Bureau of Internal Revenue (BIR) has released Revenue Regulations (RR) No. 11-2024, which amended certain transitory provisions of RR No. 7-2024 and extended the deadlines for compliance with the new invoicing requirements under Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act.
Picture this scenario: A real estate developer wins a bid to convert a large swath of forested land into a housing project. On the surface, this seems like a win-win. The housing shortage gets addressed, jobs are created, and the economy gets a boost. But beneath this apparent victory lies a cost: the chirping birds, the rustling leaves, and the communities intertwined with this land’s history are at risk of vanishing. These environmental and social costs often go unnoticed. As accountants, we can put a spotlight on these hidden costs through the practice of green accounting.
On June 13, the BIR released Revenue Regulations (RR) No. 11-2024, amending the transitory provisions of RR No. 7-2024 and extending the statutory deadlines for compliance with the new Invoicing requirements under the Ease of Paying Taxes (EoPT) Act. RR No. 7-2024 became a key regulation in implementing EoPT, serving as a framework to guide taxpayers in navigating the new Invoicing requirements. While the implementation of EoPT may be challenging, the BIR remains dauntless and patient in addressing taxpayer concerns by releasing timely regulations.
Transactions involving dealings in property often take a period of time to complete. This length of time may stir complications over what date to use in documents or may be used to an advantage. As such, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 64-2024 last May 28, 2024, to provide policies and clarifications on antedating of deeds of sale involving real properties.
