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National Internal Revenue Code of 1997 5th Edition
Comparatively, businesses evolved from mere trading of valuable goods by traveling miles to find the perfect equivalent to the current day and age where two business parties can interact while being oceans apart.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 67-2024 on June 18, 2024, to align the DST filing and payment process with the existing rules and regulations under Section 5 of Revenue Regulation (RR) 6-2001 and the recently enacted Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act.
A popular proverb says that “a journey of a thousand miles begins with a single step." In this sense, we have taken many steps towards moving away from our plastic-filled legacy, from banning single-use plastics such as straws in certain cities to encouraging the use of recyclable materials from the private sector.
One such notable change in the current tax rules is Republic Act No. 11976, or the “Ease of Paying Taxes Act” (EOPT). The new law changed the procedures for claiming tax refunds of excess creditable withholding taxes.
An eCAR is a document issued by the Bureau of Internal Revenue (BIR), confirming tax payments related to property transfers. Previously, under RR No. 3-2019, eCARs were valid for five years from the date of issuance.
With age comes wisdom. This is scientifically supported by the maturity of the human brain's frontal lobe around the age of 25. The frontal lobe is the part of the brain responsible for complex decision-making and behavior regulation. It was around this age that I recognized the critical importance of financial responsibility.
One example is that multinational companies that are using CAS globally spend significant cost for the reconfiguration of their CAS in order to comply with the rules of the Philippines. Since these rules are not required by other tax authorities in other countries, the reconfiguration is done solely for the Philippines.
When the Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act, changed the method of recognizing value-added tax (VAT) from a cash basis to an accrual basis, taxpayers may have difficulty when it shoulders the output VAT on receivables that may not be collected.
