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National Internal Revenue Code of 1997 5th Edition
The Ease of Paying Taxes (EOPT) bill, with the main objective of tax modernization and high but easy tax compliance, was recently approved by a bicameral committee. According to Senator Win Gatchalian, EOPT is expected to drive foreign direct investments (FDIs) and enhance the country's competitiveness as an investment destination.
As part of the continuous effort on the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the Securities and Exchange Commission (SEC) recently issued Memorandum Circular (MC) No. 18-2023, publishing the guidelines on the submission of digital copies of documents and reducing the number of hard copies to be filed with the SEC.
The Philippine tax system operates on the territoriality principle. This means that the power of the Philippine government to tax is limited within the territorial bounds of the Philippines. This rule emphasizes the importance of establishing a situs within the Philippines before income can be taxed. So, what happens when part of the source of income is located in outer space? Does the Philippines have any right to tax such income generating activities? Turns out that the answer is yes.
The human resources (HR) department is among the most human-centric departments in every organization, primarily focusing on supporting and developing the workforce that ensures long-term growth and viability of businesses. This is why HR is a key area where data is particularly valuable.
In a study conducted by the Statista Research Department, the gross value added generated from the real estate industry in the Philippines reached approximately P536.4 billion pesos as of 2022, fueled by a steady growth in the purchasing and investing power of Filipinos, particularly from overseas Filipino workers, in real estate properties. In particular, the increase in real estate transactions classified as ordinary assets has brought up a common concern about the proper issuance of documentary support.
Bloomberg reports that business restructuring, specifically global mergers and acquisitions (M&A) activity, reached $5.9 trillion in 2021, crushing the previous all-time high of $4.2 trillion set in 2015. In its article, Grant Thornton (GT) LLP said global M&A activity slowed in 2022 at a total value of $3.7 trillion, and most analysts are predicting that we could see a return to pre-2021 activity.
In the ever-changing landscape of risk management, honesty is a cornerstone principle that guides management in their pursuit to preserve and protect the value of their organisations. However, as we delve deeper into the complexities of risk management, we find that there exists a delicate balance between unabridged honesty and the pragmatic use of “limited honesty.”
With the ever-evolving world of commerce, employees have become more involved in everyday operations. For instance, employees would find themselves in inevitable circumstances where they would be the one to cover for business-related expenses out of their own pockets, such as transportation expenses or office supplies, then would later on reimburse such from their employers.
