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National Internal Revenue Code of 1997 5th Edition
One famous motto says, “Prevention is better than cure.” This saying is applicable to one’s everyday life. It is always better to avoid further damage than to be sorry about it in the future.
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 Act (EOPT). This edition of Tax Notes discusses the matters on relating to the declaration of taxable income, highlighting the removal of withholding requirement and the definition of “payable” for withholding tax purposes covered under RR No. 4-2024, as posted by the BIR on April 12, 2024.
The passage of the Ease of Paying Taxes (EOPT) Act, or Republic Act No. 11976, sparked hope among taxpayers, envisioning a smoother journey in navigating tax-related complexities.
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 Act.
It is a well-settled doctrine that tax refunds are in the nature of tax exemptions and, hence, are construed strictissimi juris against the taxpayer.
The Bureau of Internal Revenue released Memorandum Circular No. 51-2024 on April 8, 2024, which aimed to provide procedures for the orderly submission and payment of Annual Income Tax Returns (AITR) and attachments thereto for the calendar year 2023.
In the bustling world of work, where superstars snag headlines and underperformers hog attention, there is a silent majority, the mid-level performers.
According to estimates, the Philippines is losing ₱500 billion to tax evasion annually. Thus, even in the early stages of his term as the Commissioner of the Bureau of Internal Revenue (BIR), Commissioner Romeo Lumagui has implemented several reforms and programs against tax evaders.
