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National Internal Revenue Code of 1997 5th Edition
One of the first lessons taught in accounting is the concept of ‘substance over form,’ which posits that transactions recorded and presented in financial statements must reflect the economic and factual substance over their legal form. It may be said that substance over form precedes double entry bookkeeping; it is the nexus of all financial transactions and serves as a guide for financial reporters in understanding, recording, and reporting thereof. Even in tax cases, equity and law always exalt substance over form. It is the nature of transactions that determines the taxability of transactions.
SEC Memorandum Circular No. 20-2023 has been released by the Securities and Exchange Commission (SEC).
At this modern time of general abundance in the world and, particularly, in our part of the world, we find our country with an incongrous incidence of widespread poverty.
“An ounce of prevention is worth more than a pound of a cure.” At any stage of the tax assessment process, complications will surely arise when the notices and requests from the Bureau of Internal Revenue (BIR) remain unheeded.
The long weekend provided me with a good opportunity to rest and recharge, which included an admittedly unhealthy amount of binge-watching.
Under the Tax Code, all persons subject to an internal revenue tax shall, at the point of each sale and transfer of merchandise or for services rendered valued at one hundred pesos (P100.00) or more, issue duly registered receipts or sales or commercial invoices. However, the Commissioner of Internal Revenue may, in meritorious cases, exempt any person subject to internal revenue tax from compliance with the issuance of receipts or sales or commercial invoices.
Prevailing in the ever-evolving business landscape requires the ability to rapidly shift and adapt. Moving forward to 2024, let us take conscientious actions and collaborative efforts to create a future that incoming generations can enjoy and benefit from, focusing on aligning your business standards with Environmental, Social and Governance (ESG) goals.
Nowadays, it is quite common to hear stories of scandals and corporate failures such as Enron, Tyco, WorldCom, Lehman Brothers, Wirecard, and so on.
