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The Bureau of Internal Revenue (BIR) has increasingly underscored the importance of ensuring that all persons conducting business, particularly through digital platforms, are properly registered and tax compliant.

One of the major propellers of modern-day Philippine tax reforms is Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law, signed by then President Duterte in December 2017 and taking effect on January 1, 2018. TRAIN Law’s promises and objectives were multifaceted.

A few days ago, I received a frantic call from a relative asking for tax advice. She has decided to start her medical practice, something she has always dreamed of and has now excitedly embarked on. She consulted an accountant and is in the process of signing the retainer.

As clarified by the Bureau of Internal Revenue (BIR), Diaz’s government winnings and gifts from private individuals and corporations are excluded from income taxes under Section 32(B)(7)(d) of the Tax Code.

Have you ever purchased something and ended up paying too much for it, only to find out that the retailer won't refund the difference? How do you feel about being stuck with the extra cost? Thankfully, that is not the case for taxpayers with excess creditable withholding taxes (CWT).

Foreign investors choose the Philippines to invest their excess money for various reasons, which include the country’s strategic location providing the investors proximity to its major markets, consistent fast economic growth in the region, a large demographic of young, English-speaking, and highly skilled workers, and generous fiscal and non-fiscal incentives from the government, among other things.

Generally, VAT-registered persons subject their sales to VAT. The next question is, when should the sales be subject to VAT? Republic Act No. 11976, also known as the Ease of Paying Taxes (EOPT) Act, adopted the accrual basis for VAT recognition for both the sale of goods and services.

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.