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National Internal Revenue Code of 1997 5th Edition
The present global economic landscape continues to pose challenges for mid-market firms in the Philippines with 52% of business leaders identifying economic uncertainty as a significant restraint to business growth according to the latest International Business Report (IBR) conducted by Grant Thornton International.
As part of every taxpayer's annual tax compliance, P&A Grant Thornton would like to remind the deadline to file a request for confirmation (RFC) for the tax treaty rate/exemption.
Since the pandemic, there have been an increasing number of Filipinos using the internet for their shopping needs. Buying and selling online is now becoming a trend in our country. Unfortunately, some people are also taking advantage of this season to boost their sales or income by resorting to false advertising, especially on social media. Hence, consumers should be vigilant when buying online.
As we gear towards year-end, corporations and individuals engaged in business are busy preparing their financial statements and income tax returns to comply with the requirements of the different regulatory agencies such as the Securities and Exchange Commission and the Bureau of Internal Revenue (BIR).
One of the most commonly used phrases in Philippine taxation is that it is the lifeblood of the nation. It is the beating heart wherein the nation funds its projects whose benefits ultimately redound to its constituents.
Revenue Memorandum Circular (RMC) 121-2023 highlights the availability and implementation of the additional features and functionalities of the Online Registration and Update System (Orus) starting Nov. 21, 2023.
2024 is almost on our doorsteps, but many things are still happening around us. Most are planning for their annual family reunion or Christmas parties; almost all the employees are looking forward to the upcoming Christmas break; while some are still thinking about the “big celebrity break-up” that was announced days ago.
Revenue Regulations No. 13-2023 highlights the following points in relation to the optional VAT-registration of Registered Business Enterprise (RBE) classified as Domestic Market Enterprise (DME) under the five percent tax on Gross Income Earned (GIE):
