A week ago, I was browsing through my social media feed and saw a post about kids crying and having fits on their first day at school.
The World Bank’s Doing Business 2018 report reveals that the Philippines has slipped when it comes to the ease of doing business to 113th place from 99th place last year.
Tax filing season has just ended for taxpayers who use the calendar year as their accounting period. Taxpayers whose total income tax due exceeded the total tax credits/payments for the year remitted their net tax payable to the Bureau of Internal Revenue (BIR). Taxpayers whose total income tax due did not exceed the total tax credits/payments for the year, on the other hand, either filed an application for a refund or sought the issuance of a tax credit certificate (TCC) or carried over their excess credits to the quarterly income tax returns of the succeeding taxable year.
Tax assessments by the Bureau of Internal Revenue (BIR) for alleged tax deficiencies are, in most cases, presumed correct; the taxpayer always bears the burden of proving that the correct taxes have been paid and that the BIR’s assessment is incorrect.
The legal provisions on refunding input value-added tax (VAT) upon dissolution of the company or upon the change of VAT status was unaffected by the TRAIN law.
It has been months since the Tax Reform for Acceleration and Inclusion (TRAIN) 1 took effect, on Jan. 1.
Recently, the Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 21-2018.
Now that the tax filing deadline has passed, many taxpayers can breathe a sigh of relief.
