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National Internal Revenue Code of 1997 5th Edition
One could say that the power of taxation is the lifeblood of a nation; not only does it have the power to create, but it also has the power to destroy. Being its primary source of revenue, it funds governments, making them self-sufficient as much as possible and diminishing their reliance on external funding to achieve their goals.
With the passage of the Ease of Paying Taxes Act, taxpayers can now enjoy the “file and pay anywhere” scheme, wherein the filing and payment of internal revenue taxes can now be made to any revenue district offices, authorized agent banks, or authorized tax software provider. However, the same raises certain concerns regarding the processing of electronic Certificate Authorizing Registration (eCAR) relative to One-Time Transaction (ONETT).
The BIR has been blazing ahead with its agenda of digital transformation. To recall, the BIR laid out its digital transformation plan in Revenue Memorandum Order (RMO) No. 42-2022, outlining its blueprint for the Digital Transformation (DX) Program.
In the Philippines, transferring property ownership, such as real properties and shares of stocks not traded through the local stock exchange, involves several steps to ensure a lawful transfer of title from one party to another and avoid any disputes or complications in the future.
The Ease of Paying Taxes (EOPT) Act has brought significant regulatory updates to Philippine taxation. In the previous article, it discussed the new taxpayer’s classifications, such as Micro, Small, Medium, and Large taxpayers, based on their gross annual sales from business.
Last week, the Senate, in a unanimous vote, approved on third and final reading the Senate Bill (SB) No. 2528 that seeks to impose a 12% value-added tax (VAT) on digital services delivered by either resident or nonresident digital service providers with no physical presence in the Philippines.
The Bureau of Internal Revenue (BIR) has released a series of Revenue Regulations (RR) for the implementation of Republic Act No. 11976, otherwise known as the Ease of Paying Taxes (EOPT) Act. This edition of Tax Notes discusses matters relating to the preservation of the Book of Accounts and changes in taxpayer registration, covered under Sections 4 and 5 of RR No. 7-2024.
Months after the release of the results of the Program for International Student Assessment (PISA) in 2022, the very low performance of Philippine students in this international assessment is still often discussed among various concerned groups.
