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National Internal Revenue Code of 1997 5th Edition
Technology is making the world smaller. More countries are linked and interconnected in trade relations, particularly in digital trade, which the Organisation for Economic Co-operation and Development (OECD) Global Trade Forum highlighted would continue to grow, representing around 25% of the total trade as of 2020. Likewise, the World Trade Statistical Review reported that digitally delivered services traded within Asia reached 43.2% of the continent’s total trade in 2021.
The year 2024 has arrived, and perhaps most of us already have new year’s resolutions. Yet with all our desires to become better people, is becoming sustainable a part of it?
The evolving narratives of personal growth and determination at the start of the new year bear a striking parallel to the transformative changes unfolding in the digital commerce landscape. Just as people face a crucial checkpoint in the fourth week of 2024, electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) are also navigating a pivotal moment.
As the Philippine economy is gradually recovering from the effects of the COVID-19 pandemic, the Revenue Memorandum Circular (RMC) No. 7-2024, issued on January 11, reverses the VAT exemption of the following transactions specified under Section 109 (BB) of the CREATE Law:
The new law aims at enhancing the Philippine tax system and revenue collection by streamlining tax administration. The Ease of Paying Taxes Act amends certain sections of the National Internal Revenue Code (NIRC) of 1997 and introduces specific provisions that will notably affect taxpayers moving forward.
The signing of Republic Act No. 11967, commonly known as the Ease of Paying Taxes (EOPT) Act, into law on January 5, 2024, serves not only to modernize the current tax administration but also to update the taxation system. It also provides a more comprehensive and streamlined process aimed at encouraging more taxpayers to pay taxes on time and foster compliance. The law will be effective on 22 January 2024.
It is a well-settled rule that decisions of the Supreme Court (SC) form part of the law of the land. Only the SC decisions applying and interpreting the Constitution and the laws establish jurisprudence and form part of the Philippine legal system.
In this day of modern technology, online transactions are a part of daily life. One can easily shop at online marketplaces, request food delivery, and book resort or hotel accommodations without being physically present at the merchant store. Hence, due to the increasing number of sales transactions conducted through online platforms, there is a need to create fair competition and equitable tax collection between physical stores and those operating on digital platforms.
