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National Internal Revenue Code of 1997 5th Edition
Before the world rings in a new year, Filipinos observe unique traditions in their homes, like having 12 round-shaped fruits and wearing polka dots for good luck or preparing a Media Noche feast for the whole family. Another common practice every new year, done by most people in any part of the world, is preparing a list of resolutions to continue good practices, adopt new habits to become better, and most importantly, set goals.
The new year symbolizes a new lease in life and an opportunity to start fresh from the mistakes we’ve learned in the previous year. Surely, a lot of people are looking forward to kickstarting 2024 with a bang.
New year, new beginnings. As 2024 unfolds new opportunities, the Securities and Exchange Commission (SEC) issued SEC Memorandum Circular No. 22 Series of 2023 to remind real estate investment trust (REIT) companies to start the year with a clean slate.
In the wake of the global pandemic, societies and economies are fervently working towards recovery and resilience. The post-pandemic era presents a unique landscape marked by lessons learned, transformative changes, and the pursuit of a more sustainable and inclusive future.
As each delicate strand of Christmas light is unchanged from the walls, each Christmas ornament is undecked from the halls, and each Christmas tree is carefully dismantled and boxed up, we officially bid a fond farewell to the 2023 holiday season.
The Bureau of Internal Revenue (BIR) issued Revenue Regulation (RR) No. 14-2023 on the imposition of creditable withholding taxes on certain income payments by joint ventures or consortiums, amending RR No. 2-98.
“I hope that in this year to come, you make mistakes. Because if you are making mistakes, then you are making new things, trying new things, learning, living, pushing yourself, changing yourself, changing your world. You're doing things you've never done before, and more importantly, you're doing something.” from The Sandman, by Neil Gaiman. I personally agree with the said quote from my favorite book, but when dealing with the Bureau of Internal Revenue (BIR), mistakes in computing your tax dues and filing your returns, are the last thing you want to commit as they are tantamount to deficiency taxes and penalties for the BIR.
With everyone on a high note for the forthcoming Christmas holidays, the Bureau of Internal Revenue (BIR) has decided to give taxpayers an early present by postponing its examination and verification of books of accounts, records, and other transactions from December 16, 2023, to January 7, 2024.
