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National Internal Revenue Code of 1997 5th Edition
Is there a flow of wealth when there is a reimbursement at cost? Is there an income to speak of when repaying a cost allocated by a related party?
In its recently issued Revenue Regulation (RR) No. 1-2024, the Bureau of Internal Revenue (BIR) increased the selling price threshold for VAT exemption purposes of the sale of house and lot, and other residential dwellings, further amending Section 2, Sub-section 4.109-1(B)(p) of Revenue Regulations No. 4-2021.
Terrorism needs funding. Preventing and disrupting the financing of terrorism is key to limiting the capability of terrorist groups to prepare or carry out attacks. In the recent twin blasts that killed at least 84 people and wounded more than 280 people in Iran, the ISIS armed group claimed responsibility. It was the deadliest attack to target Iran since its 1979 Islamic revolution.
Technology is making the world smaller. More countries are linked and interconnected in trade relations, particularly in digital trade, which the Organisation for Economic Co-operation and Development (OECD) Global Trade Forum highlighted would continue to grow, representing around 25% of the total trade as of 2020. Likewise, the World Trade Statistical Review reported that digitally delivered services traded within Asia reached 43.2% of the continent’s total trade in 2021.
The year 2024 has arrived, and perhaps most of us already have new year’s resolutions. Yet with all our desires to become better people, is becoming sustainable a part of it?
The evolving narratives of personal growth and determination at the start of the new year bear a striking parallel to the transformative changes unfolding in the digital commerce landscape. Just as people face a crucial checkpoint in the fourth week of 2024, electronic marketplace (e-marketplace) operators and digital financial services providers (DFSPs) are also navigating a pivotal moment.
As the Philippine economy is gradually recovering from the effects of the COVID-19 pandemic, the Revenue Memorandum Circular (RMC) No. 7-2024, issued on January 11, reverses the VAT exemption of the following transactions specified under Section 109 (BB) of the CREATE Law:
The new law aims at enhancing the Philippine tax system and revenue collection by streamlining tax administration. The Ease of Paying Taxes Act amends certain sections of the National Internal Revenue Code (NIRC) of 1997 and introduces specific provisions that will notably affect taxpayers moving forward.
