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National Internal Revenue Code of 1997 5th Edition
Nowadays, we frequently read and hear lamentations about why our country, the Philippines, has fallen to the bottom in terms of per capita GDP among the Bigger 6 ASEAN countries from our top position some fifty years ago.
In a move aimed at modernizing and simplifying taxpayer services, the Bureau of Internal Revenue (BIR) officially made available the Taxpayer Registration-Related Application (TRRA) portal last October 16, 2023. The TRRA portal is accessible through the BIR eServices icon located at https://www.bir.gov.ph.
For regular sales of real estate, commonly between property developers and buyers, to be completed before the Registry of Deeds, an Electronic Certificate Authorizing Registration (eCAR) shall be sought from the Bureau of Internal Revenue (BIR), which involves the proper settlement of capital gains taxes, withholding taxes, and documentary stamps, as applicable.
Mid of this year, I attended a luncheon meeting in one of the local chambers in Mindanao. There was a collaborative question and answer portion of the session, and one of the participants raised a relevant sharing on what he believed to be the sixth power of mankind: artificial intelligence or AI.
Taxation is the lifeblood of government. As the age-old adage goes, the only certainties in life are death and taxes. The pivotal role of taxes cannot be emphasised enough as the nation focuses on recovering from the impacts of the COVID-19 pandemic.
The Security and Exchange Commission (SEC) further extends the deadline for amnesty applications of non-compliant and suspended or revoked corporations who have not submitted or have belatedly filed their audited financial statements, general information sheets and required contact information.
We often hear these reassuring words when we go through the end of a journey. However, you can also attribute these words to the concept of Circular Economy. These words are also somehow similar to what Antonine de Lavoiser, the great chemist and mathematician in the 18th century, noted in his experiments, “Nothing is lost, nothing is created, everything is transformed” – it suggests that nothing is lost thus should undergo a transformation to be continually repurposed and reintegrated into the economy.
As many taxpayers have recently received a Letter of Authority (LOA) from the Bureau of Internal Revenue (BIR), anxieties loom since normally, significant findings are initially identified and alleged in a BIR audit.
